The TCFD, created by international body Financial Stability Board, aims to develop recommendations on the types of information that companies disclose in assessing and pricing a specific set of risks, especially those related to climate change.
NAC said part of the company’s commitment to TCFD is the disclosure of its greenhouse gas (GHG) emissions as well as the assessment and management of its climate-related risks as the task force is also currently being supported by over 1,500 financial institutions across 99 countries, responsible for assets of about $217 trillion.
“Our decision to support TCFD stems from our strong commitment to good governance and transparency, and is in line with our twin goal of becoming the premier ESG (environmental, social and governance) investment in the country and becoming one of the top 25 companies in the Philippine Stock Exchange in terms of market capitalization by 2025,” said Martin Antonio Zamora, NAC president and chief executive officer, in a statement.
Zamora said with the TCFD, the company will be in “a stronger position” to help in preparing for and mitigating climate-related risks.
In line with the support for TCFD, NAC is currently working with experts from the University of the Philippines Los Banos to include land use change emissions in its GHG inventory to allow the company to track a more accurate and complete emission inventory, especially its direct emissions.
Reprinted from MALAYA BUSINESS INSIGHT, March 8, 2023