FSB task force publishes phase 1 report on climate-related disclosure by companies

At the end of last year the Financial Stability Board set-up a task force on climate-related financial disclosures: see here. The group was given the task of developing recommendations for climate-related disclosure by companies. The group's phase 1 report was published earlier this month: see here (pdf). The report sets out the principles needed for an effective disclosure regime (including, for example, that disclosures are specific, complete and consistent over time) and identifies the objectives for the second phase of the group's work. The objectives include producing recommendations relating to the near, medium and long-term physical and non-physical impacts faced by the financial sector and non-financial companies, in order to further understanding and evaluation of relevant financial risks and opportunities.