SOURCE: GRIDESCRIPTION:GRI strongly supports the work of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). The TCFD recommendations take an important step towards integrating sustainability information into financial disclosures. Investors and other stakeholders will be better informed by the TCFD disclosures on climate-related financial risks and opportunities. Another important breakthrough is the recommendation for scenario planning. Only by forecasting impacts can companies truly prepare and thrive as the climate changes.
With a view to ensure clarity and efficiency in the corporate reporting market, we call on the TCFD to work with GRI to promote alignment and harmonization and to drive the uptake of climate reporting. Companies need clarity and the lowered burden that comes with a harmonized system for disclosing their impacts. We believe this will help the task force achieve widespread adoption of the recommendations. We are encouraged by the fact that, on the whole, the TCFD recommendations are largely aligned with the GRI Standards. Also, the GRI Standards and the TCFD recommendations share a range of common characteristics, including their focus on climate change, the emphasis on governance and the disclosure of the management approach to the topics. At GRI, we believe that climate change is one of the most pressing sustainability challenges. We have worked for 20 years to help organizations measure, manage and communicate their contributions to climate change, and other critical sustainability issues. We are hopeful that the TCFD recommendations will lead to more reporting and better outcomes. For more news about GRI and the sustainability world, subscribe to our newsletter.
KEYWORDS: Responsible Business & Employee Engagement, Environment, GRI, global reporting initiative, sustainability reporting, csr reporting, climate change, Task Force on Climate-related Financial Disclosures, harmonization