Climate change is recognized by central banks and supervisors worldwide as presenting significant risks to the global economy and financial system. The Financial Stability Board created the Task Force on Climate-related Financial Disclosures (TCFD), which has gathered huge and rapidly growing international support since it was first established in 2015, to improve and increase reporting of climate-related financial information. It is worth noting that in Malaysia, 11 companies have already committed to Science-based Targets but only four have provided firm targets for reductions.
The process for climate-related financial disclosures can be time consuming and complex, especially for companies doing it for the first time. In collaboration with the Malaysian Institute of Certified Public Accountants (MICPA), this thought leadership sheds light on how corporate reporting is a step towards taking greater accountability and a more transparent approach towards measuring efforts towards net zero, and how corporations can get started.