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6/29/17

Business leaders back G20 task force recommendations on climate-risk disclosure – by Frédéric Simon

Over 100 business leaders worldwide have backed the final recommendations of a global task force set up by the G20 to disclose how companies manage climate-related risk, in a move that could divert trillions of investments away from polluting fossil fuels.

The Task Force on Climate-Related Financial Disclosures (TCFD) issued its final recommendations on Thursday (29 June), urging companies to report on how they manage the risks to their business from climate change and greenhouse gas emission cuts.

A rise in temperatures of six degrees this century would see $43 trillion wiped off the value of financial markets, according to research commissioned by Aviva, the UK insurance company. This makes company disclosure vital to ensure investors have the information they need to assess the impact of climate risk on their portfolios.

If the task force recommendations were followed through, it would divert trillions of dollars away from fossil fuels, as investors pull their money out of polluting industries and flee for the long-term security of clean technology assets like renewables energies.

Read more: Business leaders back G20 task force recommendations on climate-risk disclosure – EURACTIV.com

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