Clarion call for a green and sustainable post-Covid19 recovery
Posted on 2nd June 2020 at 13:50
As we start to emerge from the Coronavirus pandemic the call from around the world is growing louder - that the threat of climate change cannot be ignored, and recovery must be sustainable.
Echoing this plea almost 200 companies have called on Boris Johnson this week to launch a green economic recovery plan, insisting that future corporate bailouts should take account of the UK’s net zero climate target. Business leaders including the head of Lloyds Banking Group, the chief executive of Heathrow airport and the UK country boss of BP have written to the Prime Minister outlining their demands stemming from the coronavirus crisis. “We must use the recovery to accelerate the transition to net zero,” the corporate leaders told Mr Johnson in the letter signed by companies and business associations.
“Efforts to rescue and repair the economy in response to the current crisis can and should be aligned with the UK’s legislated target of net zero emissions by 2050 at the latest.”
This reflects the recent announcement from Canada, that its firms must file TCFD reports to enable them to access Covid19 bailout funding. The Canadian Government also rejected a 14 page letter from the largest oil and gas lobby group which stated that the federal government should consider suspending dozens of environmental regulations, laws and policies due to the economic and public health crisis triggered by the pandemic.
The TCFD framework enables companies to assess the risks they face from climate change and to disclose relevant information to investors, setting appropriate metrics to measure risks and conduct analysis to understand the performance of their business under multiple climate and policy scenarios, including one well-below 2°C. The aim is to put in place robust risk management and governance processes, including board oversight of climate-related issues and linking board and management remuneration to carbon-related performance metrics. The approach is also designed to help identify business opportunities – post-pandemic this will be more vital than ever.
At JS Global, together with partner company Zero Carbon Finance, we are ideally placed to support companies in disclosing their climate-related information through TCFD reporting, and are delighted to announce our new TCFD Advisory service collaboration with Natural Resources Research and Consulting firm Wood Mackenzie. The new service is specifically designed to support businesses in addressing climate-related risks and opportunities – download your copy of the brochure “How to build resilience to the climate change risk” here
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