From Disclosure to Action: Applying TCFD principles throughout financial institutions
This paper was produced as part of UNEP FI’s year-long TCFD banking sector programme. Programme participants explored different aspects of climate risks and opportunities in order to improve their management and disclosure in line with TCFD recommendations. The programme covered climate scenarios and risk assessment methodologies for both physical and transition risks. However, participants also went beyond the assessments themselves to consider how insights gained from these analyses could be integrated into a firm’s business and risk management practices.
This paper reflects the lessons learned by programme participants as they considered how to incorporate climate risks into BAU “during the programme”. From discussions with the thirty-nine global banks that participated in the TCFD programme, the UNEP FI secretariat aims to provide an updated view on industry good practices regarding climate risk management at all levels of an institution.
As part of the programme, the thirty-nine global banks were asked a set of questions about their current climate risk practices. These survey results, along with specific anecdotes regarding climate risk practices, complement the guidance offered in this paper. The paper will be useful for all financial sector institutions seeking to respond to new market and regulatory expectations on climate risk integration and reporting.
Carlin, David; Fischer, Remco
UN Environment Program
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