LSEG's Chief and Mark Carney Call on Stock Exchanges to Push Climate Disclosures
July 10 2020 - 9:30AM
Dow Jones News
By Maitane Sardon
London Stock Exchange Group PLC Chief Executive David Schwimmer
and Mark Carney, the UN's special envoy for climate and finance and
former governor of the Bank of England, have called on stock
exchanges around the world to support an initiative to help improve
the environmental data companies report.
On Wednesday, they sent a letter to the CEOs of a number of
exchange groups around the world asking them to join a coalition
that will commit to supporting climate disclosures in line with the
Task Force on Climate-Related Financial Disclosures.
The TCFD is a set of guidelines for companies to disclose their
climate-related risks that can help investors in their
decision-making. While it is voluntary, Mr. Carney has entertained
the idea of making it mandatory.
"In light of the current Covid-19 crisis, it is more important
than ever that the financial-services community remains focused on
long-term sustainable and resilient economic growth," Mr. Carney
and Mr. Schwimmer wrote in the letter. "Stock exchanges can play a
leading and transformative role in helping corporate issuers to
make the transition to a sustainable economy."
Ahead of the next UN Climate Change Conference in Glasgow, the
pair are asking stock exchanges to support an initiative with the
United Nations Sustainable Stock Exchanges that aims to draw up
best-practice reporting guidance on climate disclosure and will be
launched in September.
Some investors, whose decisions are also based on the
environmental, social and governance data companies disclose, have
backed the initiative.
"Institutional investors... need globally consistent
high-quality climate and sustainability data to inform investment
decisions," said Jack Ehnes, CEO of the California State Teachers'
Retirement System, adding that exchanges can play a critical role
to improve the data and reinforce global standards.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
July 10, 2020 09:15 ET (13:15 GMT)
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