G20 Task Force Wants Companies to Come Clean on Climate Risk

A global task force set up to try to prevent market shocks from the warming of the planet will ask companies to disclose how they manage risks to their business from climate change and greenhouse gas emission cuts.

Although the measures recommended by the Task Force on Climate-Related Financial Disclosures (TCFD) are voluntary, some of its members argue they should become mandatory.

"Only then will climate risk become integral to corporate governance and how we all do business," Mark Wilson, chief executive of insurance firm Aviva Plc, said in a statement.

The TCFD was called for by the Group of 20 leading economies and set up by the G20's Financial Stability Board (FSB).

It recommended on Wednesday that listed companies disclose how they identify, assess and manage climate risks and opportunities and how risks in the short-, medium- and long- term impact their business, strategy and financial planning.

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