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, banks, and investors in providing information to 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, contribute to greater understanding of climate risks 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 began a journey of convening ‘TCFD Pilot Projects’; groups unique to Banks, Investors and Insurers in its membership. UNEP FI Pilot Projects not only welcomed the recommendations, but also declared their intention to jointly pioneer practical approaches to implement this ground-breaking, forward-looking framework.

 

UNEP FI TCFD Banking Pilot Project 

UNEP FI together with sixteen of the world’s leading banks launched the UNEP FI TCFD Pilot Project for Banks. The Group worked together with UNEP FI to develop and pilot 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:

Navigating a New Climate: Assessing Credit Risk and Opportunity in a Changing Climate – Report assesses Physical Risk and Opportunities

Extending our Horizons: Assessing Credit Risk and Opportunity in a Changing Climate– Report assesses Transition (Policy) Risk

 

A second phase of the UNEP FI Banking Pilot is expected Spring 2019. Contact Kai.Fisher@un.org to get involved.

 

UNEP FI TCFD Investors Pilot Project 

UNEP FI together with twenty of the world’s leading asset managers and owners launched the UNEP FI TCFD Pilot Project for Investors. Investors joined UNEP FI’s pilot project to implement the recommendations of the TCFD. The pilot developed scenarios, models, metrics and, ultimately, a risk assessment tool that will enable investors to assess climate risk across their portfolio.

Report & Interactive on-line Tool will be launched on May 10thRead more about the launch & how to join us at the event!

 

 

 

UNEP FI TCFD Insurers Pilot Project 

UNEP FI together with sixteen of the world’s leading insurance companies launched the UNEP FI TCFD Pilot Project for Insurers. Insurers joined UNEP FI’s pilot project to implement the recommendations of the TCFD. The pilot developed scenarios, models, metrics and, ultimately, a risk assessment tool that will enable investors to assess climate risk across their portfolio.

 

 

Additional Resources:

Task Force on Climate-related Financial Disclosures
Read more on the TCFD 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

For more information on TCFD related initiatives contact Kai.Fischer@un.org.

  • UNEP FI working with 16 global insurers to better understand risk & implement TCFD recommendations

    UN Environment’s Finance Initiative (UNEP FI) announced today a partnership with 16 of the world’s largest insurers—representing around 10% of world premium and USD 5 trillion in assets under management—to develop a new generation of risk assessment tools designed to enable the insurance industry to better understand the impacts of climate change on their business. This understanding is vital for an industry whose core business is to manage risk.

  • TCFD Recommendations: guidance for banking industry to manage physical risks and opportunities now available

    Sixteen leading banks convened by the UN Environment Finance Initiative (UNEP FI) and supported by climate risk advisory firm Acclimatise, have released new methodologies that aim to help the banking industry to understand and manage the physical risks and opportunities of climate change in their loan portfolios.

  • UNEP FI グローバルの16 署名銀行がTCFDに関する銀行業界向けのガイドを公表

    ジュネーブ(2018年4月24日)| 国連環境金融イニシアティブ(UNEP FI)の署名機関である16の大手銀行は、気候変動と気候に関する行動がビジネスにどのような影響を与えるかについて銀行の理解を深めるために、共同で開発した手法を発表しました。

    この取り組みは、銀行がTCFDに沿って気候関連のリスクと機会へのエクスポージャーをより透明なものにするための基本的なものです。また、銀行が低炭素経済への移行に貢献し、かつ、その恩恵を享受するために自らの戦略に生かし、さらには、同じ目的のために顧客への働きかけを行い、支援することにもつながります。そもそも、銀行が直面する気候関連のリスクと機会とは、顧客に対するサービスから生じるものであるため、そうした顧客への働きかけや支援ということが非常に重要になります。

  • Extending our Horizons: Assessing Credit Risk and Opportunity in a Changing Climate

    Outputs of a working group of 16 banks piloting the TCFD Recommendations Part I: Transition-related risks and opportunities This report is the result of a collaboration between sixteen of the world’s leading banks with UN Environment Finance Initiative (UNEP FI), and management consultancies Oliver Wyman and Mercer to pilot scenario-based assessments of transition-related risks and […]

  • 16 UNEP FI member banks launch first guidance to help banking industry adopt TCFD Recommendations

      Geneva, 24 April, 2018 | Sixteen leading banks from four continents, convened by the UN Environment Finance Initiative (UNEP FI), today published a jointly developed methodology to increase banks’ understanding of how climate change and climate action could impact their business. This understanding is fundamental to enable banks to be more transparent about their exposure […]

  • BBVA is 14th Leading Bank to Join UNEP FI TCFD Pilot Project

    26 September 2017 We are pleased to announce that UNEP FI member, BBVA Group, is the latest to join UNEP FI’s first-mover project to implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) along with thirteen other leading banks. In collaboration with the pilot project group, they will jointly pioneer practical approaches […]

  • Rabobank joins 12 leading banks to pilot recommendations of Task Force on Climate-related Financial Disclosures

    5 September, 2017 We are pleased to announce that UNEP FI member, Rabobank, is the latest to join twelve other first-mover banks working together to implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The leading Dutch Bank has already halted financing of unconventional energy extraction such as shale gas, and no […]

  • Norway’s DNB is twelfth leading bank to join UNEP FI’s TCFD implementation pilot project

    31 July 2017 We are pleased that UNEP FI member, DNB, has become the twelfth leading bank to join our pilot project to implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This follows the announcement in early July that eleven of UNEP FI’s banking members not only welcomed the recommendations but […]

  • UPDATED: 16 UNEP FI Member Banks Representing Many Trillions of Dollars are First in Industry to Jointly Pilot the TCFD Recommendations

    31 October, 2017: Update – 16 banks now form the UNEP FI TCFD pilot project. 11 July, 2017 Eleven of the world’s leading banks announced on 11 July, 2017 that they will work together with UNEP FI to develop analytical tools and indicators to strengthen their assessment and disclosure of climate-related risks and opportunities. Following […]

  • Task Force on Climate-Related Financial Disclosures: Draft Recommendations Report out 14th December

      The Task Force on Climate-Related Financial Disclosures (TCFD) released its draft Recommendations Report in December 2016. The initiative – set up by the Financial Stability Board – will develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. The task force launched a […]

  • UNEP FI makes series of key recommendations to FSB’s Climate Disclosures Task Force

    UNEP FI has presented a series of key recommendations to the International Task Force on Climate-Related Financial Disclosures, recently established by the Financial Stability Board (FSB) to enhance climate disclosure practice in line with the requirements of financial actors. Informed by its extensive track record with the financial sector and its expertise on disclosure-related issues, […]

  • Navigating a New Climate: Assessing Credit Risk and Opportunity in a Changing Climate

    Outputs of a working group of 16 banks piloting the TCFD Recommendations Part 2: Physical-related risks and opportunities This report is the result of a collaboration between sixteen of the world’s leading banks with UN Environment Finance Initiative (UNEP FI), and climate risk and adaptation advisory firm Acclimatise. The banks set out to develop and […]

  • Extending our Horizons: Assessing Credit Risk and Opportunity in a Changing Climate

    Outputs of a working group of 16 banks piloting the TCFD Recommendations Part I: Transition-related risks and opportunities This report is the result of a collaboration between sixteen of the world’s leading banks with UN Environment Finance Initiative (UNEP FI), and management consultancies Oliver Wyman and Mercer to pilot scenario-based assessments of transition-related risks and […]