TCFD Pilot Project Report, Extending Our Horizons: Accessing credit risk and opportunity in a changing climate, is now available here: www.unepfi.org/tcfd-for-banks.
UNEP FI, together with 16 of the world’s leading banks, is working on implementing the recommendations set out by the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). This pilot project is a pioneering initiative to develop scenarios, models and metrics to enable scenario-based, forward-looking assessment and disclosure of climate-related risks and opportunities. The UNEP FI TCFD pilot group includes the following UNEP FI member banks: ANZ, Barclays, BBVA, BNP Paribas, Bradesco, Citi, DNB, Itaú, National Australia Bank, Rabobank, Royal Bank of Canada, Santander, Société Générale, Standard Chartered, TD Bank Group and UBS.
Upon the conclusion of this pilot project, its results will be made publicly available in an open source format. The published scenarios, models and metrics will contribute to a harmonized industry-wide approach to the TCFD’s recommendations as banks worldwide will be able to adopt and build upon them. The first TCFD Pilot Project Report was published in April 2018 detailing the jointly developed methodology for scenario-based assessment of the transition-related risk and opportunities. The second report, covering physical risk assessment methodologies, will be released in June 2018.
UNEP FI member banks of course will have various opportunities to gain insights into the pilot’s progress before publication of the results. If you are a UNEP FI Banking member and you would like to know more about the development of the pilot project, please sign up to our mailing list by sending an email to firstname.lastname@example.org.
Pilot Banks’ TCFD Reporting to Date
All 16 banks participating in the UNEP FI TCFD Pilot have committed to publishing an initial TCFD disclosure by mid-2019.
Please see first examples here:
- ANZ: Climate-related Financial Disclosures (2018)
- UBS: Climate Change Strategy (2018) (Here to find the updates on website)
Global Public Webinar on the First Report
On 15th of May, UNEP FI set up the webinar on the transition-related methodology, the scenarios, risk and opportunities considered throughout the 10-month pilot project and the first report. Please click here to hear the recorded webinar.