Tilney Smith & Williamson, the leading wealth management and professional services group, has declared its support for the Task Force on Climate-related Financial Disclosures (TCFD). In becoming a formal supporter of TCFD it joins more than 3,000 organisations across the globe in demonstrating a commitment to building a more resilient financial system and safeguarding against climate risk through better disclosures.
The TCFD, chaired by Michael R. Bloomberg, founder of Bloomberg LP, provides 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.
Tilney Smith & Williamson’s support for the TCFD follows the Group’s announcement in December 2021 that it is committed to achieve ‘Net-Zero’ greenhouse gas emissions in its corporate operational footprint as soon as possible. The Group is also working towards expanding its assessment of Scope 3 emissions, including Assets Under Management (the ‘financed emissions’ from the investment portfolios it manages) and will report on these as soon as possible. Working towards achieving both goals is ongoing and being overseen by the Group’s Corporate Responsibility Committee. The Group is also working with the international sustainability consultancy and project developer, EcoAct, an Atos company, in the development of a science-led strategy and a solid climate transition plan for achieving Net-Zero corporate emissions.
Chris Woodhouse, Group Chief Executive of Tilney Smith & Williamson commented:
“We have already set out our commitment to achieve Net-Zero greenhouse gas emissions in our corporate operational footprint as soon as possible in support of the goals of the Paris Agreement. As one of the leading firms in our sector, we recognise the importance of responding to the challenges of climate change and playing our part in achieving ‘Net Zero’ globally. In becoming a supporter of the Task Force on Climate-related Financial Disclosures we are affirming our commitment to embracing transparent and enhanced reporting on our progress in this important area and will be keeping stakeholders regularly updated on our journey.”
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.