Post by hasan77 on Feb 15, 2024 7:15:41 GMT
Disclosure, but aren't speaking up So far, the sector is more reactive than proactive when it comes to discussing climate-related risks. By Maeva Charles October 1, 2018 image The financial services sector is lagging behind other industries when it comes to climate change disclosures. A recent report by Datamaran compared the Task Force on Climate-related Financial Disclosure (TCFD) financial services signatories to other (nonfinancial services) sector signatories and explored how they disclose on climate change-related risks in their annual financial reports.
The report revealed that twice as many nonfinancial services signatories report with a high emphasis on the joint issues of climate change and air quality compared to financial services. This is despite that financial services make up 50 percent of the Task Force signatories. Financial services is one of the biggest sectors in terms of market South Korea Email List capitalization, about $17 trillion. Its potential impact on climate change is far-reaching. Are they greenwashing? The TCFD was established in 2015 by the governor of the Bank of England, Mark Carney, in response to a G-20 request to better understand the financial implications of climate change. S
It has pushed companies to publicly disclose their climate-related risks and opportunities. Companies that have supported the TCFD recommendations have an average market capitalization of $44 billion and include the likes of Zurich Insurance, ING Group, Diageo, PepsiCo, Unilever, Morgan Stanley, BHP Billiton, Kering, Shell, M&S and EDF Energy. When responding to nonfinancial, climate change-related issues suddenly becomes a box-ticking exercise to appease shareholders and society at large, that is greenwashing.
The report revealed that twice as many nonfinancial services signatories report with a high emphasis on the joint issues of climate change and air quality compared to financial services. This is despite that financial services make up 50 percent of the Task Force signatories. Financial services is one of the biggest sectors in terms of market South Korea Email List capitalization, about $17 trillion. Its potential impact on climate change is far-reaching. Are they greenwashing? The TCFD was established in 2015 by the governor of the Bank of England, Mark Carney, in response to a G-20 request to better understand the financial implications of climate change. S
It has pushed companies to publicly disclose their climate-related risks and opportunities. Companies that have supported the TCFD recommendations have an average market capitalization of $44 billion and include the likes of Zurich Insurance, ING Group, Diageo, PepsiCo, Unilever, Morgan Stanley, BHP Billiton, Kering, Shell, M&S and EDF Energy. When responding to nonfinancial, climate change-related issues suddenly becomes a box-ticking exercise to appease shareholders and society at large, that is greenwashing.