Page 2 - How can the TCFD recommendations become standard company reporting requirements?
group on shareholder resolutions (formed recently to take forward work previously undertaken by Aiming 4 A).
IIGCC also wants to see governments adopt the TCFD recommendations as a key part of wider efforts to implement the Paris Agreement and facilitate a well-managed transition to a low carbon economy. In particular, IIGCC is asking the German 2017 Presidency – as part of its key agenda priority to focus on climate action – to persuade all G20 governments to drive early adoption at a national level. Likewise, IIGCC is asking the G20 to ensure the work begun by TCFD can be taken forward by the Green Finance Study Group as part of a collective commitment to implement TCFD recommendations in full and under the shortest possible timeframe, monitor
their implementation and consider how to continuously improve climate disclosure in future.
Some investors are also calling for the International Organization of Securities Commissions to consider how it could enable greater standardisation in climate risk reporting practice and do more to secure consistency in the way regulators promote such disclosure.
So in answer to Nick Robins, if enough investors now use the TCFD recommendations, both to drive change within the companies they own and better manage their own portfolios, IIGCC believes publication of the TCFD’s first report can mark that moment in history when those who drive the economy and the market made plain to governments they can and will ensure markets transition to a well below 2°C world.
Stephanie Pfeifer is CEO, at the Institutional Investors Group on Climate Change (IIGCC)
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