BNY Mellon is working to better understand and communicate our climate change readiness.
From Australian brush fires to flooded streets in Venice, the changing climate is creating a host of unprecedented physical, environmental and financial risks for society as well as businesses.
As part of our risk management approach, BNY Mellon has been identifying and quantifying potential climate-related financial impacts on our business, as well as our clients and global markets. In 2020, we will build on that as we implement the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
While we disclose some of this information already, we believe that the voluntary TCFD framework provides a valuable tool for formalizing our process. Using this framework, which covers financial disclosures related to physical and transition risks associated with climate change, will help us better understand our climate-related vulnerabilities and opportunities, and align our disclosures with investor needs.1 To lead this process, we have a formed an internal TCFD group, steered by the CSR team.
Preparing and providing TCFD disclosures will help us better understand and manage climate-related vulnerabilities and opportunities.
For more than 235 years, BNY Mellon has sought to provide quality services to clients in all market scenarios. That ongoing commitment drives our response to the potentially profound impacts of climate change on our business and our clients. Now, as in the past, we are determined to seize opportunities and sidestep risks of all types. Preparing and providing TCFD disclosures is one of the latest advances in our ongoing journey.
Learn more about our reporting of potential climate change-related impacts here.