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UN Environment Finance Initiative (UNEP FI) has decided to work together with leading financial institutions to prepare guidelines towards climate-related investor disclosures.
The decision is aimed at aligning with the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). The UN Environment chief, Erik Solheim maintained there are endless business opportunities in climate action.
Transparency on how investors mitigate the risks and seize the opportunities of a climate-compatible pathway is crucial to moving international markets towards actively supporting a low-carbon and climate-resilient future, he said.
“The message from these investment leaders is clear – climate change is real, and it is the single largest threat to our economy."
Financial institutions joining the initiative include Addenda Capital, Aviva, Caisse de Dépôt et Placement du Québec, Desjardins Group, La Française Group, Nordea Investment Management, Norges Bank Investment Management, Rockefeller Asset Management, and Storebrand Asset Management.
UN Environment, together with these nine investors from six countries – represent close to 3 trillion US dollars investment in climate change investments. The group will focus on developing the analytical tools and indicators required to assess and disclose their exposures to the risks and opportunities presented by climate change.
Michael Bloomberg, chair of the Task Force and newly appointed UN Special Envoy for Climate Action, claimed, more information investors have about the climate risks and opportunities facing companies, the smarter decisions they will be able to make, and the more efficient our markets will become.
"This investor-led working group is an important step in that direction, and it's great to see that it's consistent with our Task Force's recommendations," he said.
UNEP FI in a statement maintained the move would enable other investors to pick up and expand on this joint work and encourage the wider investment community to assess how they can adapt to and promote a climate-resilient, low-carbon economy.
“To that effect, this pilot group will not operate in isolation. It will closely coordinate with, and make its insights and outputs available to, the bigger networks of climate-savvy investors such as the Principles for Responsible Investment and the Institutional Investor Group on Climate Change,” the statement said.
UN has invited recommendations and suggestions by investors and civil society alike to bolster the importance of the finance sector in supporting the Paris Climate Agreement’s goals.
Xavier Lépine, chairman of the Board, La Française Group claimed that the TCFD recommendations are a milestone for better climate-related financial reporting by companies and investors.
“La Française is committed to taking action by systematically assessing climate risks. Ultimately, this will help our investment decisions for the long-term benefit of our clients.”
(CGTN)
