ADB report underscores the importance of climate change to the development agenda

The Asian Development Bank (ADB) yesterday released its inaugural climate-related financial disclosures report, which outlined the bank's progress in implementing the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD). ADB president Masatsugu Asakawa said that the release is a milestone for ADB and underscores the importance of climate change to the development agenda. ADB is Asia and the Pacific's climate bank, and the TCFD report is one more step in the commitment to the battle against climate change. It demonstrates to ADB's investors, shareholders, and our community of stakeholders that ADB is committed to strengthening climate action and climate business operations while increasing transparency on ADB's exposure to climate-related opportunities and risks through enhanced disclosures. The ADB declared its support to the TCFD last year, allowing the bank to communicate to stakeholders that it is firmly committed to integrating climate risk management and opportunity assessments into its operations. The TCFD was established in 2015 by the Financial Stability Board to improve reporting of climate-related financial information for consistent use by organizations in providing information to stakeholders, ADB said. (Source: Khmer Times)