By 2100, the value of financial assets at risk from climate change worldwide is expected to reach US$43 trillion. With this in mind, the Task Force on Climate-related Financial Disclosures (TCFD) has partnered with the Brazilian Business Council for Sustainable Development (CEBDS). The goal is to increase support from Brazilian companies and financial institutions for a series of TCFD recommendations on financial disclosure.
The purpose of the document is to standardize and improve the quality of financial information disclosed by organizations, especially with regard to assets exposed to potential losses caused by climate change. CEBDS president Marina Grossi met this Monday (3) in Rio de Janeiro with Bloomberg's global head of Sustainability, Curtis Ravenel, who holds the position of secretary of the TCFD and visits several countries in search of support for the organization's recommendations.
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. Among the initiatives evaluated by CEBDS and TCFD is the holding of a meeting in Brazil so that other supporters of the initiative can exchange experiences with Brazilian companies.
“CEBDS has been working together with Febraban (Brazilian Federation of Banks) to disseminate the TCFD recommendations. Given our representation among the largest Brazilian companies, through our associates, we can further strengthen this collaboration,” said Marina Grossi, president of CEBDS during the meeting.
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 carry out initiatives together with CEBDS that can contribute to improving the dissemination of this information through the TCFD recommendations,” said Curtis Ravenel.
