Today, IOI Corporation Berhad (IOI) declared its support for the Task Force on Climate-related Financial Disclosures (TCFD), joining more than 2,500 organisations in demonstrating a commitment to building a more resilient financial system and safeguarding against climate risk through better disclosures.
The TCFD, chaired by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, provides market participants with recommendations to address the financial impact of climate change on their business. By increasing transparency on financially material climate-related risks and opportunities the recommendations promote more informed financial decision-making by investors, lenders and others.
“As part of IOI’s long-term action plan to manage climate related risks and opportunities within our diverse and vertically integrated operations, we have introduced IOI’s Climate Change Action (CCA) Initiative in 2019 which we have set up to be in alignment with TCFD’s recommendations. We believe that TCFD, with its four thematic areas, has helped us to have the necessary governance and strategy in place to manage our risks as well as meet and report transparently our targets”, said IOI.
Supporters of the TCFD span the public and private sectors and include national governments, central banks, stock exchanges, credit rating agencies, financial organizations and private sector businesses from a variety of industries.