It is expected that in June of 2017 the Financial Stability Board (FSB) will welcome the
recommendations made by the international Task Force on Climate-related Financial
Disclosures (TCFD). The recommendations include disclosure requirements for the financial
industry (as preparers of disclosures), including, explicitly, the banking sector. While these
banking-specific recommendations do provide the broad areas and topics that should be
covered in disclosures, as well as some level of granularity on more technical aspects to be
considered, the full implementation of TCFD-aligned disclosures will require considerable
additional work; specially when it comes to the development of the required – and to the extent
possible, harmonized – scenarios, models, methods, and metrics.
To read more about the TCFD and find related reports, read this article.
Envisioned UNEP FI response
In order to aid the delivery of disclosures in a timely and cost-efficient manner, UNEP FI has decided to establish a collaborative working group of first mover banks to work together and ensure that:
- costs per bank for developing scenarios, models, metrics and methodologies are kept
- each bank benefits from the expertise and experience of others and harnesses the
benefits of joint problem solving;
- banks don’t compete for but jointly benefit from the best outside expertise available;
- banks have an opportunity to test and confidentially discuss first results among a closed
- scenarios, metrics and methodologies which are jointly developed by this first-mover
group enable a certain amount of harmonization and comparability in reporting and
gain traction with the industry more broadly
For more information on this UNEP FI project visit its dedicated page here.
On March 23rd UNEP FI offered two webinars to brief interested UNEP FI members on the vision for this project and its deliverables, as well as on the requirements for interested banking organizations to join the corresponding working group.
Listen to and view the recordings of the Webinar:
Get in touch with the Secretariat:
firstname.lastname@example.org (+41 22 9178721)
email@example.com (+41 22 9178685)