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RBS pledges its support to Task Force on Climate-related Financial Disclosures

Bank of England Governor Mark Carney and Mike Bloomberg today announced growing support for the Task force on Climate- related Financial Disclosures(TCFD) on the Two-Year Anniversary of the Paris Climate Agreement.

RBS is one of the 237 companies to have publicly committed to support the TCFD. This includes over 150 financial services firms, responsible for assets of over $81.7 trillion.

The TCFD announced the growing support at the One Planet Summit hosted by French President Emmanuel Macron celebrating the two year anniversary of the Paris Agreement. The Task Force, led by Michael R. Bloomberg and established by the Financial Stability Board (FSB), which is chaired by Bank of England Governor Mark Carney, developed voluntary recommendations on climate-related information that companies should disclose to help investors, lenders, and others make sound financial decisions.

Supporting companies represent a broad range of industries, including construction, consumer goods, energy, metals & mining and transport. Supporters range from companies headquartered in 29 countries. The 237 supporters include just over a hundred companies that expressed their support for the final Recommendations report launch at the end of June. In addition, national governments, over a dozen accounting organizations, and the largest proxy advisory firms have expressed support for the TCFD recommendations.

There is increasing demand for transparency on climate-related risks and opportunities from investors, and the Task Force’s recommendations provide a framework for companies to respond. Companies’ adoption of the TCFD recommendations is an important step forward in helping financial markets price climate-related risks and opportunities correctly and ensuring a smooth transition to a low-carbon economy, which is fundamental to delivering on the Paris Agreement.

Michael R. Bloomberg, Chair of the Task Force commented: "Climate change poses both economic risks and opportunities. But right now, companies don’t have the data they need to accurately measure the risks and evaluate the opportunities. That prevents them from taking protective measures and identifying sustainable investments that could have strong returns. The Task Force’s recommendations will help change that by empowering companies to measure and report risks in a more standardized way. The response from businesses and investors around the world has been incredibly positive, and we hope many others will join the initiative."

FSB Chair Mark Carney said: "Markets need the right information to seize the opportunities and mitigate the risks that are being created by the transition to a low carbon economy. I am delighted that 237 global companies, from consumer goods giants through to oil and gas majors, with a market capitalization of over $6.3 trillion have supported the TCFD recommendations for voluntary climate-related financial disclosures. This includes 20 of 30 globally-systemically important banks, eight out of ten of the largest asset managers and many leading insurance companies and pension funds, together responsible for assets of over $81.7 trillion. This solution, of the market and for the market, is truly entering the mainstream.

The full list of companies and organizations supporting the work of the Task Force is viewable here.

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