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European Financial Services Round Table

Tuesday, July 4, 2017
EFR letter on FSB recommendations to G20 leaders

The European Financial Services Round Table (EFR) has sent letters to the G20 Members urging the G20 to formally accept the recommendations of the FSB Task Force on Climate-related Financial Disclosure (TCFD). The TCFD report is on the Agenda of the G20 summit in Hamburg on 7-8 July 2017.

Adoption of the recommendations would send a strong signal that government leaders desire more transparency from business regarding the financial implications of climate change on their short and long-term strategy and operations.

The letter follows on earlier EFR statements and calls for Action in 2015 and 2016. The EFR considers a timely and homogeneous implementation of the recommendations an important step towards delivering the commitments of the Paris Agreement and keeping global warming to well below 2°C. Enhanced disclosure will also enable a better understanding of the risks and an improved assessment of financial stability implications and help support an orderly transition to a low-carbon economy.

In its letter, the EFR sets out a number of areas that would help the effective implementation of the recommendations.