Business leaders urge G20 to encourage carbon disclosure

Business leaders representing $4.9 trillion (£3.8tn) in assets have urged G20 nations to encourage greater disclosure on carbon risks. Representing a range of 27 global companies collecting around $700 billion (£546.5bn) in […]

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By Jonny Bairstow

Business leaders representing $4.9 trillion (£3.8tn) in assets have urged G20 nations to encourage greater disclosure on carbon risks.

Representing a range of 27 global companies collecting around $700 billion (£546.5bn) in annual revenue, the stakeholders and decision makers want governments to formally accept and act on the recommendations of the Task Force on Climate-related Financial Disclosures.

The firms, which include HSBC, ENGIE, PwC and Unilever, have a collective greenhouse gas footprint of 458 million tonnes of Carbon Dioxide.

They say timely implementation of the recommendations is an important step towards delivering the commitments of the Paris Agreement and keeping global warming to well below 2°C.

They also urge other companies to disclose carbon information and help support an orderly transition to a low-carbon economy.

The group wants governments to send strong signals they desire more transparency from businesses regarding the financial implications of climate change on their current and future strategy and operations.

The firms also said mechanisms like effective carbon pricing and the phase-out of fossil fuel subsidies were needed to incentivise a shift of investment to low carbon activities and assets.