Survey Results Task Force on Climate-related Financial Disclosures (TCFD)
Author: Prudential Authority (PA)
Tags: Prudential Authority (PA), South Africa
In 2019, the PA surveyed the domestic banking and insurance sector on its implementation of the recommendations of the TCFD. A report was published in April 2020 containing the results of this survey. The main conclusions drawn from the survey indicate:
- an acute awareness among financial institutions (banks and insurers) that climate change will have a significant impact on their business, although awareness is higher in the insurance sector; and
- a need for more comparable climate-related reporting to enhance the industry’s understanding of climate risk to better inform business planning and strategy conversations.