A4S – The Prince’s Accounting for Sustainability Project has convened 34 CFOs, 13 CEOs of Accounting Bodies and 17 Chairs of Pension Funds to affirm their commitment to support and work towards adoption of the TCFD recommendations through their statement of support.
Support Through Additional Initiatives and Organizations
Besides the Task Force’s own statement of support, global business leaders have expressed widespread support for climate risk disclosures and the TCFD recommendations through other initiatives and organizations. Links to those supporters can be found below.
A combined 390 investor representing more than USD $22 trillion in assets signed a letter called upon G20 leaders to support the TCFD recommendations. The letter of support was co-ordinated by the Asia Investor Group on Climate Change, CDP, Ceres, Investor Group on Climate Change (IGCC), Institutional Investors Group on Climate Change (IIGCC) and the United Nations-supported Principles for Responsible Investment (PRI).
The Institute of International Finance (IIF) announced a forum in support of the Task Force on Climate-Related Financial Disclosures (TCFD). The forum will allow participants — including preparers and users — to share perspectives and experiences in implementing the TCFD recommendations, with a view to promoting consistency across industries and jurisdictions. The IIF is the global association for the financial industry and comprises close to 500 members from 70 countries.
The United Nations Environment Programme – Finance Initiative (UNEP FI) launched a pilot project with 16 of the world’s leading banks to work on implementing the TCFD recommendations. The 16 banks will develop scenarios, models and metrics to enable scenario-based, forward-looking assessment and disclosure of climate-related risks and opportunities as part of the pilot programme.
Nine leading pension funds, insurers, and asset management firms, are working together with UN Environment Finance Initiative (UNEP FI) on guidelines towards a first set of climate-related investor disclosures in alignment with the recommendations of the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosures (TCFD).
The World Business Council for Sustainable Development (WBCSD) has convened 25 global CEOs to support the TCFD recommendations and encourage other business leaders to join them in their support efforts. Along with these supporters the WBCSD has published a climate-related financial disclosure guide for CEOs.
Eleven companies have signed the We Mean Business commitment to implement the TCFD recommendations. The initiative ‘Commit to implement the recommendations of the Task Force on Climate-related Financial Disclosures’ is an update to the previous We Mean Business coalition initiative ‘Commit to report climate change information in mainstream reports as a fiduciary duty’, which was signed by 152 companies.
Global business leaders representing companies with US$4.9 trillion in assets under management and US$700 billion in revenue joined together to urge G20 governments to formally accept and act on the recommendations of the Task Force on Climate-related Financial Disclosures. The CEO signatories are members of the Alliance of CEO Climate Leaders convened by the World Economic Forum.