PRI Chair joins new task force on climate-related financial disclosures
LONDON, 21 January 2016
The Principles for Responsible Investment (PRI) today announced that Martin Skancke, chair of the PRI Board, has been chosen to join the Task Force on Climate-related Financial Disclosures (TCFD). Bank of England Governor and Financial Stability Board (FSB) Chairman, Mark Carney, is convening the task force, which will be chaired by former New York Mayor Michael Bloomberg.
The task force, the establishment of which was announced earlier this month, will consider the physical, liability and transition risks associated with climate change and what constitutes effective financial disclosures in this area. This additional emphasis on transparency means that investors, insurers, banks and consumers will be provided with the information needed to help them manage climate risks on a regular, ongoing basis.
“We are delighted that Martin has been chosen to take part in this critical initiative, which will ensure that reliable information on the systemic risks around climate change is widely available in the markets,” said PRI managing director Fiona Reynolds. “How social and environmental issues impact a company’s bottom line is crucial for investors, but too often that information is not being disclosed. We now have an opportunity to redress this balance.”
Reynolds concluded: “Martin brings a wealth of experience to this role, including working with the Norwegian government and the country’s sovereign wealth fund, in addition to the PRI’s 1,450-strong signatory base, comprising US$59 trillion AUM, all of which ideally qualifies him to contribute to the discussion on how financial markets can better understand the risks around climate change.”
Please see the full text from the original FSB press release here: http://www.fsb.org/2016/01/fsb-announces-membership-of-task-force-on-climate-related-financial-disclosures/