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Enhancing transparency in tackling climate change
CLIMATE change looms large as a key issue in the sustainability of business.
In response to the G20 Finance Ministers, the Financial Stability Board - an international body that monitors and makes recommendations about the global financial system - set up the private sector Task Force on Climate-Related Financial Disclosure (TCFD) to recommend disclosures that would help financial markets to better assess and price climate-related risks and opportunities.
TCFD recommendations build on existing sustainability frameworks, while the metrics used are aligned with what is prepared for existing reporting systems, making the recommendations usable worldwide.
The TCFD recommendations were supported by over 100 leading global companies when it was first released in mid-2017. Five Singapore companies were among the initial group of leading supporters.
Supporters of the initiative say that companies that are participating in the global financial and trade markets would find it useful to use the TCFD recommendations to make their disclosures more meaningful to users.