MANILA
\nThe Asian Development Bank (ADB) has declared its support for the Task Force on Climate-Related Financial Disclosures (TCFD), reaffirming its commitment to building a more resilient financial system, increasing transparency, and safeguarding against risks from climate change through enhanced disclosure.
\n\u201cBy signing up to this important initiative, ADB is demonstrating its commitment to manage climate-related risks and embrace the opportunities presented by the low-carbon transition,\u201d said ADB Managing Director General Woochong Um last week.
\nThe Financial Stability Board created the TCFD as a framework to improve and increase reporting of climate-related financial information for consistent use by organizations to inform their stakeholders. ADB joins more than 2,500 organizations in publicly declaring support for the TCFD initiative.
\nADB is implementing TCFD\u2019s recommendations to raise awareness of climate-related risks across its portfolio of operations in its developing member countries, resulting in better risk management and more informed strategic planning.
\n\u201cSupporting the task force and implementing TCFD reporting mainstreams and quantifies the adverse impact of risk associated with climate change. It will demonstrate to ADB\u2019s investors, shareholders, and other stakeholders our support for greater transparency for climate finance,\u201d said ADB Vice-President for Finance and Risk Management Ingrid Van Wees. \u201cOur hope is that global actions like the TCFD will lead regional financial regulators to enhance disclosure requirements for all types of financial institutions to support the timely de-risking of the financial system.\u201d
\nThe TCFD\u2019s recommendations will help ADB prepare for implementation of the Taskforce on Nature-Related Financial Disclosures framework, which is scheduled to be launched in 2023 and will help build a consensus on integrated risk management and disclosure for nature-related reporting.
\nAs Asia and the Pacific\u2019s climate bank, ADB has committed to aligning its operations with the goals of the Paris Agreement and last month raised its level of ambition to deliver $100 billion in cumulative climate financing from its own resources from 2019 to 2030. At least 75% of ADB\u2019s operations, by number of projects, will feature climate adaptation and mitigation initiatives by 2030.
\nADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members\u201449 from the region.<\/p>\n","protected":false},"excerpt":{"rendered":"
MANILA The Asian Development Bank (ADB) has declared its support for the Task Force on Climate-Related Financial Disclosures (TCFD), reaffirming its commitment to building a more resilient financial system, increasing transparency, and safeguarding against risks from climate change through enhanced disclosure. \u201cBy signing up to this important initiative, ADB is demonstrating its commitment to manage […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[997],"class_list":{"0":"post-229932","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-world","7":"tag-adb"},"yoast_head":"\n