Benchmark Digital Partners Supports TCFD’s Efforts to Empower Investments That Combat the Climate Crisis
Cincinnati, OH, November 11, 2021—As part of its ongoing efforts to leverage data to combat the climate crisis, Benchmark Digital Partners LLC today joined over 2,500 organizations in declaring its support for the Task Force on Climate Related Financial Disclosures. Benchmark Digital Partners, a leading provider of cloud-based Environmental, Social and Governance (ESG) software solutions, believes companies can better safeguard against climate risk when they have built a culture of providing strong, transparent climate disclosures.
“We believe climate-related financial disclosures, and the data that enables them, are critical for adapting to and helping reverse the climate crisis,” said R Mukund, CEO and Founder of Benchmark Digital. “With investment-grade ESG data, companies can improve their bottom lines, gird themselves against climate impacts, and build a culture of sustainability. That is why supporting the TCFD was a simple decision for us. As we help our global community of subscribers develop and strengthen their ESG disclosure capabilities, the TCFD Recommendations provide invaluable guidance on best practice and help ensure our subscribers are generating investment-grade data through the Benchmark ESG platform. The recent announcement of the integration of the Climate Disclosure Standards Board (CDSB), which is aligned with the TCFD, into the newly created International Sustainability Standards Board (ISSB) demonstrates the value of this framework.”
The TCFD, chaired by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, provides market participants with recommendations to address the financial impact of climate change on their business. By increasing transparency on financially material climate-related risks and opportunities, the recommendations promote more informed financial decision making by investors, lenders and others.
Supporters of the TCFD span the public and private sectors and include national governments, central banks, stock exchanges, credit rating agencies, financial organizations and private sector businesses from a variety of industries.
Widespread implementation of the TCFD recommendations will provide investors, lenders and insurance underwriters with consistent and relevant information to understand the economic risks and opportunities resulting from climate change. Increased disclosures in line with the recommendations across sectors and geographies will help global markets make more efficient capital allocation decisions and adjust appropriately to the disruptive effects of global climate change.
Implementing the TCFD recommendations provides companies with:
- Easier or better access to capital by increasing investors’ and lenders’ confidence that climate-related risks are appropriately assessed and managed,
- Better ability to meet existing disclosure requirements by reporting material information in financial filings,
- Increased awareness and understanding of climate-related risks and opportunities, resulting in better risk management and more informed strategic planning, and
- The ability to proactively address investors’ demand for climate-related information in a framework that investors are increasingly asking for.
For more information about the Task Force on Climate-related Financial Disclosures, please visit www.fsb-tcfd.org.
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About the Task Force on Climate-related Financial Disclosures
On December 4, 2015, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair. The Task Force currently has four Vice Chairs and 32 members in total. The TCFD was asked to develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders, which were published in the TCFD Recommendations Report on June 29, 2017. More information about the TCFD can be found at www.fsb-tcfd.org.