Some 237 firms representing $6.3trn (£4.7trn) in combined market capitalisation have publicly committed to support the Task Force on Climate-related Financial Disclosures (TCFD).
This includes financial firms responsible for assets of over $81.7trn, comprising 20 of the world’s 30 most systemically important banks, eight out of ten of the largest asset managers, and many leading insurance companies and pension funds.
The growing support was announced at the One Planet Summit in France last week, two years on since the Paris Agreement was drafted to limit global CO2 emissions and global temperature rises.
Bank of England governor, 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.
"Over the coming year, issuers will begin to deploy the TCFD framework and through collaboration and engagement with the providers of capital, will together start to release more efficient and decision-useful disclosures.”
Established by the Financial Stability Board, the TCFD developed recommendations for voluntary climate-related information that firms should disclose to investors last June.
Since then, the number of companies and organisations supporting the initiative has more than doubled, spanning 29 countries, while national governments, accounting organisations and the largest proxy advisory firms in the world have also given their support.
TCFD chair, Michael Bloomberg, said: “Climate change poses both economic risks and opportunities. But right now, companies don’t have the data they need to accurately measure them.
“The TCDF’s recommendations will help change that by empowering companies to measure and report risks in a more standardised way.
“The response from businesses and investors around the world has been incredibly positive, and we hope many others will join the initiative."
