Tata Steel and Task Force Reach out on Climate-related Financial Disclosures

Tata Steel in collaboration with the Task Force on Climate-related Financial Disclosures (TCFD) organised an outreach programme with industry experts to deliberate on how to manage risks and opportunities related to climate change.

Objectives of the Task Force, Phase I report released earlier this year, set 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.

Koushik Chatterjee, Group Executive Director (Finance and Corporate), Tata Steel & Member of TCFD said, “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. They 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.”

As part of the Phase II work, outreach programmes are being organized across geographies to raise awareness about the criticality of climate change and its impact on the financial stability of the economy. In addition, bilateral discussions are planned with over 250 target companies globally to solicit their feedback. The Task Force will publish its Phase II report in December 2016.

Curtis Ravenel, Global Head, Sustainable Business & Finance, Bloomberg LP said, “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.”

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. It is the first industry-led initiative working to bring climate-related financial reporting to a mainstream audience. Engaging extensively with key stakeholders to ensure that it builds on existing work and produces recommendations that can be efficiently used by users of financial information, globally.

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