Responding to FSB's Task Force on Climate-related Financial Disclosure
The PRI has provided a comment letter to the Chair of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures on its Phase 1 Report consultation, asking the Task Force to consider how its recommendations can enable asset owners to be key drivers of demand for disclosure, to develop a universally accepted high-level framework for analysis of carbon risk and to build a top-down global framework that incorporates existing approaches to disclosure.
Stronger climate-related disclosure and better use of data is essential to enabling further investor action on climate change.
About the FSB Task Force on Climate-related Financial Disclosure:
The Task Force on Climate-related Financial Disclosures (TCFD) published its first report in April 2016.
It was set up by the Financial Stability Board (FSB) to develop voluntary, consistent climate-related financial risk disclosures to enhance market understanding of possible linkages between climate-related risks/opportunities and financial impacts in order to aid the economic decision-making of capital markets participants including lenders, insurers, investors and other stakeholders.
Martin Skancke, chair of the PRI Board, sits on the Task Force, which was convened by Bank of England Governor and FSB Chairman Mark Carney and is chaired by former New York Mayor Michael Bloomberg.