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 also declared their intention to jointly pioneer practical approaches to implementing this ground-breaking, forward-looking framework. 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.
Kaj-Martin Georgsen, head of Corporate Responsibility and Public Affairs at DNB, said in an article about the bank joining the pilot project, “Climate change is real. It has consequences for businesses. They can be direct, such as production outages due to higher temperatures or increased precipitation. Or they can be indirect consequences of political measures and regulations. Investors need better information to be able to tell the difference between the winners and losers of tomorrow. Now we have a basis for climate disclosure on the table that can make it easier to compare companies.”
Representing over $ 7 trillion, the TCFD pilot group includes the following UNEP FI banking members: ANZ, Barclays, Bradesco, Citi, Itaú, National Australia Bank, Royal Bank of Canada, Santander, Standard Chartered, TD Bank Group, UBS, and now joined by DNB. As part of this UNEP FI-led project, the banks will work together to assess how they can best adopt key elements of the Mark Carney – Michael Bloomberg Task Force recommendations, which were submitted to the G20 in early July.
Read the full announcement on DNB’s website in English and Norwegian, and the original press release on the TCFD pilot project here.
Read UNEP FI’s Remco Fischer on collaborating on climate disclosure in Responsible Investor’s ESG magazine here. The publication is now free to air, just register to read the magazine online.
For more information on the TCFD initiative including relevant UNEP FI reports, please view our December 2016 post here.
Read UNEP FI’s key recommendations to the Task Force from February 2017 here.
In addition, UNEP FI members have access to past webinars on the Task Force’s recommendations available on the members’ extranet.