Symrise is one of 513 companies supporting the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD), committing to protect the global climate.
The Task Force is dedicated to getting companies to disclose the financial impact of climate change on their business in annual reports and has developed recommendations for action. Symrise not only advocates the goals of the initiative but also already shares extensive climate data in its annual corporate report.
The Financial Stability Board was inspired to found the TCFD after the 2015 Paris Climate Agreement; the criteria it developed were introduced for the first time on Sept. 26, 2018, at the Bloomberg Global Business Forum and One Planet Summit in New York. The idea behind TCFD is to uncover the risks and opportunities of climate change and to identify its impact on companies and financial markets.
Related: Symrise Glows Green With German CSR Award
TCFD asks companies to share climate-related financial information about their governance, the effect on business activities and strategy, and opportunity and risk management; companies then pursue goals based on the provided figures. The recommendations focus on the opportunities and risks resulting from the transition to a low-carbon economy. The TCFD also recommends explaining the potential effects of climate-related risks based on a variety of scenarios.
“The more informed companies are about the risks they face, the faster and more effectively they can respond to them,” said Michael R. Bloomberg, Task Force chairman. “We will gain more supporters and the global economy will become more resilient and invest more in projects designed to help reduce emissions and protect people from harm.”
