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LOCAL companies Singtel, DBS and City Developments Ltd are among 237 international firms that are supporting more transparency on climate-related risks for businesses in line with the two-year anniversary of the Paris Agreement.
On Tuesday, the Task Force on Climate-related Financial Disclosures (TCFD) announced that these companies, with a combined market capitalisation of over US$6.3 trillion, have committed to support the initiative.
Other Singapore firms joining in include the Singapore Exchange and Olam International Ltd, along with Singapore's central bank, the Monetary Authority of Singapore.
The Task Force, led by Bloomberg CEO Michael R Bloomberg and established by the Financial Stability Board chaired by Bank of England governor Mark Carney, developed recommendations on climate-related information that companies should disclose to help investors, lenders, and others to make sound financial decisions.
The companies and organisations supporting the TCFD, which have more than doubled in number in the five months since the recommendations were published in June 2017, span the whole capital and investment chain. These range from companies that issue equity and debt to the largest credit rating agencies to stock exchanges and ultimately to investors that buy the equities and debt.
"There is increasing demand for transparency on climate-related risks and opportunities from investors, and the Task Force's recommendations provide a framework for companies to respond," the TCFD said.
Supporting companies come from a broad range of industries, including construction, consumer goods, energy, metals and mining, and transport.