G7 Backs Making Climate Risk Disclosure Mandatory
Finance ministers from the G7 countries endorsed mandatory climate disclosures based on the framework from the Task Force on Climate-related Financial Disclosures (TCFD).
Group of Seven (G7) rich countries backed moves to force banks and companies to disclose their exposure to climate-related risks on Saturday, a measure seen as vital to efforts to safeguard the financial system from climate change shocks.
The push towards mandatory reporting is being discussed by the wider group of G20 nations and some believe an international agreement on it could be reached by the time of the U.N. Climate Change Conference in Glasgow starting Nov. 1.