A man stands next to a board with the G20 Meeting of Finance Ministers logo in Buenos Aires March 19, 2018. — Reuters picLONDON, April 6 — G20 companies will face common disclosure requirements on climate change risks under plans by the Financial Stability Board, which coordinates financial rules for the group.
Investors have long called for globally comparable disclosures to stop so-called greenwashing, where firms exaggerate their responses to climate change or underplay how global warming is likely to affect their business. While the 27-member European Union is pushing ahead with reforms to define which investments are “sustainable” and how to disclose them, the FSB said it would build on the TCFD recommendations.
Given a proliferation of work on climate disclosures, the FSB said there was a need for a “strategic vision, good coordination, and clear communication to the G20 and the public” and it will present a multi-year roadmap this summer.
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