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Manila Bulletin devider Technews devider Converge supports TCFD, moves for more transparency in sustainability reporting

Converge supports TCFD, moves for more transparency in sustainability reporting

Published Jul 7, 2022 11:43 am

Converge is pledging to support the international Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD), to prepare for climate-related risks and, on a larger scale, mitigate its impact on the environment. Converge has joined over 3,100 companies globally in supporting disclosing climate-related risks and opportunities, in an effort to do its part in strengthening the stability of the financial system. 

“The Philippines is one the most vulnerable countries to climate change. Sea level rise, stronger and more frequent typhoons, and rising temperatures will all have an impact on our business and on the Filipino people.  Supporting the TCFD means we will be able to better plan for the future and adapt our business to manage these risks,” said Dennis Anthony Uy, Converge CEO and Co-Founder. 

“Increasingly, investors are demanding climate-related information to enable them to make informed decisions. By progressively adopting TCFD’s recommendations over time, we will get better at disclosing the specific climate-related risks and opportunities facing Converge," noted Benjamin B. Azada, Chief Strategy Officer of Converge.

The TCFD develops and provides climate-related financial disclosure recommendations, and lending support means encouraging the adoption of these recommendations. 

To begin incorporating TCFD’s climate related disclosures, Converge intends to embark on a readiness assessment and gap analysis against the recommendations,  and progressively build reporting capabilities from there. 

According to the TCFD, better climate-related disclosures will lead to better information that will allow companies to incorporate climate-related risks and opportunities into their risk management, strategic planning and decision-making processes. Investors, insurance underwriters and lenders will make sounder financial decisions as well. 

With a better understanding of the financial implications of climate change, both the company and its investors may be able to affect markets to channel investments in more resilient and sustainable business models. 

Converge has already adapted the globally-recognized Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI) Standards for sustainability reporting. Both the SASB and the TCFD recognize climate change as a major economic risk, and therefore material information to be included in mainstream financial reporting. 

Converge joins the advocacy for market transparency, being one of the first 20 institutions in the Philippines to pledge support to the TCFD.

The Converge sustainability commitment is to empower Filipinos and the nation through technology, and respect humanity and the environment while creating a prosperous future for all. This is its guiding principle in participating in global sustainability initiatives. 

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