Denmark to promote shift from black to green investments, announcing support for the Task Force on Climate-related Financial Disclosures
Today, Denmark declared its support for the Task Force on Climate-related Financial Disclosures (TCFD) urging companies to demonstrate a commitment to building a more resilient financial system through better disclosures.
The TCFD, chaired by Michael R. Bloomberg, provides market participants with re-commendations to address the financial impact of climate change on their business. By increasing transparency on climate-related risks and opportunities, the recommendations promote more informed financial decision-making by investors, lenders and others.
By expressing its support for the TCFD recommendations, the Government of Denmark wants to send the message that climate risk reporting is an important element in safeguarding business against the impacts of climate change while also underpinning a shift from black to green investments. Climate risk reporting is a key prerequisite to align financial flows with the Paris Agreement goals.
Minister for Climate, Energy and Utilities Dan Jørgensen said: “Mobilisation of private capital towards green investments is crucial to limit global temperature rise to 1.5 degrees. Increased disclosures on climate risk and opportunities from companies will give investors a more solid foundation to make informed decisions supporting the transition towards a green and more climate-resilient economy”
Minister for Industry, Business and Financial Sector Simon Kollerup said: “I am very pleased that so many Danish companies have already implemented the recommendations from The Task Force on Climate-related Disclosures (TCFD) because it will contribute to a more transparent and consistent reporting on climate-related risks and opportunities. Denmark supports the implementation of the recommendations because the companies can thereby provide investors, lenders, and insurance underwriters with relevant information to understand the economic risks and opportunities resulting from climate change.”
“We are pleased to welcome Denmark to a growing number of national governments and public entities that recognize that climate-related disclosure is critical to building a sustainable global economy. Denmark’s leadership in endorsing the TCFD recommendations sends an important signal: it is time to assess the climate-related risks and opportunities associated with a changing world," said Mary Schapiro who leads the TCFD Secretariat and also serves as Vice Chair for Global Public Policy at Bloomberg LP and Special Advisor to the Founder and Chairman.
Denmark joins seven national governments having expressed support for the TCFD: Belgium, Canada, Chile, France, Japan, Sweden and UK. More than 1,400 organizations around the world today supports publicly the TCFD recommendations. The supporters span the public and private sectors and include central banks, stock exchanges, credit rating agencies, financial organizations and private sector businesses from a variety of industries.
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 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 in June 2017.
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
- The ability to proactively address investors’ demand for climate-related information in a framework that investors are increasingly asking for.
More information about the TCFD can be found at www.fsb-tcfd.org.
Danish Ministry of Climate, Energy and Utilities: Press Officer Lasse Bendtsen, phone: +45 41 72 38 84/ email@example.com
Danish Ministry of Industry, Business and the Financial Sector: Press line +45 91 33 70 07
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