The G20’s announcement supporting global implementation of the TCFD framework recognizes the importance of a coordinated approach to climate risk disclosure and adds new momentum to the effort to address the economic risks of climate change.
The announcement is also a powerful testament to the fast-growing acceptance of the importance of risk disclosure: In less than six years since we created the task force, climate risk disclosure has gone from attracting little public notice to being endorsed by economies representing more than 80% of global GDP. The G20’s move comes at a moment when disturbing new evidence of those risks is mounting, from record-breaking temperatures, to earlier and more severe wildfire seasons, to increasing dangers to coastal property from flooding and sea level rise – and it brings new momentum to the push to accept TCFD as the global standard ahead of COP26 in November.