​Storebrand partners with UN to boost climate transparency

"We believe that rapid adaption to growing climate risks and increased investments in solutions are key to long-term economic growth and stability. By joining forces with the UN and other like-minded investors, Storebrand hopes to contribute to faster and more tangible action on climate change." Jan Erik Saugestad, CEO Storebrand Asset Management.

The UN Environment Program, together with nine investors from six countries – representing close to US$ 3 trillion – have formed a leadership group to promote climate transparency by the investor community.

The group, that includes Norges Bank Investment Management (NBIM), Aviva, Caisse de Dépôt et Placement du Québec (CDPQ), Desjardins Group Nordea and Storebrand Asset Management, will pilot the recent recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). The outputs and conclusions will stimulate and ease TCFD adoption by the wider industry, including the 1,900 investor members of the Principles for Responsible Investment.

"The message from these investment leaders is clear - climate change is real and it is the single largest threat to our economy,” said UN Environment chief, Erik Solheim. “At the same time, there are endless business opportunities in climate action. Transparency on how investors mitigate the risks and seize the opportunities of a climate-compatible pathway is crucial to move international markets towards actively supporting a low-carbon and climate-resilient future"

The Financial Stability Board, chaired by Bank of England Governor Mark Carney, mandated the Task Force to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. Chaired by the former Mayor of New York, Michael Bloomberg, their final recommendations were published and submitted to the G20 at the end of June 2017.

"The more information investors have about the climate risks and opportunities facing companies, the smarter decisions they will be able to make, and the more efficient our markets will become,” said Michael Bloomberg, Chair of the Task Force and newly appointed UN Special Envoy for Climate Action. "This investor-led working group is an important step in that direction, and it's great to see that it's consistent with our Task Force's recommendations".