Singtel, DBS join multinationals in pledging transparency on climate change risks

Singtel, DBS and City Developments are among 237 international firms that have joined global initiative for companies to disclose climate change exposure and pave way for low-carbon economy.

singtel internet failure
A Singtel logo is pictured at their head office in Singapore February 11, 2016 (Edgar Su/File Photo/Reuters)

Singtel, DBS and City Developments are among 237 international firms that have joined global initiative for companies to disclose climate change exposure and pave way for low-carbon economy.

The Task Force on Climate-related Financial Disclosures (TCFD) on Tuesday announced that these companies, with a combined market capitalisation of over US$6.3 trillion, have committed to support the initiative.

The other Singapore firms joining in include the Singapore Exchange and Olam International, along with Singapore's central bank, the Monetary Authority of Singapore.

The Task Force is led by Bloomberg CEO Michael R Bloomberg and established by the Financial Stability Board chaired by Bank of England governor Mark Carney.

Carney has announced growing global support for a new initiative designed to help pave the way to a low-carbon economy by persuading firms to come clean about their exposure to climate-change risks.

"There is increasing demand for transparency on climate-related risks and opportunities from investors, and the Task Force's recommendations provide a framework for companies to respond," the TCFD said.

Join the Discussion
READ MORE