More than 200 companies with a combined market capitalisation of over $6.3bn have committed to support a project calling on companies to disclose climate change-related financial information.
The Task Force on Climate-related Financial Disclosure (TCFD) is backed by 237 companies, of which 150 are financial organisations responsible for assets of over $81.7 trillion.
It is led by Michael Bloomberg and was established by the Financial Stability Board (FSB) to develop voluntary recommendations on climate-related information.
The recommendations were first published in June and cover the whole capital and investment chain. Just over 100 companies offered backing at the launch.
FSB chair Mark Carney said: “Markets need the right information to seize the opportunities and mitigate the risks that are being created by the transition to a low carbon economy.”
The Task Force also announced that it is to launch a web-based platform to help companies implement the recommendations.
The TCFD Knowledge Hub, which will go live in the first quarter of 2018, will offer tools, resources and links to other climate-related disclosure frameworks.
The announcements came on the second anniversary of the signing of the Paris Agreement on Climate Change.
Image: sxc
Climate disclosure support grows
Some 237 companies back voluntary financial reporting recommendations
By EBS