Tata Steel and Task Force on Climate-related Financial Disclosures organise outreach programme to discuss ways to manage risks and opportunities related to climate change
Tata Steel in collaboration with the Task Force on Climate-related Financial Disclosures (TCFD) organised an outreach programme today with industry experts to discuss and deliberate on how to manage risks and opportunities related to climate change. The event, held in Mumbai, was attended by eminent people across industry, finance, government and senior members from the Task Force Secretariat.
The session largely showcased the work of the TCFD. It discussed the objectives of the Task Force, the Phase I report, published in March this year that sets out its remit and principles of effective disclosures and how leading companies and investors in India are integrating climate risks and opportunities into their business strategies.
The programme included discussion on the on-going work of the Task Force during its current Phase II. As part of the Phase II work, the Task Force is organising outreach programmes across geographies to raise awareness about the criticality of climate change and its impact on the financial stability of the economy. In addition, it is planning to have bilateral discussions with more than 250 target companies globally to solicit their feedback. The Task Force will publish its Phase II report in December 2016.
Mr. Koushik Chatterjee, Group Executive Director (Finance and Corporate), Tata Steel & Member of TCFD said, “The risks and opportunities arising from climate change are important for corporations, financial stakeholders and society. The time is now right for Indian corporates to rethink business models, business priorities, and business sustainability, and to consider how climate change may affect their short, medium and long-term strategy and goals. This topic needs to enter the boardrooms of companies so that the impact of climate change is understood. Companies need to take active steps to measure their carbon exposure, draw up plans to reduce their footprint and communicate its strategies to shareholders and financial stakeholders for better governance and allocation of capital."
Mr. Curtis Ravenel, Global Head, Sustainable Business & Finance, Bloomberg LPsaid, “India is an extremely important FSB and G20 member. Given the size of the market and the scale of opportunity for Indian companies to address climate change, it is extremely important for the Task Force to engage Indian companies and financial institutions – both to communicate our work but more importantly incorporate the unique perspective of Indian business leaders like our Task Force member Mr. Koushik Chatterjee of Tata Steel. We couldn't have been more pleased with the thoughtful and engaging event we had this morning.”
About the TCFD
The Task Force on Climate-Related Financial Disclosures (TCFD) was set up by the Financial Stability Board on December 4, 2015, with Michael R. Bloomberg as its Chair. The Task Force seeks to develop recommendations for voluntary climate-related financial disclosures that are consistent, comparable, reliable, clear, and efficient, and provide decision-useful information to lenders, insurers, and investors.
The Task Force on Climate-related Financial Disclosures is the first industry-led initiative working to bring climate-related financial reporting to a mainstream audience. The objective is to enhance data access to better manage climate-related risks and opportunities and help investors make more informed decisions. The Task Force engages extensively with key stakeholders to ensure that it builds on existing work and produces recommendations that can be efficiently used by preparers and users of financial information, globally.
The TCFD is organising a series of outreach events across the globe to educate individuals and companies about climate risks and opportunities and emphasize the need for voluntary disclosure recommendations around climate-related risks and opportunities. Through these outreach programmes, the Task Force intends to engage with a broad array of stakeholders to learn from their expertise and solicit meaningful and substantive feedback to guide the development of the recommendations. In the past, outreach programmes have been organised in London, Singapore, Tokyo, Washington D.C., New York, Shanghai, Hong Kong, Sao Paulo, and Paris.
About Tata Steel
Tata Steel Group stands among the top global steel companies with an annual crude steel capacity of 28 million tonnes per annum (MnTPA) and a turnover of US $17.69 billion in FY16. It is the world's second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries. Established in 1907, the Group’s vision is to be the world steel industry benchmark in “Value Creation” and “Corporate Citizenship” through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency. Having bagged the Deming Application Prize and Deming Grand Prize for continuous improvement in 2008 and 2012 respectively, Tata Steel has now been recognised as the global ‘Industry Leader’ in ‘Steel category’ by Dow Jones Sustainability Index. Besides being one of ‘worldsteel’ Climate Action members, it has also been awarded the CII ITC Sustainability Prize, the ‘Best-in- class Manufacturing’ by TIME Award, the Prime Minister’s Trophy for the best performing integrated steel plant, among several others.
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