Joint Launch of the Task Force on Climate-Related Financial Disclosures Report and the Sustainability Report
Wednesday, 28 September 2022, 2:30 pm–3:30 pm , Online
ADB reaffirmed its commitment to confront the challenges posed by climate change by launching its inaugural Task Force on Climate-Related Financial Disclosures (TCFD) Report and the biennial Sustainability Report. These reports support transparent reporting of ADB’s climate-related risks and opportunities and highlight work being done to achieve environmentally sustainable and inclusive growth.
In her opening remarks, Roberta Casali stated that sustainable financial markets could grow only with consistent and standardized reporting. ADB’s efforts to strengthen its alignment with the TCFD recommendations and foster a culture that recognizes sustainability at the core of its development agenda will reinforce its role as the climate bank for Asia and the Pacific.
The event brought together an expert panel from the private sector, government, and ADB to weigh in on the value of climate reporting. Lian Sim Yeo noted that the TCFD recommendations were formulated by the market, and called for the market to make climate disclosure comparable across different entities. In the context of New Zealand, Aupito William Sio shared that mandatory climate-related disclosures ensure that climate change impacts are routinely considered by businesses equally. He also emphasized the vital role of governments in supporting organizations to disclose climate-related financial disclosures in line with the TCFD framework.
Bruno Carrasco underlined various initiatives that integrate sustainability into ADB’s investments and organizational activities, such as the Energy Transition Mechanism, and the existence of green finance solutions to promote green recovery. Stephen O’Leary outlined how the TCFD Report details ADB’s processes and tools to assess and manage carbon transition and physical climate risks. He noted how the report featured a heatmap of ADB’s portfolio exposure that illustrates inherent physical and carbon transition risks using a project industry- and country-level analysis.
In closing remarks, Bruce Gosper cited how ADB has made a substantial achievement in corporate sustainability targets and prioritized the well-being of its staff during the pandemic.
- Yeo Lian Sim, Vice-Chair, Task Force on Climate-Related Financial Disclosures
- Aupito William Sio, Minister for Pacific Peoples and Minister for Courts, New Zealand
- Bruno Carrasco, Director General, Sustainable Development and Climate Change Department, ADB
- Stephen O’Leary, Head, Office of Risk Management, ADB