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Creating Value in a Climate Emergency

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Jane Thostrup Jagd, Senior Finance Lead at Orsted, shared these slides as part of the Climate Week 2020 event hosted by IFAC and ACCA, Creating Value in a Climate Emergency.

Veröffentlicht in: Business
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Creating Value in a Climate Emergency

  1. 1. TCFD = IFRS + climate risks • TCFD is different from all the other non- financial frameworks in at least these 3 points: • Focus is moved 180 °. It's not about how the company affects the environment - but about how the environment affects the company and its economy. • Reporting should not be given in a separate report - but should be incorporated into the existing financial reporting - as a minimum in the annual report; but more often will be appreciated. • There is a forward-looking element with scenarios / risk assessments / stress tests that TCFD wants to be incorporated into the current risk statements. See also ACCA (2017) The Sustainable Development Goals: Redefining context, risk and opportunity, chapter 6 1
  2. 2. TCFD in praxis • Per September 2020, have 1,440+ organizations expressed support for TCFD • Clear dominance of financial companies (e.g. Bloomberg, BlackRock, Barclays, Industrial & Commercial Bank of China, Swiss Re, JP Morgan, etc. - but non-financials are also signing up now. • At the beginning only historical reporting - but now the scenario reporting also emerges. See e.g. AXA, Scor or Aviva • But the the reporting is still often not useful for the investors: It is not quantified or monetised, often reported in illustrations and not in user-friendly tables, and often still detached from the remaining annual report. 2 Examples from AXA’s TCFD reporting 2018, https://www-axa-com.cdn.axa-contento-118412.eu/www-axa- com%2F334f7447-30fe-4f81-a8e5-90c1975e2563_2018+tcfd+full+report+-+final.pdf
  3. 3. How can your company do investor-friendly climate scenario reporting? 3 See more in: Jagd , J.T. (2018) How to make TCFD scenarios useful for investors – a short guide, Center for ESG Research & CDSB, https://www.cdsb.net/sites/default/files/how_to_make_tcfd_scenarios_useful_for_investors_a_short_guide.pdf - or MIT (2019) Climate-Related Financial Disclosures – The Use of Scenarios, p 32, https://climate.mit.edu/sites/default/files/2020-02/Climate%20Finance%20Disclosures%20-%20Scenarios.pdf