Solarcentury becomes first European solar company to support the recommendations of the Financial Stability Board’s Taskforce on Climate-related Financial Disclosure
Solarcentury today signed on to landmark recommendations to industry, by a pan-industry taskforce set up by the G20’s Financial Stability Board (FSB), on the disclosure by companies of financial information relevant to climate risk.
The FSB announced the creation of its Taskforce on Climate-related Financial Disclosure (TCFD) at the Paris climate summit in December 2015, under the chairmanship of Michael Bloomberg. The TCSD has analysed the information needed by investors, lenders, insurers, and other stakeholders on the physical, liability and transition risks associated with climate change, and what constitutes effective and transparent disclosure of that information across industries.
The work and recommendations of the taskforce will help companies understand what financial markets want from disclosure in order to measure and respond to climate change risks, and encourage firms to align their disclosures with investors’ needs. The taskforce’s recommendations were published in June 2017. Companies have since been digesting them, and responding.
Solarcentury CFO Neil Perry said: “We are pleased to once again be in the vanguard of the business world’s response to the dire threat of climate change. There is little doubt that effective disclosure of climate risk by companies – especially fossil-fuel companies and those who invest in them – will speed the much-needed switch of capital from the fuelling of climate change to the abatement of it.
“Solarcentury exists to make a big difference in the fight against climate change. This was our founding principle 20 years ago, and is a central element of our corporate culture today. This being the case, we are thrilled to see a business initiative like the TCFD come to fruition. As the taskforce emphasises, this is not a political exercise, but one designed by the market, for the market.”
The background to the TCFD, and the nature of its recommendations, can be read in the book The Winning of The Carbon War, by Solarcentury’s founder and board member Jeremy Leggett.