Standard-setters, policy-makers, investors and citizens around the globe are assessing the ways in which they can meet the Paris Agreement goal of 1.5 degrees Celsius. The 2017 G20 Financial Stability Board’s Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) has emerged as ‘the framework’ shaping climate-related financial disclosures.

• ‘A total of 785 organisations are now supporters of the TCFD, including the world’s largest banks, asset managers and pension funds, responsible for assets of [USD] $118 trillion’ (FSB, June 2019).

• ‘The TCFD has also received support from governments— Belgium, Canada, France, Sweden, and the United Kingdom—as well as financial regulators around the world, including in Australia, Belgium, France, Hong Kong, Japan, the Netherlands, Singapore, South Africa, Sweden, and the United Kingdom (TCFD, June 2019).

• The UK Government expects ‘all listed companies and large asset owners to disclose in line with TCFD recommendations by 2022’. They are establishing 'a joint taskforce with UK regulators, chaired by Government, which will examine the most effective way to approach disclosure, including exploring the appropriateness of mandatory reporting (UK Green Finance Strategy, July 2019).

• TCFD is discussed in the 'NZX ESG Guidance Note' (NZX, January 2019).

• The New Zealand Government endorses TCFD ‘as one avenue for the disclosure of climate change financial reporting’ and is currently considering ‘the most appropriate means for implementing requirements’ (MfE, August 2019).

We invite you to join Michael Zimonyi and other speakers, in either Auckland or Wellington, to learn more about TCFD, what they are and how to implement them.