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Tata Steel in collaboration with the Task Force on Climate-related Financial Disclosures (TCFD) today organised an outreach programme to discuss ways to manage risks and opportunities related to climate change.
The event was attended by eminent personalities across industry, finance, government and senior members from the Task Force Secretariat.
Industry experts discussed and deliberated on how to manage risks and opportunities related to climate change.
"Companies need to take active steps to measure their carbon exposure, draw up plans to reduce their footprint and communicate its strategies to shareholders and financial stakeholders for better governance and allocation of capital," Tata Steel Group Executive Director (Finance and Corporate) & Member of TCFD Koushik Chatterjee said here.
TCFD was set up by the Financial Stability Board in December 2015.
The Task Force seeks to develop recommendations for voluntary climate-related financial disclosures that are consistent, comparable, reliable, clear, and efficient, and provide decision-useful information to lenders, insurers, and investors.
The programme included discussion on the on-going work of the Task Force during its current Phase II. As part of the phase II work, the Task Force is organising outreach programmes across geographies to raise awareness about the criticality of climate change and its impact on the financial stability of the economy.
In addition, it is planning to have bilateral discussions with over 250 target companies globally to solicit their feedback.
The Task Force will publish its phase II report in December 2016.
"The time is now right for Indian corporates to rethink business models, business priorities, and business sustainability, and to consider how climate change may affect their short, medium and long-term strategy and goals. This topic needs to enter the boardrooms of companies so that the impact of climate change is understood", Chatterjee said.
Curtis Ravenel, Global Head, Sustainable Business & Finance, Bloomberg LP said, "India is an extremely important G20 member. Given the size of the market and the scale of opportunity for Indian companies to address climate change, it is extremely important for the Task Force to engage Indian companies and financial institutions - both to communicate our work but more importantly incorporate the unique perspective of Indian business leaders.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)