By 2100, the value of financial assets at risk from climate change worldwide is expected to reach US$43 trillion. Based on this perspective, the Task Force on Climate-related Financial Disclosures (TCFD) has established a partnership with the Brazilian Business Council for Sustainable Development (CEBDS). The goal of this partnership is to expand support among Brazilian companies and financial institutions for a series of TCFD recommendations on financial disclosure.
In Brazil, the TCFD document is supported by companies such as Eletrobrás, CPFL Energia, and Natura, as well as financial institutions such as Itaú and Bradesco Asset Management. Its purpose is to standardize and improve the quality of financial information disclosed by organizations, particularly regarding assets exposed to potential losses caused by climate change.
Among the initiatives evaluated by CEBDS and TCFD is holding a meeting in Brazil so that other supporters of the initiative can exchange experiences with Brazilian companies.
"CEBDS has already been working with Febraban (Brazilian Federation of Banks) to disseminate the TCFD recommendations. Given our representation among Brazil's largest companies, through our members, we can further strengthen this collaboration," says Marina Grossi, president of CEBDS.
To get an idea of the impact of these risks, the value of annual losses covered by the insurance industry between 1980 and 2017 more than quintupled, with a jump from US$10 billion to US$55 billion.
"We are available to work with CEBDS on initiatives that can contribute to improving the disclosure of this information through the TCFD recommendations," says Curtis Ravenel, global head of Sustainability at Bloomberg, who serves as secretary of the TCFD and visits several countries seeking support for the organization's recommendations.
About CEBDS
Founded in 1997 by a group of leading Brazilian businessmen, CEBDS (Brazilian Business Council for Sustainable Development) is a non-profit civil association that promotes sustainable development through articulation with governments and civil society, in addition to disseminating the most current concepts and practices on the subject. The Council brings together around 60 of the largest business groups in the country, with revenue equivalent to 40% of GDP, and responsible for more than 1 million direct jobs. The Council is the representative in Brazil of the World Business Council for Sustainable Development (WBCSD) network.
The Council operates through six Thematic Chambers (forums) that bring together representatives of companies associated with CEBDS to build and develop projects related to Sustainability themes: Water, Biodiversity, Climate, Communication, Social Impact and Finance.
