NEW YORK--(BUSINESS WIRE)--JetBlue (NASDAQ:JBLU) today joined more than 100 other companies and business leaders and publicly committed support for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). A growing number of investors are demanding more information on how companies are addressing the effects of climate change. JetBlue recognizes the importance of voluntarily disclosing climate-related risks and opportunities and adopting the TCFD recommendations is an important step in preparing business for the long-run.
“JetBlue supports the Task Force’s cutting-edge recommendations for our long-term environmental and business planning,” said James Hnat, executive vice president, general counsel, JetBlue. “We must look beyond quarter-to-quarter when it comes to climate risk. Environmental social governance issues further tie sustainability to our bottom-line and strategy. Good climate governance is important to the success of our industry. In order to plan for the future of our business we must look at the true financial impact of climate change.”
The Task Force, established by the Financial Standards Board (FSB) in late 2015, recently released its final report – Recommendations of the Task Force on Climate-related Financial Disclosures – and supporting materials. Recommendations are focused on four areas that represent how companies operate: governance, strategy, risk management, and metrics and targets. These areas reflect the types of information investors expressed are most important to their needs. The Task Force developed guidance to assist companies in meeting those needs.
The Financial Standards Board, an independent organization that establishes financial accounting and reporting standards, crafted these recommendations. Always focused on smart business and transparency, JetBlue already reports along these lines, covering an estimated 80% of their new recommendations. As such, the Financial Standards Board has asked JetBlue to be among the first 100 companies, and the first airline, to assess the materiality of climate risk.
Earlier this year, JetBlue reported material ESG information of interest to investors with a white paper report produced according to the Sustainability Accounting Standards Board (SASB) standard for the airline industry. As one of the first companies and the first airline to report according to SASB’s intensive standards, JetBlue is not relying on the status quo for sustainability reporting.
Michael Bloomberg, Chair of the Task Force commented "Climate change presents global markets with risks and opportunities that cannot be ignored, which is why a framework around climate-related disclosures is so important. The Task Force brings that framework to the table, helping investors evaluate the potential risks and rewards of a transition to a lower carbon economy. We're pleased to see so many businesses and investors around the world support the recommendations of the TCFD and hope others will be encouraged to join our initiative."
In February this year, the FSB asked the TCFD to continue its work until September 2018. With the publication of its final report, the Task Force is focused on promoting and monitoring adoption of the recommendations going forward. The final report will be presented at the July G20 Summit in Hamburg, Germany by FSB Chair and Bank of England Governor Mark Carney. The final version of the report is available here and a summary of significant changes and clarifications since the draft report can be found here. The full list of CEOs supporting the work of the Task Force is viewable here.
JetBlue’s Commitment to the Environment - JetBlue communicates transparently about climate change. The airline is taking steps to address the emission of greenhouse gases (GHGs) from its flights and JetBlue empowers and inspires its customers and crewmembers to offset GHG emissions when they fly. The airline looks for ways to become more fuel efficient and embrace efficient technologies. For example, JetBlue planes feature Airbus' Sharklets, which improve aerodynamics and cut fuel burn and emissions. For more on JetBlue’s work to reduce emissions, visit jetblue.com/green.
JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles (Long Beach), Orlando, and San Juan. JetBlue carries more than 38 million customers a year to 101 cities in the U.S., Caribbean, and Latin America with an average of 1,000 daily flights. For more information please visit jetblue.com.
About the Task Force on Climate-related Financial Disclosures
On December 4, 2015, the Financial Stability Board (FSB) established the Task Force on Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair and with four Vice Chairs, Denise Pavarina, Executive Director, Banco Bradesco; Graeme Pitkethly, Chief Financial Officer, Unilever; Christian Thimann, Group Head of Regulation, Sustainability and Insurance Foresight, AXA; and Yeo Lian Sim, Special Advisor, Singapore Exchange. More information on the TCFD membership can be found at www.fsb-tcfd.org.