FOR IMMEDIATE RELEASE:
WEDNESDAY, FEBRUARY 12, 2020
7AM ET, 12PM GMT, 1PM CET, 8PM HKTMore than 1,000 Global Organizations Declare Support for the Task Force on
Climate-related Financial Disclosures and its Recommendations
New York, February 12, 2020 – The Task Force on Climate-related Financial Disclosures (TCFD) announced today thatit has officially reached more than 1,000 supporters globally for its recommendations, signifying a major shift amongmarket participants in acknowledging that climate change presents a financial risk. Together, the private sectororganizations that are supporters have a market capitalization of nearly $12 trillion. The Task Force, which is chairedby Michael R. Bloomberg, provides recommendations to enable markets to address the financial impact of climatechange by increasing transparency on climate-related risks and opportunities to promote more informed financial
decision-making. By publicly declaring their support for the TCFD and its recommendations, the supportingorganizations are demonstrating that they are taking action to build a more resilient financial system throughclimate-related disclosure.
“Reaching this important milestone for the TCFD shows that companies and global organizations are accepting thatclimate risk is financial risk. Today’s announcement also underscores the significant investor demand for informationthat will help them mitigate potential risks and evaluate opportunities in the transition to the low-carbon economy,”
said Mary Schapiro, Head of the TCFD Secretariat. “This continued momentum and support from the public andprivate sectors is critical as we focus our efforts on implementation of the TCFD recommendations.”“Only two years after the final TCFD recommendations were published, demand for climate-related financial
disclosures has skyrocketed and the supply is responding,” said Mark Carney, Governor of the Bank of England.
“The TCFD is helping to bring climate risks and resilience into the heart of financial decision-making, making climate
disclosure more comprehensive and comparable and helping investment for a two-degree world go mainstream. In
this year of climate action, let’s build on this momentum to improve the quality and quantity of disclosure and build
a market in the transition to net zero.”
The 1,027 supporters, which are headquartered in 55 countries, span the public and private sectors and include
organizations such as corporations, national governments (Belgium, Canada, Chile, France, Japan, Sweden and theUnited Kingdom), government ministries, central banks, regulators, stock exchanges and credit rating agencies.
Included among the supporters are 473 financial firms responsible for assets of $138.8 trillion. Private sector
supporters include asset managers, asset owners, banks, and companies in industries such as chemicals, energy,insurance, metals and mining, oil and gas, and transportation, among others.
“As we began witnessing a massive shift of capital toward sustainability, with ESG investment becoming mainstream,
it becomes increasingly critical for corporates to disclose climate-related risks and opportunities. The TCFD disclosure
framework would be mutually beneficial for corporates who seek long-term capital and investors who want to makeinformed decisions. GPIF published its first TCFD-aligned report of our $1.6 trillion global portfolio last year, and wealso urge our asset managers to follow our pursuit by sharing their analysis of climate-related risk and opportunitiesof the portfolios they manage for us. It is necessary for all parties in our investment chain, from portfolio companies
to asset managers, to support the TCFD so that asset owners like us can properly access our portfolio. I am convincedthat the TCFD will continue to evolve as a major framework for such disclosure and strongly recommend allcorporates to join,” said Hiro Mizuno, Executive Managing Director and Chief Investment Officer of GPIF.

Widespread implementation of the TCFD recommendations will provide investors, lenders, and insurance
underwriters with the information necessary to understand companies’ risks and opportunities from climate change.
Further, disclosure in line with the recommendations helps global markets adjust appropriately to the effects ofclimate change. Companies can benefit from implementing the TCFD recommendations in several ways:

Easier or better access to capital by increasing investors’ and lenders’ confidence that the company’s
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 within the company
resulting in better risk management and more informed strategic planning, andProactively addressing investors’ demand for climate-related information in a framework that investors are
increasingly asking for.

Companies and others can express their interest in supporting the TCFD recommendations via this online form. The
full list of current organizations supporting the work of the Task Force is viewable here and supportive quotes areviewable here. Companies considering implementing the TCFD recommendations are encouraged to visit the TCFD
Knowledge Hub to access more than 520 relevant resources, including case studies and an e-learning platform.
Media Contacts
Liidia Liuksila
Task Force on Climate-related Financial Disclosures+1.212.617.5424
lliuksila@bloomberg.net
Veronika Henze
Task Force on Climate-related Financial Disclosures+1.646.324.7596
vhenze@bloomberg.net
About the Task Force on Climate-related Financial Disclosures
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 Task Force currently has four Vice Chairs and31 members in total. The TCFD was asked to develop voluntary, consistent climate-related financial disclosures foruse by companies in providing information to lenders, insurers, investors and other stakeholders, which werepublished in the TCFD Recommendations Report on June 29, 2017. More information about the TCFD can be foundat www.fsb-tcfd.org.
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