Advancing TCFD guidance on physical climate risks and opportunities
Explore the Knowledge Hub to discover how to include physical climate risks and opportunities in financial disclosures
The European Bank of Reconstruction and Development has joined forces with the Global Centre of Excellence on Climate Adaptation to advance financial market action on disclosing physical climate risks and resilience opportunities they face. This work is supported by partners from the finance, corporate and regulatory sectors. Findings are presented in the report “Advancing TCFD guidance on physical climate risks and opportunities”.
READ MORE
The Big Picture
Weather records continue to be broken with relentless frequency. The impacts of a changing and more variable climate are becoming ever more apparent. This new climate reality is creating physical risks, but also opportunities that affect both companies and financial institutions.
Therefore, there is an urgent need for better market information to enable business and finance to factor physical climate risks into their operations, decision-making and financial reporting. The TCFD recommendations on climate-related financial disclosures are already transforming the way that markets respond to climate change.
We need to build on the TCFD recommendations and develop ways of disclosing physical climate risks and resilience opportunities in financial reporting. This requires better data, clear metrics and well-informed strategic planning. It also requires common ground rules that are understood and accepted across the market. This conference is a key milestone in the journey towards that.
Head, Impact & Reporting, Group Sustainability
Standard Chartered Bank
"Getting physical climate risk right will take time, but we must start the process now"
Head of Major Life Groups
Bank of England
Catastrophe Risk Specialist
Bank of England
"The risks from physical climate change to financial stability deserve more attention"
Global Head of Resilience & Sustainability
Aon
"Why TCFD is ultimately about helping business make better decisions"
Head, Climate Resilience Investments
EBRD
"Better market information about physical climate change impacts will change everything"