Third TCFD Status Report Shows Progress & Highlights Need for Greater Climate-Related Disclosures and Transparency
The TCFD also issues implementation guidance and opens public consultation period to solicit input on forward-looking metrics
New York, October 29, 2020 – The Task Force on Climate-related Financial Disclosures (TCFD), established by the Financial Stability Board (FSB), published its 2020 Status Report today. Reviewing 1,700 companies’ reports using artificial intelligence technology, the Task Force found that disclosure of climate-related financial information aligned with the TCFD recommendations has steadily increased since the recommendations were published in 2017. The largest increases relate to companies disclosing how they identify, assess, and manage climate-related risk. Industries considered most exposed to material climate risk have led with the highest levels of TCFD disclosure.
To date, more than 1,500 organizations have expressed their support for the TCFD recommendations, representing an increase of over 85% since the 2019 status report. However, despite the significant momentum, the 2020 Status Report highlights the continuing need for progress in improving levels of TCFD-aligned disclosures given the urgent demand for consistency and comparability in reporting. In particular, disclosure of the potential financial impact of climate change on companies’ businesses and strategies remains low.
“The work that governments and businesses are doing to address the devastation caused by the coronavirus is also an opportunity to build a stronger, more resilient, and more sustainable economy – and transparency and disclosure have an important role to play,” said Michael R. Bloomberg, Chair of the Task Force and Founder of Bloomberg LP and Bloomberg Philanthropies. “The more companies know about their risks and opportunities related to climate change, and the more information investors have, the better we’ll be able to allocate resources and make progress – so it’s encouraging to see leaders in the public and private sector implementing the Task Force recommendations, as outlined in this report.”
Other key findings from the Task Force’s review of company disclosures, insights from users, and other research include:
“Investors are increasingly demanding climate-related disclosures from the companies they invest in, and this demand is driving global momentum around the TCFD recommendations across financial and non-financial sectors,” commented Mary Schapiro, Head of the TCFD Secretariat and Vice Chair for Global Public Policy at Bloomberg LP. “We have provided a foundation that is improving the quality and consistency of this type of disclosure, and may help encourage a standardized approach across sectors and regulatory jurisdictions. We look to companies and investors to utilize the tools we have provided to accelerate the pace of progress.”
FSB Chair Randal K. Quarles said: “The TCFD recommendations support greater consistency in climate-related risk disclosures by companies around the world, which will help to prevent market fragmentation. The report shows that there has been significant momentum around adoption of and support for the TCFD’s recommendations, while also highlighting and making proposals to address challenges to more consistent and robust implementation.”
To support companies’ implementation efforts, the Task Force is issuing two guidance documents with the release of this status report:
The Task Force also seeks feedback on its consultation on decision-useful, forward-looking metrics for the financial sector. Publication of the consultation document today begins a 90-day public consultation period, ending January 27, 2021.
The 1,500 TCFD supporters include companies, financial institutions and governments, among others, with company supporters alone representing a combined market capitalization of $12.6 trillion, and the supporting financial firms being responsible for assets of nearly $150 trillion.
The full 2020 Status Report, guidance documents, and consultation document are available on the TCFD website. The Task Force will deliver its next status report to the FSB in September 2021.
Maintaining Momentum to COP26 for the Net-Zero Transition
“Ethical Markets is proud to partner with Climate Action in this weeklong Sustainable Innovation Forum. All sessions will be recorded and available on-demand. Meanwhile send in your questions, as we have, particularly for Day 5 on Friday on Agriculture and Land. We can all learn a lot from these discussions! Enjoy!
~Hazel Henderson, Editor “
16 – 20 November 2020 | Live Online Daily | 2:30-5:30 PM CET / 1:30-4:30 PM GMT
COP26 has been delayed. Environmental diplomacy put on hold. We cannot postpone the climate emergency. Momentum on climate action must be maintained.
2020 was meant to usher in a decade of action in our fight against the climate crisis. Governments and businesses were poised to raise their ambition but instead have been fighting a difference crisis – the global pandemic.
As economies begin to rebuild, sectors reopen and society returns the decisions governments and businesses make today and the industries we support will decide the future we create.
Over the past decade the Sustainable Innovation Forum has been used as a platform by the United Nations, Heads of State, Government Ministers, Climate Experts and Chief Executives, to communicate leadership, raise ambition and forge stronger relationships between the public and private sectors.
Climate Action has curated a thoroughly researched and validated programme aligned to the key trends and challenges we face in our collective fight against climate change. The programme is design to build momentum on climate action ahead of COP26 in 2021.
Source of Wonder-Video Series | EthicalMarkets.com
If you missed any of the 4 days of the Source of Wonder then click on the videos to re-play the event.
See the time codes in the video description under each video to watch a specific speaker on that day.
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The Source of Wonder is hosted by Masami & Hiroo Saionji of the Goi Peace Foundation and Ervin Laszlo of the Club of Budapest – the three co-initiators of the Fuji Declaration.
Check out our Facebook event page for more information!
Future of Black America | EthicalMarkets.com
Future of Black America
For Immediate Release
November 6, 2020
UNESCO will host a Futures Literacy Lab focusing on the Future of Black America, taking place from 10 November 2020 – 12 November 2020, online through a virtual platform.
Since 2012, UNESCO as a global laboratory of ideas has been pioneering efforts to overcome ‘poverty-of-the-imagination’ and empower people everywhere to grasp the power of images of the future. Futures Literacy Labs, are a practical, field-tested approach that deploys action-learning to cultivate the capacity of participants to source and use images of the future. FLLs enable participants to become futures literate, to be able to ask new questions about the future of Black America, and to be ready to build Futures Literacy in their communities.
This Futures Literacy Lab was initiated by the African American Future Society (Yul Anderson) with the UNESCO Futures Literacy team (Riel Miller and Kwamou Eva Feukeu) the International Monetary Fund (economist Sandile Hlatshwayo); and Black Professionals in International Affairs (BPIA). This Lab has been codesigned and will be facilitated by participatory futurists Dr Lonny Brooks (Afrorithms) and Dr Claire Nelson (The Futures Forum). Please see the attached invitation for details of the event. Please note that the Lab will take place entirely via the Internet using a telepresence platform. You will need a functioning internet connection, computer, microphone and camera. Please make sure you can be present all three days and we look forward to your participation.
For Additional information Contact:
UNESCO’s Management of Social Transformations (MOST) Programme is a unique driver for advancing holistic capacity-building initiatives on social transformations and for building bridges between social scientific knowledge, public policies and society. With decades of experience in fostering future studies and as a global laboratory of ideas, UNESCO’s Futures Literacy initiative is premised on the idea that in an open, non-deterministic and complex emergent world, actions intended to direct societal development must incorporate a range of different ways of using the future. In other words, without more advanced approaches to using the future, there is a significant risk of excessive reliance on past models of industrialization, urbanisation, and economic growth; and the illusion that tomorrow can be engineered according to a technically determined blueprint.
FL seeks to build people’s capacity to discern and make sense of complex emergence, and Futures Literacy Laboratories (FLL) are innovative learning-by-doing processes, with a proven track record from around the world, for achieving three outcomes. First, participants start a learning voyage, becoming acquainted with the different reasons and methods for imagining the future. They become more futures literate. Second, by exposing the assumptions that shape images of the future participants in a Lab are able to ask new questions about an important topic, like the future of Black America. Such new questions, rethinking the nature of the problems and discovering the boundaries that define inside the box thinking from outside-the-box, have direct implications for policy, strategy and decision-makers. And third, running FLL provides detailed insights into the sources of what people imagine and why, thereby enabling a better understanding of the origins of people’s fears and hopes.
In practical terms FLL invite people to share what they know, and since no one knows the future we all begin the same and depend on our imaginations to invent images of tomorrow. The lab involves plenary sessions and working together in smaller breakout groups with peer facilitators who will guide participants through the collective intelligence knowledge creation process, allowing us to take advantage of our ability to negotiate shared meaning. The process is custom designed to enable participants to discover and specify, by moving from tacit to explicit and from conventional to newly invented, the anticipatory assumptions and related narratives they use to perceive and act in the present. By inventing, expressing, and testing their imaginations participants become better able to use-the-future.
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