Panel Recommends Transparency Measures on Climate Change
LONDON — An international task force has recommended a raft of voluntary financial disclosures designed to help investors and industry manage the risks posed by rising global temperatures and develop the technologies needed to combat climate change.
The panel, chaired by former New York City Mayor Michael Bloomberg, developed the recommendations over the last year based on the idea that markets need more and better information to respond to the challenge of climate change.
Bloomberg and Bank of England Governor Mark Carney said in comments published Wednesday in the Guardian newspaper that “the challenge is that investors currently don’t have the information they need to respond to these developments. This must change if financial markets are going to do what they do best: allocate capital to manage risks and seize new opportunities.”