Royal Dutch Shell welcomes the final recommendations set out in a report published on 29 June by the Task Force on Climate-Related Financial Disclosures (TCFD).
The TCFD is a global initiative led by Michael Bloomberg to get companies across all sectors to assess more clearly and disclose more transparently both the risks and the opportunities presented by climate change. It was set up at the prompting of the G20 and the Financial Stability Board (FSB).
“I agree that companies should be clear about how they plan to be resilient in the face of climate change and energy transition,” said Shell Chief Executive Officer Ben van Beurden. “I believe it is right that it should be transparent which companies are truly on firm foundations over the long term. I applaud the task force for its work to achieve this aim, and I have signed a letter confirming Shell’s support for the initiative.
“The details matter, and I look forward to Shell working with the task force on those details, specifically, how we present forward-looking information in an uncertain world, the disclosure of commercially sensitive data and the feasibility of providing the suggested detail to the standard required of financial filings. Ultimately, however, both Shell and the task force want these disclosures to be fit for purpose.”