Singapore, 19 June 2021 – Today, CSRWorks declared its support for the Task Force on Climate-related Financial Disclosures (TCFD), joining more than 2,000 organizations in demonstrating a commitment to building a more resilient financial system and safeguarding against climate risk through better disclosures.

The TCFD, chaired by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, provides market participants with recommendations to address the financial impact of climate change on their business. By increasing transparency on financially material climate-related risks and opportunities the recommendations promote more informed financial decision-making by investors, lenders and others.

Supporters of the TCFD span the public and private sectors and include national governments, central banks, stock exchanges, credit rating agencies, financial organizations and private sector businesses from a variety of industries.

“We believe TCFD is the gold standard for companies to report on their climate resilience and their future readiness. TCFD provides a robust roadmap for stopping the climate crisis. We call upon all businesses to adopt TCFD recommendations to manage their climate-related risks and opportunities,” Rajesh Chhabara, managing director of CSRWorks International said in a statement.

Widespread implementation of the TCFD recommendations will provide investors, lenders and insurance underwriters with consistent and relevant information to understand the economic risks and opportunities resulting from climate change. Increased disclosures in line with the recommendations across sectors and geographies will help global markets make more efficient capital allocation decisions and adjust appropriately to the disruptive effects of global climate change.

Implementing the TCFD recommendations provides companies with:

• Easier or better access to capital by increasing investors’ and lenders’ confidence that climate-related risks are appropriately assessed and managed,
• Better ability to meet existing disclosure requirements by reporting material information in financial filings,
• Increased awareness and understanding of climate-related risks and opportunities, resulting in better risk management and more informed strategic planning, and
• The ability to proactively address investors’ demand for climate-related information in a framework that investors are increasingly asking for.

For more information about the Task Force on Climate-related Financial Disclosures, please visit www.fsb-tcfd.org.

Media Contacts
info@csrworks.com

Liidia Liuksila
Bloomberg LP
+1 (212) 617-5424
lliuksila@bloomberg.net

Catherine Hicks
Brunswick Group
+1 (917) 215-5751
cahicks@brunswickgroup.com

About CSRWorks

CSRWorks International is a trusted name in sustainability consulting, training and thought leadership. CSRWorks offers consulting and training services covering sustainability reporting, integrated reporting, DJSI Corporate Sustainability Assessment, CDP Disclosures, EcoVadis CSR Assessment, TCFD, GHG emissions, SDGs integration, and AA1000 External Assurance. CSRWorks has also founded the Asia Sustainability Reporting Awards, the Asia Sustainability Reporting Summit, and Asia’s Top Sustainability Superwomen.

About the Task Force on Climate-related Financial Disclosures

On December 4, 2015, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair. The Task Force currently has four Vice Chairs and 31 members in total. The TCFD was asked to develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders, which were published in the TCFD Recommendations Report on June 29, 2017. More information about the TCFD can be found at www.fsb-tcfd.org.