Second TCFD status report shows increase in adoption of recommendations
Nearly 800 organisations have now expressed support The Task Force on Climate-related Financial Disclosures (TCFD) today published its 2019 Status Report to the Financial Stability Board (FSB). Chaired by Michael Bloomberg, the TCFD was established by the FSB in December 2015 to develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to key stakeholders.
The second status report provides an overview of disclosure practices aligned with the TCFD’s recommendations, as well as information on the adoption and use of the recommendations. Almost 800 organisations have expressed their support for the recommendations, a rise of more than 50% since the publication of the first status report in September 2018.
The TCFD also published the results of its survey of companies’ efforts to implement the recommendations, which found that:
- 91% of survey respondents plan to fully or partially implement the TCFD recommendations
- 67% plan to complete implementation within three years
- 76% are already using climate-related financial disclosures in their decision making process
BNPP AM’s Jane Ambachtsheer (Global Head of Sustainability) and Mark Lewis (Global Head of Sustainability Research) are both members of the TCFD.
“TCFD sets an important minimum bar for climate-related disclosures by the companies in our portfolios. Our true ambition goes further. Through ClimateAction 100+, we are asking companies to align their business models with the Paris Agreement”.
Jane Ambachtsheer, Global Head of Sustainability at BNPP AM and a member of the TCFD
“One element of BNPP AM’s climate strategy was directly influenced by the TCFD recommendations: we have adopted the IEA’s SDS carbon intensity trajectory as the key criterion for our investments in the global power sector”.
Mark Lewis, Head of Sustainability Research at BNPP AM and a member of the TCFD