FSB welcomes TCFD proposal to promote and monitor adoption of recommendations: After a two day plenary meeting of the Financial Stability Board in Cape Town, the FSB announced on the Task Force on Climate-related Financial Disclosures (TCFD) that "the Plenary reviewed a summary by the TCFD of responses to its public consultation which ended earlier this month. The TCFD’s final report will provide a set of voluntary, consistent disclosure recommendations for use by companies in providing information to investors, lenders, and insurance underwriters about their climate-related financial risks. The report and recommendations will be published in June and presented to the G20 Leaders’ Summit. The FSB welcomed a proposal by the TCFD to continue its work until at least September 2018 with a focus on promoting and monitoring adoption of the TCFD’s recommendations by companies and evaluating the extent to which the recommended disclosures are meeting the interests of users. (FSB assesses implementation progress and effects of reforms, 28 Feb, FSB) See also RI ($) article.
IIGCC publish response to TCFD: The Institutional Investors Group on Climate Change, with over 130 members representing over €18 trillion of assets, have published their full response to the TCFD draft recommendations. Stephanie Pfeifer, IIGCC CEO, welcomes the FSB TCFD recommendationsthat 'represent a vital step forward' in harmonisation and wider adoption of greater climate-related disclosure by companies and financial actors, and suggests a number of potential improvements to the framework. These include making 'explicit precisely where companies must already disclose climate-related financial risks', strengthening 'recommendations relating to the standardisation and comparability of data (including for scenarios)' to include a 'standardised ‘best practice' approach employing a two-degree scenario with commonly determined (and disclosed) assumptions / procedures', and disclosure of board expertise and remuneration linked to climate-related performance. The group 'urges the G20 to show leadership on this agenda during the German 2017 presidency' (What next for the FSB climate risk task force?, 22 Feb, Business Green ($), also on IIGCC blog).