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To address this issue, the Task Force on Climate-related Financial Disclosures (TCFD) has published recommendations for reporting climate-related financial information in mainstream reports (annual financial filings).Īs Michael Bloomberg, chairman on the TCFD highlighted in his introduction to the recommendations report, “without effective disclosure of these risks, the financial impacts of climate change may not be correctly priced – and as the costs eventually become clearer, the potential for rapid adjustments could have destabilizing effects on markets.”Ĭompanies, investors and financial organizations globally are encouraged to implement the recommendations to allow a more efficient allocation of capital, improve the dialogue among all financial players and support a smooth and rapid transition to a low-carbon economy. Nonetheless, investors and financial markets lack clear information about which companies or assets are most exposed to this issue and which are best prepared to take action. Task Force on Climate-related Financial DisclosuresĬommit to implement the recommendations of the Task Force on Climate-related Financial DisclosuresĬlimate change poses serious risks to the global economy.Reporting environmental and social information.Land Use and Biodiversity Working Group.