TAIPEI (The China Post) — The CTBC Financial Holding Co., Ltd (CTBC, 中國信託) officially joined the Task Force on Climate-related Financial Disclosures (TCFD) on April 2 — an organization aiming to develop guidelines for voluntary climate-centered financial disclosures across industries.
With Earth Day just around the corner, the announcement shows CTBC’s commitment to establishing management mechanisms that actively respond to the risks and opportunities brought by climate change to enterprises.
Daniel Wu, president of CTBC, said that climate change is not only a contemporary issue but also a constant threat to society. As one of the leading financial institutions in Asia, Wu stressed that CTBC recognizes the importance of the TCFD and vows to conduct viable plans to promote sustainable business.
To this extent, CTBC established a sustainable office area in March and adopted the Principles for Responsible Banking (PRB) at the end of 2019.
CTBC is also due to announce a report on Principles for Responsible Investment (PRI) and Principles of Sustainable Insurance (PSI) by the end of 2020.
TCFD splits climate change risk factors into policies and regulations; it also serves as a platform for the sharing of transparent and comprehensive information.
As of February 2020, 1,027 financial establishments worldwide have expressed their full support for the global project.