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Statement of TCFD Chair Michael R. Bloomberg on G7 Finance Ministers Announcing Mandatory Climate Disclosure

When I was asked to Chair the TCFD in 2015, few people were talking about the importance of climate-related financial disclosure – or the enormous potential it holds for accelerating the transition to a clean energy economy. But especially over the past year, support for the TCFD framework has spread around the world, which is a great credit to the world leaders who have backed it, and I want to congratulate the G7 finance ministers for reaching this historic agreement, a critical milestone in making TCFD the global standard. Risk disclosure is one of the most important tools we have to speed progress on climate change, because it empowers and incentivizes companies to act and drives more capital to those that are helping to lead the way – and the more countries that make disclosure mandatory under a shared international framework, the more useful that data becomes in fighting climate change, creating jobs, and building a stronger and more resilient economy for everyone.