WASHINGTON (June 29, 2017) —The Task Force on Climate-Related Financial Disclosures (TFCD) released its final recommendations, delivering a private sector-led roadmap to strengthen the reporting of material, climate-related risks.

Following is a statement from Leonardo Martinez-Diaz, Director of the Finance Center at the World Resources Institute:

“Climate risk is no longer a theoretical abstraction, but an imminent and concrete challenge facing businesses, investors, and financial authorities. The recommendations are a response to growing demand from some of the world’s largest asset owners and managers, as well as companies and financial regulators, for better ways to understand and manage climate risk.

“While measuring and disclosing climate risk is still in its early days, the TCFD recommendations provide a critical step in this direction, empowering data users and preparers to develop new methodologies. Over time, climate-related financial disclosures will enable smarter decision-making and risk management across economies. All companies should embrace and apply these recommendations, and G20 governments should endorse them at the upcoming meeting in Hamburg.”