NEW YORK--(BUSINESS WIRE)--Marsh & McLennan Companies’ Global Risk Center and CDP, the global environmental disclosure NGO, announced today the launch of a new initiative to develop insights on the best practices for companies to assess and disclose their climate resiliency.
The announcement comes one year after the Task Force on Climate-related Financial Disclosures (TCFD) released its final recommendations, which established a clear and consistent framework for companies to voluntarily disclose climate-related financial information. The research by the Global Risk Center and CDP will leverage the organizations’ combined capabilities and expertise to offer practical guidance to businesses seeking to overcome the so-called “implementation gap” to effectively adopting the TCFD’s disclosure recommendations.
“Climate risks and opportunities are not abstract concepts. They are essential for creating a business model that delivers long-term value,” says Alex Wittenberg, Executive Director, Marsh & McLennan Companies’ Global Risk Center. “The Global Risk Center seeks to address those pervasive risks that have the greatest long-term implications for the global economy. Climate-related risks and opportunities, and the associated transition and regulatory changes, are going to have a tremendous impact on businesses over the next decade. The TCFD framework is a robust approach for companies to understand and build their climate resiliency.”
The partnership began today in earnest with the release of Reporting Climate Resilience: The Challenges Ahead. The joint report, co-authored by experts from the Global Risk Center and CDP, outlines the three key challenges organizations face as they seek to adopt the TCFD’s recommendations.
“The disclosure of climate impact, risk and opportunity is the foundation of both investment accountability and opportunity. What gets measured gets managed," says Jane Stevensen, CDP's Engagement Director to the TCFD. “The real gain for companies in disclosing climate-related risks is the process itself, which clarifies new risks and business impacts critical to long-term sustainable success.”
In early 2019, the Global Risk Center and CDP will release additional research providing guidance and case studies for organizations on how to implement the TCFD framework.
A copy of Reporting Climate Resilience: The Challenges Ahead is available here.
About Marsh & McLennan Companies’ Global Risk Center
Marsh & McLennan Companies’ Global Risk Center addresses the most critical challenges facing enterprise and societies around the world. The center draws on the resources of Marsh, Guy Carpenter, Mercer and Oliver Wyman – and independent research partners worldwide – to provide the best consolidated thinking on these transcendent threats. We bring together leaders from industry, government, non-governmental organizations and the academic sphere to explore new approaches to problems that require shared solutions across businesses and borders. Our digital news service, BRINK, aggregates timely perspectives on risk and resilience by and for thought leaders worldwide. Visit www.mmc.com, www.brinknews.com, or follow @mmc_global to learn more.
CDP is an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. Voted number one climate research provider by investors and working with institutional investors with assets of US$87 trillion, we leverage investor and buyer power to motivate companies to disclose and manage their environmental impacts. Over 6,300 companies with some 55% of global market capitalization disclosed environmental data through CDP in 2017. This is in addition to the over 500 cities and 100 states and regions who disclosed, making CDP’s platform one of the richest sources of information globally on how companies and governments are driving environmental change. CDP, formerly Carbon Disclosure Project, is a founding member of the We Mean Business Coalition. Please visit www.cdp.net or follow us @CDP to find out more.