r2i collaborates with Task Force on Climate-Related Financial Disclosures

25 April 2017

In Dec 2016, the Task Force on Climate-Related Financial Disclosures released its Phase II Report, which contains its disclosure recommendations. These recommendations are intended to balance the need to raise the bar for existing climate disclosure standards with the desire to achieve widespread adoption.

The r2i team is proud to have supported the Task Force with its important consultation on the recommendations of the Report, between its launch in December 2016 and mid-February 2017.

The background to the Task Force is that G20 Finance Ministers and Central Bank Governors are concerned that the financial implications of climate change are not adequately disclosed by companies to the market. They argued that insufficient disclosure hinders the capital markets from making well-informed decisions and could pose a financial stability problem.

Recognising that the first step towards management of risk is the measurement of risk, Mark Carney, Financial Stability Board (FSB) Chair, created the Task Force on Climate-Related Financial Disclosures (TCFD) in Dec 2015. The TCFD is chaired by Michael Bloomberg and consists of 31 industry leaders, including PwC Partner Jon Williams.

Further information on climate-related risk can be found here.

Author: Gillian Kane (gillian.kane@pwc.com), Senior Manager, r2i.

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