The Task Force on Climate-Related Financial Disclosures (TCFD) was set up in 2015 by the Financial Stability Board (FSB) to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. Increasing the amount of reliable information on financial institutions’ exposure to climate-related risks and opportunities will strengthen the stability of the financial system and facilitate financing the transition to a more stable and sustainable economy.
Following the publication of the final recommendations by FSB’s TCFD in June 2017, UNEP FI banks not only welcomed the recommendations also declared their intention to jointly pioneer practical approaches to implement this ground-breaking, forward-looking framework. With this aim, sixteen of the world’s leading banks worked together with UNEP FI to develop analytical tools and indicators to strengthen their assessment and disclosure of climate-related risks and opportunities, culminating in the release of two comprehensive reports on the implementation of the FSB’s TCFD recommendations for transition risks: Extending our Horizons: Assessing Credit Risk and Opportunity in a Changing Climate, and Navigating a New Climate: Assessing Credit Risk and Opportunity in a Changing Climate which covers physical-related risks and opportunities. Read more.
Similarly, twenty asset managers and owners have joined UNEP FI’s pilot project to implement the recommendations of the TCFD. The pilot will develop scenarios, models, metrics and, ultimately, a risk assessment tool that will enable investors to assess climate risk across their portfolio. Read more
Work has begun on a pilot with leading 16 insurance companies in the summer of 2018.
Task Force on Climate-related Financial Disclosures Website
UNEP FI Inputs to the Task Force on Climate-related Financial Disclosures:
Presentation by Eric Usher, Acting Head of UNEP FI, February 9th, 2016
Facilitating the flows and integration of climate information for a smooth but determined transition to the new climate economy. Read more
Leading Insurance Supervisors support adoption of Climate Disclosure Recommendations
UN Environment News, July 25th, 2017
The Sustainable Insurance Forum (SIF) – a global network of insurance supervisors and regulators working together to strengthen their response to relevant sustainability challenges – has released a statement welcoming the recommendations and guidance of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD). Read more