Supportive Quotes

Companies, other organizations and institutions have provided the below quotes in support of the TCFD.

ACCIONA

“The Task Force of Climate-Related Financial Disclosure, TCFD, represents a step beyond in the essential progress through the inclusion and monetization of the affections of climate change into our current and future investments. These recommendations, being also pushed by financial leaders, will be a strong support in ACCIONA´s pathway towards the implementation of ambitious, effective and incremental targets for enabling the transition to a low carbon economy.”

– Jose Manuel Entrecanales Domecq, Chairman and Chief Executive Officer, ACCIONA

Addenda Capital

“We have high expectations for climate-related financial disclosure from the entities we invest in and it behooves us to show them we are using that information to improve our investment decisions.”

Roger J. Beauchemin, President and CEO, Addenda Capital

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, Aegon N.V.

AES

“Our commitment to adopt the recommendations of the Task Force represents the next step in our climate-related disclosures.  Over the years, we have been recognized as a leading company with respect to our sustainability efforts and reporting by third parties, including by CDP, FTSE4Good and RobecoSam. Bolstering our climate-related disclosures, and including them in our financial reports, will allow investors to enhance their analysis of risks and opportunities associated with climate change.”

Andrés Gluski, President and Chief Executive Officer, AES  

AGL

“AGL believes that climate change is a critical issue facing both the global community and our business. As one of Australia’s leading integrated energy companies, and Australia’s largest greenhouse gas emitter we have a responsibility to be transparent about climate change, and the risks and opportunities it poses to our business. We believe the TCFD recommended disclosure framework allows us to do just that in a way that is clear for our stakeholders to understand.”

AGL

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, AIMCo

Alecta

“Alecta is committed to create as much value as possible for occupational pensions. We invest for the long-term, which means that our assignment is challenged by the long-term risks posed to the real economy and the environment because of climate change. As highlighted by the TCFD, we need to add climate to the financial equation and future prognosis, and develop and understand new scenario models. With an active management model in a concentrated portfolio of carefully selected equities, this is imperative to us.”

– Magnus Billing, Chief Executive Officer, Alecta

AllianceBernstein

“At AllianceBernstein, responsible investing is part of who we are as a firm and is a cornerstone of our corporate responsibility mission. We have been integrating ESG factors into our investment decisions for many years. The TCFD’s recommendations represent a significant step in advancing the process of consistent and transparent climate-related financial disclosures globally. As investors, this will ultimately help us better understand climate-related issues and is in alignment with our commitment to our clients. We are proud to support the Task Force.”

Seth Bernstein, Chief Executive Officer, AllianceBernstein

AlphaFixe Capital

“Climate change has a material impact on natural and human systems. In today’s economy, companies are becoming increasingly exposed to risks emanating from extreme weather events and transitioning to a low carbon economy. To assess these material risks, investors need information on how companies are dealing with climate-related issues. Therefore, AlphaFixe Capital is proud to support the TCFD in the implementation of a voluntary and consistent mechanism for climate-related financial risk disclosures.”

Stéphane Corriveau, President, Managing Director, AlphaFixe Capital

 

AP2

“AP2 is supportive of the recommendations on climate-related disclosures from the Task Force on Climate-related Financial Disclosures (TCFD) released on June 29. AP2 is very positive towards the TCFD framework as it will increase corporate transparency and hopefully provide the information asset owners and asset managers need in order to assess both climate risks and opportunities. The framework is also an important tool for AP2 to describe and communicate its own work with regard to climate.”

– AP2

APEC Business Advisory Council (ABAC)

“ABAC affirms its commitment to support the voluntary recommendations of the industry-led Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD) in accord with the statement of support.

To enable investors to better assess and price climate-related risk, ABAC members recommend APEC economies support and build on the recommendations of the TCFD, in particular through harmonized metrics endorsed by relevant industries and associations in each economy.”

– APEC Business Advisory Council (ABAC)

ArcelorMittal

“We are supportive of the TCFD’s recommendations to disclose how our governance, strategy, risk management, and measurement processes address financial risks and opportunities relating to climate change. In 2017, we established a cross-functional task-force to better understand where the gaps lie between our current reporting and the recommendations of the TCFD, and to evaluate what further disclosure we should be making in this area. We have started to respond to the recommendations in our Integrated Annual Review, and further in our 2018 disclosure to CDP.”

– ArcelorMittal

Assicurazioni Generali S.p.A.

“Protecting the environment and adopting effective actions to tackle climate change are central issues for Generali. Recently, we launched a climate change strategy that includes actions in the fields of investments and underwriting, our core activities. Additionally, over the past three years we have reported year-end financial and non-financial information in a comprehensive and integrated way. This clarifies how sustainability underpins – and is part of – our performance. In this context, the TFCD Recommendations serve as a common framework for climate-related financial disclosure, providing visibility and transparency towards the market. That’s why we welcome this initiative and we gladly join it as supporters.”

– Philippe Donnet, Group CEO, Assicurazioni Generali S.p.A.

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, Australia and New Zealand Banking Group Limited (ANZ)

Autorité des marchés financiers (AMF) (FR), Autoriteit Financiële Markten (AMF) (NL), Financial Conduct Authority (FCA) (UK), Finansinspektionen (FI) (SE)

Recognizing that a fair, transparent and consistent reporting on climate-related risks and opportunities is key to collectively delivering on the Paris Agreement and to enhancing the contribution of financial institutions to accompany companies through an efficient transition toward low carbon and climate resilient economies, we welcome the final report of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) as a key milestone toward improved, decision relevant climate-related reporting and will actively engage with market participants and other regulators on this important topic.

– Autorité des marchés financiers (AMF) (FR), Autoriteit Financiële Markten (AMF) (NL), Financial Conduct Authority (FCA) (UK), Finansinspektionen (FI) (SE)

Avara Foods

“In light of the Paris Agreement and urgent need for all businesses to build climate resilience, we support the TCFD in the revolutionary work being undertaken. Avara Foods has taken measures to mitigate the impacts of climate change and adopted similar metrics to those listed in the TCFD Recommendations. We realise that there are imminent business risks from non-linear irreversible changes to climate. This is where climate-related disclosures will be important to map those critical risks and help build robust strategies to mitigate the impacts.”

– Avara Foods

Aviva plc

“No-one can afford to let climate change fly under the radar. Aviva contributed to developing the TCFD recommendations and I am delighted that we can now start work on how to make disclosure happen in practice. We need simple, consistent and comparable data. A sustainable low carbon economy makes good environmental and business sense.”

Mark Wilson, CEO, Aviva plc

AXA Investment Managers

“The work done by the Task Force on Climate-related Financial Disclosures helps drive consistent, voluntary disclosures by companies that can significantly enhance investor understanding of climate-related business risks and opportunities. This is in line with our beliefs as long term responsible investors and also supportive of our mission to make investing easier for our clients by supporting them in their efforts to address the increasingly prominent challenges raised by climate change.”

– AXA Investment Managers

Banco Santander

“Banco Santander welcomes the TCFD recommendations. They are an important step in the right direction to inform and improve transparency, reporting standards and awareness on the financial risks and opportunities related to the climate change. Most significantly, they upgrade this issue on the company’s priorities agenda. Climate change and the scarcity of natural resources are two of the greatest challenges currently faced by society. A global commitment needs to be made, where all social groups, including companies, are actively engaged.”

– Banco Santander

Bankia

“Nowadays we cannot ignore that climate change has become one of the biggest challenges for humankind. For some time now, at Bankia we have been working on implementing measures that favour the transition to a low carbon economy through our products and services. It is time to keep moving forward and take a step further by contributing to the development and implementation of the recommendations of the TCFD on climate change.”

José Ignacio Goirigolzarri, Chairman, Bankia

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, Barrick Gold Corporation

Belgian Ministry of Finance

“We need to support the creation of the right market infrastructure to finance the battle against climate change and pollution. A few weeks ago, our government set the example by launching our first green bond here in Belgium for a total amount of 4.5 billion Euro. The financial sector should incorporate the costs related to climate change and pollution in their own models of credit and market risks. I therefore fully support the agenda that Michael together with the FSB Task Force has set out and hope that this will contribute towards a more sustainable financial ecosystem.”

Johan Van Overtveldt, Minister of Finance of Belgium

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, BHP Billiton

BlackRock

“BlackRock has long been a champion of sustainable investing, as it is important to our clients as well as the overall emphasis we place on long-termism. We have recently deepened our commitment to this set of issues by expanding BlackRock Sustainable Investing under the leadership of Brian Deese. Brian worked under President Obama as a senior advisor for climate and energy policy, helping to negotiate the Paris Climate Agreement and other U.S. and global initiatives.

A key component of sustainable investing is climate-related disclosure, which can enhance the investment process. Disclosure of material climate-related information by public issuers is one of our investment stewardship team’s key priorities for engagement. We support the TCFD’s efforts to improve climate-related financial disclosure by public issuers, and Brian has recently joined the TCFD task force on behalf of BlackRock. We recently sent out a letter to more than 100 companies regarding their engagement on TCFD.”

– Philipp Hildebrand, Vice Chairman, BlackRock

Bolsa de Comercio de Santiago

“One of the strategic objectives of Santiago Exchange, the largest stock exchange in Chile, is to contribute to the development of a fair, competitive, orderly and transparent capital market, where best international practices are incorporated, thus facilitating participation of different stakeholders, and good decision making by investors.

In this context, the Exchange supports and shares the principles of the TCFD on improving the delivery of information related to climate change, its impacts and risks for the market, assuming the commitment to update its guidance for the construction of sustainability reports with these principles.”

“Uno de los objetivos estratégicos de la Bolsa de Santiago, la mayor plaza bursátil de Chile, es contribuir con el desarrollo de un mercado de capitales equitativo, competitivo, ordenado y transparente, donde se encuentren incorporadas las mejores prácticas internacionales, facilitando así la participación de los distintos stakeholders y una buena toma de decisiones por parte de los inversionistas.

En ese contexto, la Bolsa apoya y comparte los principios del TCFD sobre mejorar la entrega de información relacionada al cambio climático, sus impactos y riesgos para el mercado, asumiendo el compromiso de actualizar la guía de construcción de reportes de sostenibilidad.”

José Antonio Martínez, Chief Executive Officer, Bolsa de Comercio de Santiago

Boston Common Asset Management

“Boston Common Asset Management supports the recommendations of the TCFD as we believe it will help drive higher quality and more relevant climate change disclosures across all sectors. In particular, the global banking sector stands at a crossroads on climate and the Paris Agreement has catalyzed both the size and urgency of risks such as “stranded assets”, and the market for opportunities to finance the transition to a low carbon future. Through our “Banking on a Low Carbon Future” initiative, over the past two years we have engaged 60 global banks to adopt the Task Force on Climate-related Financial Disclosures (TCFD) and to engage their own high carbon sector clients on TCFD. We have also organized joint dialogues with investors and a dozen oil and gas companies together to raise their understanding of the carbon asset risk disclosures needed by investors, now outlined by TCFD.”

Lauren Compere, Managing Director, Boston Common Asset Management

Brunel Pension Partnership

“At Brunel Pension Partnership, we aim to be as transparent and open in all aspects of investment. This includes climate-related financial disclosures. The Task Force’s focus on disclosures regarding climate change risks is fully in line with our own ethos of responsible investment, and our goal of protecting the interests of our clients and their members. We welcome the opportunity to advocate this approach through our support of TCFD.”

Dawn Turner, Chief Executive Officer, Brunel Pension Partnership

Bursa Malaysia Berhad

“Climate change and environmental degradation can negatively impact the way markets perform and operate, leading to economic and financial instability. Hence, transitioning our market towards a low-carbon economy not only safeguards the quality and resiliency of the marketplace but also ensures the sustainability of our stakeholders and our natural environment into the future. Our support of the TCFD Recommendations sets us on the right path in bridging the information gaps between our listed issuers and providers of financial capital in relation to climate change, creating a well-functioning and efficient capital market.”

– Datuk Seri Tajuddin Atan, Chief Executive Officer, Bursa Malaysia Berhad

Caisse de Dépôt et Placement du Québec

“We are pleased to support the TCFD recommendations and to join other global leaders in building a lower carbon global economy. Clear objectives, measuring and reporting are crucial for developing standards that positively influence markets. That is why we are committed to reporting regularly on our climate-related targets, which apply to all our asset classes.”

Michael Sabia, President and CEO, Caisse de Dépôt et Placement du Québec

CaixaBank

“CaixaBank welcomes and supports the recommendations of the Task Force on Climate-Related Disclosures. We expect their implementation will facilitate the understanding, assessment and disclosure of climate-related risks and opportunities thus helping market participants make more informed decisions. The TFCD’s work is fully aligned with CaixaBank’s strong commitment to sustainability and we believe it will contribute to the transition to a low-carbon economy.”

CaixaBank

California State Controller - Betty T. Yee

“As more companies around the globe understand and embrace climate risk as a business risk, the TCFD framework for climate disclosure is an essential tool to guide addressing these risks and identifying opportunities for these companies and investors.”

Betty T. Yee, California State Controller 

Cambridge Associates

“Cambridge Associates is a leading global investment firm.  We aim to help endowments & foundations, pension plans, and private clients implement and manage custom investment portfolios that generate outperformance so they can maximize their impact on the world.  We are therefore committed to helping our clients incorporate climate related risks and opportunities in their investment strategy. As a key link in the investment chain for institutional investors, we recognize investment consultants’ responsibility to facilitate much greater transparency for asset owners on the climate change considerations of their investments. Signing up to support the TCFD is an important part of that.”

– Cambridge Associates

Cbus

“Cbus believes that greater transparency around climate change risks and opportunities that arise during the transition towards a low carbon world, will help us make better long term investment decisions for our members. As asset owners, we have a responsibility to lead by example and disclose in accordance with the TCFD recommendations. We will encourage our fund managers and the companies in which we invest to do the same.”

– David Atkin, Chief Executive Officer, Cbus

CLP Holdings Limited

“CLP is committed to reducing carbon emissions through its Climate Vision 2050, aiming for more than 80% reduction in carbon intensity by 2050. It is important that our investors are informed on our progress towards these targets, as well as how we are managing carbon risks and opportunities generally. We believe the TCFD recommendations are a practical framework for delivering such disclosures and communications in a clear and internationally comparable manner.”

–  Richard Lancaster, Chief Executive Officer, CLP Holdings Limited

Cornerstone Capital Group

“Transparency and disclosure can be transformational in terms of guiding the capital markets forward. And healthy capital markets will be a driving force in establishing a more inclusive and regenerative global economy.”

Cornerstone Capital Group

Crédit Agricole S.A.

“The TCFD initiative will help us deal more efficiently with the climate agenda, and it fosters a very positive dynamic: give a more sincere and complete assessment of the risks and opportunities associated with companies and their strategies.”

Philippe Brassac, Chief Executive Officer, Crédit Agricole S.A.

DBS

“DBS is pleased to provide its support to the TCFD. As one of the leading banks in South East Asia we see the impact of climate change all around us. Enhanced financial disclosures will be an important element in creating transparency around this issue and will aid stakeholders make sound financial and business decisions.”

– Piyush Gupta, Chief Executive Officer, DBS

Degroof Petercam Asset Management

“As a long term responsible investor, Degroof Petercam Asset Management acknowledges its unique position to contribute to the fight against climate change. We welcome the TCFD recommendations as we believe it will enhance our investment processes. By supporting the TCFD recommendations and improving disclosure we can continue the fight against climate change and provide our investors with adapted investment solutions and relevant information concerning climate risks and opportunities.”

Degroof Petercam Asset Management

Delta Electronics, Inc.

“The corporate mission of Delta is to provide innovative, clean and energy-efficient solutions for a better tomorrow. With our continued focus on climate change, Delta has adopted the TCFD framework to facilitate the climate-related dialogue within our company and among our stakeholders. We believe that better transparency in climate change fosters better decisions. And TCFD is an essential tool for companies taking further steps toward a low carbon economy.”

–  Yancey Hai, Chairman, Delta Electronics, Inc.

Desjardins Group

“As a financial cooperative, we are committed to leading by example and encouraging the transition to a lower-carbon economy. We are pleased to support the TCFD recommendations and believe that adopting more robust disclosures on climate change risks and opportunities will help businesses, clients and investors alike. Our participation in this pilot project is in line with our four commitments to the fight against climate change, which will be integrating into team objectives and included in Desjardins Group’s annual report.”

– Guy Cormier, President and CEO, Desjardins Group

Deutsche Asset Management

“Building on Deutsche Asset Management’s 20 year history in responsible investing, we support the need for improved corporate and investor disclosure of risks and opportunities from physical climate change and the low-carbon economic transition.”

– Roelfien Kuijpers, Head of Responsible Investments, Deutsche Asset Management

Diageo

“We welcome recent trends in the disclosure of climate change risk and in particular the work of the Financial Stability Board’s Task Force on Climate-related Financial Disclosure. Measuring, managing and reporting environmental impact is not only important for the planet and the communities in which we work, it is essential for the future growth of our business. Like many companies, we have taken action to mitigate climate change and increasingly adaptation is a priority  – the TCFD’s focus and guidance on financial impact and climate change scenarios will be particularly helpful as we endeavor to improve our performance and reporting on this business critical issue.”

– Michael Alexander, Head of Water, Environment, Agriculture Sustainability, Diageo

Domini Impact Investments

“Domini seeks to serve our clients’ financial well-being while preserving and enhancing the environment and society through responsible asset management. We believe investments have impact on financial, societal and environmental systems and that investors have an obligation to acknowledge these consequences. Climate change is one of our greatest systemic risks, and the Task Force’s framework for climate-related financial risk disclosures is a critical tool for assessing this risk. We expect that companies that measure and disclose their climate-change readiness will better manage risk and strengthen the resilience and integrity of these critical systems while create lasting value.”

Carole Laible, CEO, Domini Impact Investments

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, EDF Group

EDP

“Endorsing the Task Force on Climate-related Financial Disclosures is a natural step forward under EDP’s Climate Action as we believe this journey will help companies better understand the impact of climate change in its business strategy and moreover inform investor decisions, speeding up the transition to a low-carbon economy.”

– António Mexia, Chief Executive Officer, EDP

The Egyptian Exchange

“The Egyptian Exchange (EGX) is proud to be one of the pioneering exchanges in promoting sustainability, governance, and environmental related disclosures evidenced by the issuance of the first ESG index in the region in 2010 by EGX.

As a continuum to EGX efforts, we are pleased to announce supporting the recommendations of the Financial Stability Board (FSB )Task Force on Climate-related Financial Disclosures (TCFD), believing that enhanced transparency and disclosures of climate-related issues will provide an opportune chance for issuers and investors to actively participate in achieving the Sustainability Development Goals (SDGs) announced by the United Nations (UN).”

Mohamed Farid Saleh, Executive Chairman, The Egyptian Exchange

Ekatu

Climate change is already a heavy topic, and it is getting heavier, because we are understanding that we need to do more than we are. Carlos Guilherme Moreira, CEO of Ekatu, says “to avoid dangerous climate change, we are going to need to cut emissions rapidly and also to take carbon dioxide out of the atmosphere”. There many feasible ideas coming with tradeoffs, and we need to understand whether they can be applied at a vast scale in a way that is safe, economic and socially acceptable.

Ekatu believes that the Task Force on Climate-related Financial Disclosures (TCFD) recommendations are instrumental in developing a sustainable society toward shifting to a low carbon economy. Specialized in distributed generation and energy conservation, the company decided to support the recommendations prepared by TCFD, because it really brings climate change firmly into the boardroom.

Ekatu sees climate change as one of the most important challenges facing society, and the TCFD, chaired by Michael Bloomberg, connects over 100 leading companies in the world to request and require the risks and opportunities they represent. Ekatu will support recommended disclosures related to governance, strategy, risk management, metrics and targets, because it has its own platform that connects investors who need to buy plant quotas of clean energy with the generators. The market experience contributes to lessening global warming and reducing environmental impact with renewable source.

Ekatu

Euronext

“As a market operator, Euronext has an important role to play in channeling savings and investment into the energy transition. Promoting transparency in markets, setting high standards of integrity and governance, and encouraging the world’s leading companies to initiate an open dialogue with investors and other stakeholders about climate-related risks and opportunities are some of our key priorities. By offering green and climate bonds to issuers from various sectors and geographies, Euronext provides them with new sources of financing and promotes a sustainable growth strategy that is mindful of a low-carbon and resource-efficient economic model while it answers to an increasing demand for transparency from investors.”

Stéphane Boujnah, CEO and Chairman, Euronext

Financial Services and Markets Authority (FSMA) (Belgium)

“The TCFD’s recommendations are an important global step in accelerating the process of climate-related disclosure. The FSMA will work together with other market authorities and relevant bodies to foster transparency of material climate-related information in line with the TCFD’s recommendations.”

Jean-Paul Servais, Chairman, Financial Services and Markets Authority (FSMA) (Belgium)

La Française Group

“The TCFD recommendations are a milestone for better climate-related financial reporting by companies and investors. La Française is committed to taking action by systematically assessing climate risks. Ultimately, this will help our investment decisions for the long-term benefit of our clients.”

Xavier Lépine, Chairman of the Board, La Française Group

Government of France

“A fair, transparent and consistent reporting on climate-related risks and opportunities is key to collectively delivering on the Paris Agreement, to improving the effectiveness of companies communication on climate change integration in their strategy and implications for their business, to fostering a dialogue with investors and to enhancing the contribution of financial institutions to accompany companies through an efficient transition towards low carbon and climate resilient economies. We welcome the final recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) as a key milestone toward improved, decision relevant climate-related reporting. Leveraging on the existing French requirements, we will support their implementation and further work with all key stakeholders on this important topic.”

– Bruno Le Maire, French Minister for Economy and Finance

Government of Sweden

“I am glad that both Sweden and France are committed to implement the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD), thus leading the way towards a greener and more sustainable financial system. This will not only contribute to realizing the commitments in the Paris Agreement but also increase financial stability, which is key for a prosperous society.”

Per Bolund, Swedish Minister for Financial Markets and Consumer Affairs

Greentech Capital Advisors

“Numerous peer-reviewed academic studies have shown that companies which are quantifiably more sustainable generate more alpha as compared with peers who are not. The TCFD is setting a framework so investors can have a common language, much like FASB / IASB, to be able to compare sustainability.  Once measurements are established, Boards and Executives among these peers will then compete to improve their use of resources – carbon, water and waste. Over the last 50 years, investor capitalism has lifted billions out of poverty. Over the next 50 years, we at Greentech believe that, with the TCFD, investor capitalism can motivate prosperous economic growth and a healthy, sustainable planet. The two are inextricably linked.”

– Greentech Capital Advisors 

Hermes Investment Management

“The low-carbon transition represents a game-changing opportunity and the FSB TCFD’s recommendations will act as a catalyst for further change. A critical element of the recommendations is the requirement that companies explain the financial materiality of climate change under a range of low carbon scenarios. We believe that, in time, both companies and investors should disclose climate-related risks.”

Bruce Duguid, Director Engagement, Hermes Investment Management

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, HSBC

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, Iberdrola

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, Impax Asset Management Group plc 

Institute and Faculty of Actuaries

“As long-term risk managers, actuaries are well-placed to work with others operating in the financial system to understand the environmental risks they would be exposed to. As a professional body, we believe the work of the TCFD is in the public interest. Improved disclosure also serves the financial sector, improving capital allocation, risk management and long-term investment decisions. The IFoA has issued a Risk Alert on climate-related risk to all our members to raise awareness around the risks posed by climate change. We will continue to do our part to ensure actuaries have the tools and guidance they need to prepare climate-related financial assessments and disclosures.”

–  Marjorie Ngwenya, President, Institute and Faculty of Actuaries

International Airlines Group

“IAG is the first airline group to participate in this initiative which is a significant step forward in helping companies to manage and improve their strategies to tackle climate change. Environmental viability is absolutely critical for our industry to be able to grow on a sustainable basis and we remain committed to making IAG the world’s leading environmentally sustainable airline group.”

Willie Walsh, Chief Executive Officer, International Airlines Group

Intesa Sanpaolo

“Intesa Sanpaolo has decided to follow the recommendations of the Task Force on Climate-related Financial Disclosures and is therefore committed on a voluntary basis to the dissemination of a transparent reporting on the risks and opportunities related to climate change, in order to include climate-related communication in the context of the financial disclosure to stakeholders. The support for the TCFD’s recommendations confirms the commitment of Intesa Sanpaolo to environmental sustainability and social responsibility, cornerstones of the Business Plan 2018-2021.”

Stefano Del Punta, Chief Financial Officer, Intesa Sanpaolo

Intrinsic Investment Management Pty Ltd

“Intrinsic has been managing responsible equity portfolios for more than 10 years. We support the TCFD initiative because amongst other things, it advances the disclosure of climate change risks in a tangible way. It provides a consistent framework for companies and investors to compare and assess risks across companies in diverse industries. It provides guidelines to companies on how to consider, manage and report these risks.

Intrinsic recognises that there are dissenting voices regarding climate change and that climate research is ongoing. The TCFD initiative does not require companies to agree with any or all of the commonly held climate change beliefs. The TCFD initiate only requires companies to consider climate change as a potential risk (like any other risk to the business), and thus plan for and report on, climate change risks to shareholders and others. Therefore, Intrinsic encourages companies to use the relevant parts of the TCFD climate-related financial disclosure guidelines in reports to shareholders and others.”

– Intrinsic Investment Management Pty Ltd

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, JetBlue

JPMorgan Chase & Co.

“The TCFD recommendations are an important step in promoting transparency around climate-related risks and opportunities. We commend the TCFD on its process and look forward to engaging as companies explore best practices for implementation.”

– Matthew Arnold, Global Head of Sustainable Finance, JPMorgan Chase & Co.

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, Kokusai Kogyo Co., Ltd.

Landsec

“Climate change is one of the biggest issues of our time. As the largest listed commercial property developer in the UK, we have a duty to drive accountability and responsibility; by supporting the TCFD recommendations, we are not only demonstrating our commitment to sustainable business practice but also hope to encourage other sector leaders to do the same.”

Robert Noel, Chief Executive, Landsec

LeasePlan

“As a global leader in vehicle leasing solutions and a responsible company committed to achieving net zero emissions from our total fleet by 2030, LeasePlan aims to be at the heart of the sustainability discussion. We are convinced that transparent disclosure of climate-related financial risks directly supports our greater goal of creating healthier environments in our town and cities and a more sustainable future. As such, we are proud to support the TFCD.”

Tex Gunning, Chief Executive Officer, LeasePlan

M&G Investments

“Climate change represents an enormous challenge for investors in our role as stewards of our customers’ assets, but also an opportunity to support the transition to a more sustainable economy.

To assess these risks and opportunities, investors need better quality information, enabling them to make informed investment decisions. We therefore wholeheartedly support the TCFD’s efforts to encourage more consistent and comparable disclosure by companies of climate-related information. The TCFD’s framework, focused on governance, strategy and risk management, is set to become the gold standard for greater transparency on this crucial issue.”

– M&G Investments

Meridiam

“As a long-term investor in infrastructures, playing a role in the energy transition and managing climate-related risks and opportunities are inherent to Meridiam. Monitoring the impact of our investments and ensuring a meaningful reporting to our stakeholders are crucial parts of our activity. Hence the recommendations of the TCFD appear as essential guidance to reach our common objectives.”

– Thierry Déau, CEO and Founder, Meridiam

Mistra - The Swedish Foundation for Strategic Environmental Research

“Mistra is a Swedish foundation supporting research of strategic importance for a good living environment and sustainable development. In line with this mission we also strongly act to make our investment portfolio sustainable, with extra emphasis on environmental aspects. We act in collaboration with our asset managers, building on trust and dialogue. Above all, we want to choose investment opportunities with the potential to help find solutions, for example when it comes to moving towards the 2 °C target. The TCFD recommendations will support this objective.

For sustainable development to be achieved, a critical mass of market operators must work for long-term goals and encourage companies to invest resources in developing solutions to reach these goals. This requires market operators to make aware, well-informed choices. The work of the TCFD makes a welcome contribution to facilitate such well-informed choices when it comes to climate change issues and facilitate a larger share of companies to consider, and be transparent, about these issues. As an institutional asset owner and investor, Mistra will encourage its capital managers and other investors to use the TCFD’s recommendations and encourage further steps to be taken.”

Åke Iverfeldt, Chief Executive Officer, Mistra – The Swedish Foundation for Strategic Environmental Research

Montanaro Asset Management​

“Climate change is one of the greatest challenges facing humanity. You only have to look around to see the impact it is already having on the world. As responsible investors, we at Montanaro applaud the work of the TCFD and fully support the recommendations made by the Task Force. It is vital to increase awareness of the challenges wrought by climate change. Investors need to better understand how business models will have to adapt in response to changing climate scenarios. We need greater consistency in climate related reporting and better and more detailed disclosure. Montanaro will be working with its investee companies to encourage them to adopt the TCFD recommendations.”

– Charles Montanaro, Chairman, Montanaro Asset Management

MP Pension

“Systematic and comparable disclosure on climate risks is crucial for investors’ ability to accurately assess financial value and the opportunities arising from the transition to a low-carbon economy. We believe the TCFD can and will provide that framework, and encourage all business leaders and peers to support the recommendations.”

Anders Schelde, Chief Investment Officer, MP Pension

NEI Investments

“Economy-wide corporate and investor disclosure on climate change is a top priority for transitioning to a low-carbon economy and the TCFD framework is a critically important development in this regard. NEI will continue to work with our portfolio holdings to ensure broad adoption of the TFCD framework while also using the framework to guide our own disclosures on how we are managing climate risk. We need all sides of the financial markets working towards the same goal to achieve success.”

–  Daniel Solomon, SVP and Chief Investment Officer, NEI Investments

Neuberger Berman

“Neuberger Berman believes that climate change is a material driver of investment risk and return across industries and asset classes. As an asset manager with a long-term perspective, we have a responsibility to our clients to assess the potential implications of climate change for the companies in which we invest. The Task Force’s recommendations provide a welcome framework for improving the quality and comparability of voluntary climate-related financial disclosure by corporates. We will continue to engage with management teams and clients on this important topic.”

George Walker, Chairman and Chief Executive Officer, Neuberger Berman

Nordea Asset Management

“Addressing climate change is high on the agenda and Nordea supports the TCFD recommendations since we firmly believe that climate change risk disclosure is key in order to strengthen the stability of the financial system. We are delighted to join forces with other investors on this important topic and conducting scenario analysis in a common way will be instrumental to successfully managing climate-related risks for our clients.”

Nils Bolmstrand, CEO, Nordea Asset Management

Norges Bank Investment Management

“We are investing for future generations, and would like companies to move from words to numbers in assesing climate risk in their investments, risk management, and reporting.”

Yngve Slyngstad, Chief Executive Officer, Norges Bank Investment Management

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, Ontario Teachers’ Pension Plan

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, OPTrust

Oslo Børs ASA

“Oslo Børs encourages our listed companies to implement the voluntary recommendations of the Task Force on Climate-related Financial Disclosures. The TCFD framework provides companies and investors with valuable tools for sustainable business and investment decisions.”

Bente A. Landsnes, President & Chief Executive Officer, Oslo Børs ASA

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, PepsiCo Inc.

Perennial Value Management

“Perennial Value Management believes that disclosure in accordance with TCFD recommendations can provide us with a more complete view over and above the numbers and financial analysis alone. This increased transparency should ultimately lead to better return outcomes for our clients.“

John Murray, Managing Director, Perennial Value Management

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, PGGM N.V.

Rabobank

“As a cooperative bank with our roots and core business in global food and agriculture, we are committed to contributing to practical solutions for the global challenges of today. Climate change is one of the biggest- if not the biggest- of those global challenges. That is why we set as a goal to help double global food production while halving the footprint in the decades to come. And in order to do so, we need to know that footprint as it is today. The TCFD process helps us to get that insight, and we are honored to help make the TCFD’s recommendations a success.”

Bas Rüter, Director of Sustainability, Rabobank

RobecoSAM

“RobecoSAM recognizes that climate change is currently the largest and most complex of sustainability issues, and is linked to many other sustainability challenges facing the world today, such as water scarcity, sustainable agribusiness, and resource efficiency. We are proud of being one of the 150 financial firms responsible for assets of over $81.7 trillion, which have publicly committed to support the Task Force on Climate-related Financial Disclosures (TCFD).

The work of the TCFD is fully aligned with RobecoSAM’s mission to drive sustainability thinking and promote sustainable business practices by using the power of financial markets. Since our foundation in 1995, we have focused exclusively on Sustainability Investing and from day one have assessed companies on their risks and opportunities associated with climate change. It is exciting to see our visionary thinking materializing with the support of the 237 global companies (with a combined market cap of over $6.3 trillion), which have like us supported the TCFD recommendations for voluntary climate-related financial disclosures.”

– Aris  Prepoudis, CEO, RobecoSAM

Rockefeller Asset Management

“As long-term investors and stewards of capital, we embrace comprehensive and systematic reporting on climate change to better assess our investment risks.  We commend the UN for this important initiative, which we believe will accelerate the process of climate-related disclosure.”

– David P. Harris, CIO, Rockefeller Asset Management

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 DSM

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, Royal Dutch Shell plc

Royal Vopak

“Royal Vopak has been following the progress of the Task Force on Climate-related Financial Disclosures with great interest. With a 400-year history and a strong focus on safety and sustainability, our purpose it to store vital products with care. Today, those products are oil, chemicals, gases and LNG to biofuels and vegoils. We anticipate a gradual shift in the products we store for our customers and are committed to contributing our expertise in operating infrastructure in ports around the world in order to facilitate the transition to sustainable, low-carbon energy systems.

Vopak supports the work of the Task Force and has made a start with applying the principles of the framework. We believe the best way forward is to become part of the community that engages on a practical and workable path forward. We recognize the importance of the Task Force’s recommendations, as investors and other stakeholders require quality information in order to understand and evaluate both the short-term and long-term risks associated with climate change.”

Royal Vopak

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, S&P Global

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, Singapore Exchange

SKY Harbor Capital Management

“As long term responsible investors, SKY Harbor supports the FSB’s Task Force on Climate-related Financial Disclosures (TCFD) because we believe increased transparency and disclosure around key risks, including those relating to climate change, is an important step for making meaningful progress in building a sustainable financial system and aligning clients’ responsible investing goals with their financial objectives.”

Hannah Strasser, Managing Director, SKY Harbor Capital Management

South32

“Action on climate change is consistent with the creation of value for our shareholders. We support the increased transparency that results from the implementation of the Taskforce on Climate-related Financial Disclosures guidelines. In FY17 we tested our portfolio under different climate related scenarios to help us understand the possibilities and uncertainties ahead.  We then used the TCFD framework to disclose the climate related opportunities and risks to our business.

We are committed to reviewing our emission reduction approach every five years to ensure that we continually monitor and improve progress towards the global goal outlined in the Paris agreement of net zero emissions by the second half of this century. To achieve prosperity for our business and surrounding communities, we need a smooth transition to a world that manages to avoid more than two degrees of warming and we are committed to playing our part.”

– Graham Kerr, Chief Executive Officer, South32

SSE plc

“The TCFD is clearly hugely influential in a world where there is a growing understanding that a disorderly transition to a low-carbon world could impact significantly on future economic prosperity. Both central banks and long-term investors want to ensure that there is transparency within markets so that capital decisions incorporate real long-term risks and opportunities. SSE has signed up to fulfil each one of the TCFD recommendations by 2021 for what we believe to be an obvious reason: we want to ensure that SSE remains at the forefront of efforts in the UK and Ireland to tackle climate change and is a leading provider of energy in a low-carbon world. It’s good for our business, it’s good for our shareholders and in the long-run it’s good for every single one of us.”

Gregor Alexander, Finance Director, SSE plc

Standard Life Aberdeen plc

“Standard Life Aberdeen plc supports the recommendations of the TCFD as we believe they will contribute to improving the quality and usefulness of climate change disclosures.

As an investor, a systematic assessment by companies of the impact of climate change on their business model will help us to determine the nature, scale and management of this factor. As a company ourselves, we will follow the recommendations to demonstrate to markets why climate change analysis is relevant and how it informs our approach to strategy, governance and risk management.”

– Keith Skeoch & Martin Gilbert, Chief Executive Officers, Standard Life Aberdeen plc

Statoil ASA

“Statoil welcomes initiatives to enhance transparency around business-related climate risk, such as the Task Force on Climate-related Financial Disclosure (TCFD). Our ambition is to further develop our business in support of the ambitions of the Paris climate agreement. We disclose our governance, risk management, strategy and metrics and targets related to climate change. Since 2015, we have taken significant steps to further mature our reporting on climate-related risk, including stress-testing of our project portfolio against the International Energy Agency 450 scenario and publishing the results in our annual report. We believe that the disclosures made in our Annual Report and Sustainability Report are already well aligned with the main principles outlined in the TCFD recommendations. We look forward to engaging with the Task Force on efficient and feasible ways to implement the recommendation, including considerations on how to present forward-looking information of high uncertainty, and the need for flexibility regarding where to disclose additional information that is not regarded as financially material.”

–  Eldar Sætre, President and Chief Executive Officer, Statoil ASA

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, Sumitomo Chemical Company, Limited

Suncor Energy

“Suncor has integrated carbon risk into our business strategy and sustainability disclosure. We support the desire for consistency and transparency embodied in the TCFD recommendations and see them as a way to build on our two decades of sustainability reporting and ESG investor engagement. The recommendations provide a useful framework to describe how businesses are managing climate risk and ensuring corporate strategies remain resilient in a low carbon future. There are still many details to work out, particularly around the appropriate disclosure vehicles to ensure we can provide a transparent and fulsome discussion on our climate strategy over the long term while recognizing the challenges of providing forward looking information within regulatory financial disclosure requirements. We look forward to working with the Task Force on this journey to shape and evolve climate risk disclosure so it meets the needs of both companies and investors and leads to better understanding of what’s required to transition to a lower carbon future.”

Suncor Energy

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, Swiss Re Ltd.

Telefónica

“At Telefónica, we are convinced that a sound climate strategy is key to a sustainable business strategy and that’s why we have been incorporating climate change mitigation and environmental management strategies for many years. I applaud the Task Force on Climate-related Financial Disclosures initiative and I strongly believe  its recommendations will contribute to generating stronger commitments on an issue that has important global economic implications.” 

–  José María Alvarez-Pallete, Chairman, Telefónica

Total S.A.

“Climate change has to be and is integrated into Total’s strategy. Transparency on climate and long-term issues through adequate reporting and disclosure is key for investors and other stakeholders; that’s why Total decided in 2016 to publish on a voluntary basis its first dedicated annual “Climate Report” and we encourage other companies to do so.  I have signed a letter supporting and commenting the initiative and look forward to Total working with the Task Force on the most efficient ways to implement its recommendations so that investors obtain comparable data while businesses remain responsible for defining which information about climate-related risks and opportunities is material and should be disclosed in financial fillings and which additional information they choose to report on a voluntary basis.”

– Patrick Pouyanné, Chairman of the Board and Chief Executive Officer, Total S.A.

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, Unilever

VicSuper

“As we transition to a low carbon economy, climate change will have impacts across many sectors. Transparent disclosures on climate-related risks and opportunities are key to sound investment decision-making during this period. As an active asset owner, we will engage with the companies that we invest in to encourage disclosure of climate change risks and opportunities in accordance with the TCFD recommendations, as well as adopt the recommendations for our own reporting.”

– Michael Dundon, Chief Executive Officer, VicSuper

YES BANK

“YES BANK, is a strong proponent of ESG disclosures, and welcomes the recommendations on climate related financial disclosures by TCFD. I am sure this intervention by FSB and TCFD would accelerate overall understanding of climate-related risks and opportunities towards better decision making which in turn would fuel climate finance globally, especially impacting emerging economies. The recommendations with its holistic disclosure framework play a critical role in mobilizing public and private finance for climate action, and future-proofing of businesses, thus enabling a sustainable global financial system.”

Rana Kapoor, Managing Director & Chief Executive Officer, YES BANK

Zurich Insurance Group

“Over the coming decades a changing climate, and society’s reaction to it, will have transformational effects. Navigating this transformation will require us to be firm in our beliefs, leverage our knowledge about the risks involved, and do what we can to mitigate, and adapt to, climate change. That is why, following Zurich’s commitment to shaping a more resilient tomorrow, we commend all those embracing the recommendations of the TCFD and making steps towards more transparency.”

– Alison Martin, Group Chief Risk Officer, Zurich Insurance Group