Statement of Support and Supporting Companies (June 2017)

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Statement of Support for the TCFD Recommendations and Supportive Quotes (June 2017)

In signing this statement, we affirm our commitment to support the voluntary recommendations of the industry-led Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD). We believe that climate change will have significant impacts across many sectors and that we, as business leaders, have an important role to play in ensuring transparency around climate-related risks and opportunities.

We encourage other business leaders to join us in this united effort to improve disclosure across sectors and regions. The Task Force’s recommendations will catalyze more consistent, comparable, and reliable disclosure of climate-related information that will facilitate more informed business and investment decision-making.

These disclosures are an important step forward in enabling market forces to drive efficient allocation of capital and support a smooth transition to a low-carbon economy.

In signing this letter, we are proud to express our support for better disclosures of climate-related risks and opportunities and we urge other business leaders to do the same.

Signatories

ABP, Corien Wortmann-Kool, Chairman

Accenture, Pierre Nanterme, Chairman and Chief Executive Officer

Acciona, José Manuel Entrecanales Domecq, Chairman and Chief Executive Officer

Aegon N.V., Alexander Wynaendts, Chief Executive Officer

AIMCo, Kevin Uebelein, Chief Executive Officer

Akzo Nobel N.V., A.C.M.A. Büchner, Chief Executive Officer and Chairman of the Board of Management

Allianz SE, Oliver Bäte, Chairman of the Board of Management (Chief Executive Officer)

APG Groep N.V., Gerard van Olphen, Chief Executive Officer

Arup, Gregory Hodkinson, Chairman

Australia and New Zealand Banking Group Limited (ANZ), Shayne Elliott, Chief Executive Officer

Aviva Investors, Euan Munro, Chief Executive Officer

Aviva plc, Mark Wilson, Chief Executive Officer

AXA Group, Thomas Buberl, Chief Executive Officer

B3, Gilson Finkelsztain, Chief Executive Officer

Bank of America, Brian Moynihan, Chief Executive Officer

Barclays, Jes Staley, Group Chief Executive Officer

Barrick Gold Corporation, Kelvin Dushnisky, President, and John L. Thornton, Executive Chairman

BHP Billiton, Andrew Mackenzie, Chief Executive Officer

BNP Paribas, M. Jean-Laurent Bonnafé, Chief Executive Officer

Borsa Italiana, Raffaele Jerusalmi, Chief Executive Officer

BRAM – Bradesco Asset Management S.A. DTVM, Alexandre da Silva Glüher, General Officer

British Columbia Investment Management Corporation (bcIMC), Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer

Caisse de dépôt et placement du Québec (CDPQ), Michael Sabia, President and Chief Executive Officer

California Public Employees’ Retirement System (CalPERS), Marcie Frost, Chief Executive Officer

California State Teachers’ Retirement System (CalSTRS), Jack Ehnes, Chief Executive Officer

Canada Pension Plan Investment Board (CPPIB), Mark Machin, President and Chief Executive Officer

Capricorn Investment Group, Ion Yadigaroglu, Managing Partner

Cbus Super, David Atkin, Chief Executive Officer

Citigroup Inc., Michael L. Corbat, Chief Executive Officer

City Developments Limited, Grant Kelley, Chief Executive Officer

Deloitte Global, Punit Renjen, Chief Executive Officer

DNB ASA, Rune Bjerke, Chief Executive Officer

Dow Chemical Company, Andrew N. Liveris, Chairman and Chief Executive Officer

DuPont, Edward D. Breen, Chair of the Board and Chief Executive Officer

Duratex S.A., Antonio Joaquim de Oliveira, Chief Executive Officer

EDF Group, Jean-Bernard Lévy, Chief Executive Officer

EnBW Energie Baden-Württemberg, Dr. Frank Mastiaux, Chairman and Chief Executive Officer

Enel SpA, Francesco Starace, Chief Executive Officer and General Manager

ENGIE Group, Isabelle Kocher, Chief Executive Officer

Eni SpA, Claudio Descalzi, Chief Executive Officer

EY Global Limited, Mark Weinberger, Global Chairman and Chief Executive Officer

Fibria Celulose S.A., Marcelo Castelli, Chief Executive Officer

FTSE Russell, Mark Makepeace, Chief Executive Officer

Generation Investment Management, David Blood, Senior Partner

Glencore, Tony Hayward, Chairman

GranBio Investimentos, Bernardo Gradin, Chief Executive Officer

HSBC Holdings plc, Stuart Gulliver, Group Chief Executive

HSBC Bank Pension Trust (UK) Ltd., Elizabeth Renshaw-Ames, Trustee Chief Executive Officer

Iberdrola, Ignacio S. Galán, Chairman and Chief Executive Officer

Impax Asset Management Group plc, Ian Simm, Chief Executive

Industrial and Commercial Bank of China (ICBC), Shu Gu, President

ING Group, Ralph Hamers, Chief Executive Officer

JetBlue, Robin Hayes, President and Chief Executive Officer

Jinko Solar Co., Ltd, Xiande Li, Chairman

Johnson Controls, Alex Molinaroli, Chairman, President and Chief Executive Officer

Jupiter Fund Management plc, Maarten Slendebroek, Chief Executive Officer

Kering, François-Henri Pinault, Chief Executive Officer and Chairman of the Board

Kokusai Kogyo Co., Ltd, Sandra Wu Wen-Hsiu, Chairperson and Chief Executive Officer

KPMG International, John B. Veihmeyer, Chairman

Legal & General Investment Management, Mark Zinkula, Chief Executive Officer

Leonardo SpA, Alessandro Profumo, Chief Executive Officer

London Stock Exchange Group, Xavier Rolet, Chief Executive Officer

London Stock Exchange plc, Nikhil Rathi, Chief Executive Officer

MN, René van de Kieft, Chief Executive Officer and Chairman of the Managing Board

Moody’s Corporation, Raymond W. McDaniel Jr., President and Chief Executive Officer

Morgan Stanley, James Gorman, Chairman and Chief Executive Officer

Natura Cosméticos S.A., João Paulo Ferreira, Co-Founder and Co-Chairman of the Board

NN Group, Lard Friese, Chief Executive Officer

Norsk Hydro ASA, Dr. Svein Richard Brandtzæg, President and Chief Executive Officer

Olam International Limited, Sunny Verghese, Co-Founder and Group Chief Executive Officer

Ontario Teachers’ Pension Plan, Ron Mock, President and Chief Executive Officer

OPTrust, Hugh O’Reilly, President and Chief Executive Officer

Pensioenfonds Metaal en Techniek (PMT), Benne van Popta, Chairman of the Board

Pensioenfonds van de Metalektro (PME), E.A.W.M. Uijen, Chairman of the Executive Board

Pensioenfonds Zorg en Welzijn, C.P.M. Moonen, Independent Chair of the Board of Trustees

PepsiCo Inc., Indra K. Nooyi, Chairman and Chief Executive Officer

PGGM N.V., Else Bos, Chief Executive Officer

Philips Lighting, Eric Rondolat, Chief Executive Officer

PSP Investments, André Bourbonnais, President and Chief Executive Officer

PwC, Bob Moritz, Global Chairman

Royal DSM, Feike Sijbesma, Chief Executive Officer and Chairman of the Managing Board

Royal Dutch Shell plc, Ben Van Beurden, Chief Executive Officer

S&P Global, Douglas L. Peterson, President and Chief Executive Officer

Safaricom Ltd., Bob Collymore, Chief Executive Officer

Salesforce, Marc Benioff, Chairman and Chief Executive Officer

Schneider Electric, Jean-Pascal Tricoire, Chairman and Chief Executive Officer

Schroders, Peter Harrison, Chief Executive Officer

Singapore Exchange Limited, Loh Boon Chye, Chief Executive Officer

Singapore Telecommunications Ltd. (Singtel), Chua Sock Koong, Group Chief Executive Officer

Solvay, Jean-Pierre Clamadieu, Chief Executive Officer

Standard Chartered, Bill Winters, Group Chief Executive

Storebrand ASA, Odd Arild Grefstad, Chief Executive Officer and Managing Director

Suez, Jean-Louis Chaussade, Chief Executive Officer

Sumitomo Chemical Company, Limited, Masakazu Tokura, President

Swiss Re Ltd., Christian Mumenthaler, Group Chief Executive Officer

Tata Steel (India & South East Asia), T. V. Narendran, Managing Director

The Virgin Group, Sir Richard Branson, Founder

Türkiye Garanti Bankası A.Ş., Ali Fuat Erbil, President and Chief Executive Officer

UBS Group, Sergio P. Ermotti, Chief Executive Officer

Unilever, Paul Polman, Chief Executive Officer

Vale S.A., Fabio Schvartsman, Chief Executive Officer

Veolia, Antoine Frérot, Chairman and Chief Executive Officer

Willis Towers Watson, John J. Haley, Chief Executive Officer

Supportive Quotes

Aegon N.V.

“Aegon recognizes that climate change poses a systemic risk to society, and has made a strong commitment to addressing climate-related risks and to accelerating the energy transition. The Task Force’s recommendations will help us meet this commitment.”

– Alexander Wynaendts, Chief Executive Officer

AIMCo

“Improved understanding of climate-related risks and opportunities is key to delivering on the ParisCOP 21 agreement. AIMCo commends the TCFD for its role in developing this important, voluntary, climate-related disclosure framework and encourages companies to adopt its recommendations to enable better-informed markets. Disclosure of climate-related governance, strategy, risk and metrics will provide increasingly essential information for successful long-term investors.”

– Kevin Uebelein, Chief Executive Officer

Australia and New Zealand Banking Group Limited (ANZ)

“Companies must improve reporting on their management of carbon risks and opportunities for their shareholders and banks to make more informed decisions. We are doing our part by being an earlier adopter of the FSB Taskforce recommendations, joining this initiative and thus signalling we will be seeking greater disclosure from our customers about their climate related risks and opportunities.”

– Shayne Elliott, Chief Executive Officer

Barrick Gold Corporation

“The disclosures recommended by the Task Force on Climate-related Financial Disclosures are consistent with our commitments to transparency and to proactively managing climate-related issues. They will not only help the investment community and others evaluate our approach to climate change, they will inform the strategies that Barrick and other twenty-first century companies use to address climate-related risks.”

– Kelvin Dushnisky, President

BHP Billiton

“BHP has been a firm supporter of the Task Force on Climate-related Financial Disclosures (TCFD) in its work to develop recommendations for consistent, climate-related financial risk disclosures. In 2015, we launched our “Climate Change: Portfolio Analysis” report which described our approach to portfolio evaluation and scenario planning, including the implications of a transition to a lower emissions future for our portfolio.

We subsequently published “Views after Paris”, describing some of our observations from the preceding 12 months and their potential portfolio impacts. I am pleased to support the release of the Task Force’s final report and we will work towards reporting in line with its recommendations.  I encourage other business leaders to take a similar approach and believe the work of the TCFD will help build a consistent framework for climate related risk disclosure.”

– Andrew Mackenzie, Chief Executive Officer

The Dow Chemical Company

“As Chairman and CEO of The Dow Chemical Company, I am pleased to enthusiastically support the recommendations of the industry-led Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures. We believe that these recommendations will help promote transparency around climate-related risks and opportunities, and we encourage other business leaders to join us in this united effort to improve disclosure across sectors and regions.”

Andrew N. Liveris, Chairman and Chief Executive Officer, The Dow Chemical Company

EDF Group

“Having a fair, transparent and consistent reporting on business actions for climate is a good way to lead the change for a low carbon economy.”

Jean-Bernard Lévy, Chief Executive Officer

HSBC

“These recommendations are very welcome. The impact of climate change and the transition to a lower-carbon economy deserve board-level scrutiny and governance. Independent research commissioned by HSBC shows that less than a quarter of companies currently disclose their environmental impact. This makes it very difficult for analysts and investors to assess and compare how sustainable these companies are. These recommendations are a practical and pragmatic response to the need for consistent and comparable climate-related financial disclosure.”

– Stuart Gulliver, Chief Executive Officer

Iberdrola

“Climate change and the policies created to address it have significant implications for businesses – it will fundamentally change many products, services, and operating models. Successful companies need to measure and manage those risks and actively seek the opportunities a clean economy creates. We need to invest for the future not the past.”

Ignacio S. Galán, Chairman and Chief Executive Officer

Impax Asset Management Group plc

“The rollout of the TCFD’s recommendations represents an important milestone in the international financial system’s internalisation of the emerging systemic risks of climate change. These recommendations are designed to offer companies and their investors a commercially actionable, voluntary framework to improve climate-related financial disclosures.

Reporting prepared in response to the recommendations should provide investors with a more complete understanding of the climate risks facing their individual holdings and across their portfolios, thereby encouraging better risk assessment in investment decision making.”

– Ian Simm, Chief Executive Officer 

JetBlue

“As a business, we must understand the true financial impact of climate change, and as an airline, we need to understand the conditions we will by flying with in the future. Climate risk disclosure – and the thinking that goes behind it – protects our customers, crewmembers, and shareholders. These new recommendations guide us on how to do just that.”

– Robin Hayes, President and Chief Executive Officer

Kokusai Kogyo Co., Ltd.

“We welcome the TCFD recommendations as a strong signal for businesses to start putting climate change and its implications front and centre of their long-term planning, if they aren’t doing so already. When companies perceive the need to measure and manage risks in order to be successful, we will move not only towards clean economy, but also sustainable, resilient societies. We need to invest for the future not the past.”

– Sandra Wu Wen-Hsiu, Chairperson and Chief Executive Officer

Ontario Teachers' Pension Plan

“The implications of climate change have a direct impact on the sustainability of the investments we are making today to help pay the pensions of future generations of teachers. The FSB Task Force recommendations are a meaningful step forward in providing the transparency, comparable and consistent information that we require as we navigate the transition to a low carbon economy.”

– Ron Mock, President and Chief Executive Officer

OPTrust

“We believe that the recommended framework should become the disclosure standard for climate change related risk. For pension funds, climate change presents complex and long-term risks. The work being done by the TCFD is critical in ensuring both increased awareness of climate change as a financial risk and proposes a reasonable framework for disclosure so that we can better understand and assess that risk.”

Hugh O’Reilly, President and Chief Executive Officer

PepsiCo Inc.

“Climate change is one of the most important issues of our time and requires immediate, coordinated action. For our global food and beverage company, reducing our carbon emissions is the right thing to do and it makes good business sense—driving down operating costs, creating efficiencies and ensuring that we continue to be welcomed into communities where we do business. That’s why PepsiCo has a science-based goal to reduce absolute greenhouse gas emissions across our value chain by at least 20% by 2030. We will continue to deliver on this goal while disclosing our progress and challenges over the coming years.”

Indra K. Nooyi, Chairman and Chief Executive Officer

PGGM N.V.

“Institutional investors commit capital for the long term. Our investment decisions today help shape our economic and ecological wellbeing long into the future. Climate change is one of the largest challenges of our time. It has impact on the value of our investments and, conversely, our investment decisions impact the climate. In addition to risks, climate change creates enormous opportunities. The energy transition requires massive investments in energy efficiency, renewable energy, and storage. Transparency brings all actors in a better position to manage these risks and exploit the opportunities. The TCFD recommendations aim to achieve just that.”

– Else Bos, Chief Executive Officer

S&P Global

“Sustainability-related risks can impact financial performance and value of companies. S&P Global’s focus on Essential Intelligence includes providing reliable and consistent data and analysis on the impact of climate change. Greater transparency around sustainability metrics is invaluable as investors further integrate these factors into their research, and can help institutions better protect against risks. The TCFD’s initiative helps to shine a light on where key sustainability data are available from entities around the world, and where there are gaps to fill.”

– Courtney Geduldig, Executive Vice President, Public Affairs

Singapore Exchange

“A well-functioning market relies on the transparent flow of quality information.  As the world progresses, disclosures need to address evolving issues of global importance including climate change.

SGX is delighted to support the extensive work done by the Task Force on Climate-related Financial Disclosures (TCFD).  The recommendations provide guidance for understanding of companies’ climate-related risks, and ultimately creates conditions for better informed markets, more accurate pricing and greater financial stability.”

Loh Boon Chye, Chief Executive Officer

Royal DSM

“DSM continues to stay committed to bold climate action: we need to invest for the future while making our businesses future proof. Now is the right time to ensure an accelerated but orderly transition to a low carbon economy. A well informed business-investor dialogue, as recommended by the FSB Task Force, will surely help to facilitate this”.

– Feike Sijbesma, Chief Executive Officer and Chairman of the Managing Board

Royal Dutch Shell plc

“I agree that companies should be clear about how they plan to be resilient in the face of climate change and energy transition. I believe it is right that it should be transparent which companies are truly on firm foundations over the long-term. I not only applaud the Task Force for its work to achieve this aim but I have signed a letter confirming Shell’s support for the initiative. The details matter and I look forward to Shell working with the Task Force on those details. Specifically, how we present forward-looking information in an uncertain world, the disclosure of commercially sensitive data and the feasibility of providing the suggested detail to the standard required of financial filings. Ultimately, however, both Shell and the Task Force want this plan to be fit for purpose.”

– Ben van Beurden, Chief Executive Officer

Sumitomo Chemical Company, Limited

“Climate change is one of the most important challenges that our society is facing. Sumitomo Chemical as a global company is committed to actively provide solutions for climate change mitigation and adaptation. We believe the better disclosure of information on climate-related risks and opportunities will further encourage our initiatives towards a sustainable world.”

– Masakazu Tokura, President

Swiss Re Ltd.

“We are just at the beginning of the transition towards a low carbon economy. As a reinsurer that has been researching the effects of climate change for almost 30 years, as a large asset owner and as a long-term investor, we have the chance to step up to the next level and help shape tomorrow’s solutions. There are clear benefits of having more transparency about climate related risks and opportunities.”

David Cole, Group Chief Financial Officer

Unilever

“It’s fundamental for every good business to manage and communicate risks and opportunities. We are already obliged to disclose material risk. Climate change is no different. It’s a risk that is already affecting companies today – both through the impacts of steadily rising global temperatures and through the policies that governments around the world adopt in response.

As part of the task force, we have put together a standardised framework for companies to disclose climate-related risks and opportunities, focusing on making them as practical as possible to adopt. Why? Because markets need information to operate efficiently. We have to be transparent to help investors make better decisions for the long term. And beyond the markets, we know that transparency is increasingly important to our consumers too. They want to know the values of the companies they are buying from, particularly millennials. The same goes for the young talented future leaders we all wish to recruit.

I’d urge all companies to read this report and adopt the recommendations.”

– Graeme Pitkethly, Chief Financial Officer

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Statement of Support for the TCFD Recommendations and Supportive Quotes (June 2017) Download