Redesigning interaction between companies and capital markets to accelerate transformation

Insights from the 2022 Task Force on Climate-相关的 Financial Disclosures (TCFD) Summit and GGX Conference

I had the privilege to give an opening keynote and closing remarks at the 4^th TCFD峰会 于本月初在日本东京举行. 在同一趟旅行中, I also had the opportunity to participate in the inaugural GGX conference, which was part of an impressive and extensive program of international conferences related to energy and the environment organized by the 日本ese government during the same week.

WBCSD has been a partner of the TCFD Consortium since its first summit in 2019 – a summit that has the great convening support of the 日本ese Ministry of Economy, 工业及贸易(日本经济产业省), and that supports the TCFD recommendations becoming business as usual for accelerating the virtuous cycle of environment and growth.

自上次TCFD峰会以来，我们看到了重大进展 格拉斯哥气候公约 在COP26上被采纳 格拉斯哥零净值金融联盟(GFANZ)启动了 国际正规博彩十大网站排名标准委员会(ISSB) 创建. 多个司法管辖区, 包括日本, have established formal processes and conversations around national sustainability frameworks. 

Standard convergence and collaboration will be critical as frameworks proliferate and cover an increasing range of issues, 从第3类排放改为避免排放. TCFD has a key role to play in supporting enhanced climate-related disclosure. 的发展 TCFD指南3.0 will provide crucial support to companies as they expand their TCFD disclosures.

This past year has emphasized the importance of understanding and responding to climate-related risks as they are directly related to the resilience of supply chains. Ongoing geopolitical conflicts have underlined the importance of decarbonization and low-carbon energy for energy security. 极端天气事件, 包括亚洲的洪水和台风以及欧洲的热浪, 已经证明了不受控制的气候变化的后果. 更多的政府, 比如在日本, 有什么重点政策吗, regulation and finance can provide an enabling environment for business innovation and sustainable solutions.

总的来说，我从今年的峰会上得到了三点重要收获: 

• 识别, assessing and managing climate-related risks are key competencies for business and 投资 decision-making. But challenges remain in understanding potential financial impacts and making the connections with the balance sheet, 现金流, 损益表. 
• The work of the International Financial Reporting Standards (IFRS) Foundation, ISSB, 以及他们的气候暴露草案, addresses the connection gap between climate-related risks and opportunities, 财务状况和财务业绩. That link can flow through to valuation and truly catalyze finance to flow to climate solutions. 我们必须转向 ISSB成为全球基线 可比性和基于实质性的披露. 
• 我们需要行动起来 除了披露 气候影响. 为业务, 战略对策, 追求机会, 过渡计划, 投资, and innovation are critical other elements that need to be integrated with the strategic climate scenarios that are part of the TCFD.

我们知道，银行和投资者越来越关注转型 低碳、气候适应型未来计划. This transition will require an enormous amount of financing and collaboration. GFANZ的工作和成长就是证明. 最近出版的 实体经济转型计划 provide a helpful framework for the essential components of rigorous transition plans and strategies by companies. GFANZ的框架呼吁企业披露低碳R&D, 资本支出, 提供低碳产品和服务, and the impact of each low-carbon product or service on achieving GHG emissions targets.

The next big conversation will be on the impact of new Climate disclosures on 资本配置和估值模型. Nomura Asset Management states that focus on innovation / avoided emissions are better indicators for enterprise value than perhaps GHG emissions. While the correlation between green revenue and avoided emissions is clear, we cannot forget that only the reduction of absolute emissions is what will maintain our safe operating space on Planet Earth. 然而, it is good to note that this TCFD峰会 has recognized the importance of improving tools like the GHG protocol and scope 3 accounting.

无论最终的解决方案是什么， 重新设计公司与资本市场之间的关系 是加速转型的关键杠杆吗. Companies actively contributing to the green transformation have high growth potential. 仍然, this potential will only be delivered through a high level of engagement with capital markets to understand the climate transition pathways and accelerate progress by driving down the cost of capital so funding will flow to the most impactful climate solutions.

TCFD峰会结束后，我参加了 全球绿色转型大会 (GGX)，本周也在东京举行. I gave a keynote speech amongst industry and state leaders like John Kerry (the US Special Presidential Envoy for Climate), Frans Timmermans(欧盟委员会执行副主席), 和马蒂亚斯·科曼(秘书长), 经济合作与发展组织). 另外, 我参加了许多小组会议, discussing the ‘Standards and Evaluations for Promoting Green Products/Services’ and how ‘International Cooperation is needed for a Green Society’.

这一周的重点是未来, powered by impressive 日本ese leadership from businesses and the government.

WBCSD将于2022年10月重返东京举办年度活动 理事会会议, focused on engaging CEOs on “how to” make transformative action on sustainability and value chain collaboration work, for a world in which 9+ billion people will live well within planetary boundaries.