Knowing the environmental risks that different companies may face helps their decision-making, including mobilizing resources to combat the climate change, indicated Gabriel Yorio, Undersecretary of Finance and Public Credit (SHCP).
During the launch of the Working Group on Financial Disclosures related to the climate (TCFD, for its acronym in English), the official noted that this will really help combat climate change, one of the problems facing the world.
What is being celebrated today is very important not only for climate change, but for Mexico, and one of the great important effects that this will have is the dissemination of information, the identification of risks, ”he said in a videoconference.
The TCFD, chaired by Juan Carlos Belausteguigoitia, seeks to create a methodology at a global level so that the financial sector can identify risks associated with climate change.
“The private sector will promote awareness, exchange of good practices, issuance of guides, and training in the matter for companies and investors. The Sustainable Finance Committee of the Council for Stability in the Financial System has been invited to participate as an observer in the consortium’s work. At the global level, the TCFD recommendations have become an obligatory reference for disclosures related to climate change ”, he declared at the same event. Alejandro Diaz de Leon, governor of Bank of Mexico.
The recommendations and methodologies generated, he added, are especially relevant for medium-sized companies, for which the recommendations should not imply an excessive burden.
Some of the associations that support the TCF recommendations are the Association of Banks of Mexico (ABM), BlackRock Mexico, Bloomberg, Mexican stock exchange, Institutional Stock Exchange, Business Coordinating Council, Fiber One, Citi, Televisa Group, among other.
