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Private and public Nordic leaders declare support for TCFD recommendation

The Nordic CEOs for a Sustainable Future, the Norwegian Finance Ministry, and the Oslo Stock Exchange Declare Support for the TCFD Recommendations

On May 21st, the Norwegian Finance Ministry, the Nordic CEOs for a Sustainable Future (of which Íslandsbanki is a member), and the Oslo Stock Exchange declared their support for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), demonstrating a commitment to building a more resilient financial system and safeguarding against climate risk through better disclosures. Norway joins other Nordic countries – Sweden and Denmark – in its support of the TCFD, bringing the total number of national governments endorsing the Task Force’s work to 12.

To help boost further TCFD support across Nordic countries, the Nordic CEOs for a Sustainable Future developed a guide – “Climate Risk Management, a Guide to Getting Started” – based on their own experiences on how to get started with implementing the TCFD recommendations. The Nordic CEOs for a Sustainable Future was created in 2018 to inspire joint leadership and action towards delivery of the UN Sustainable Development Goals (SDGs). Companies represented in the group include Equinor, Marel, Swedbank, Storebrand Group, GSMA, Íslandsbanki, Finnair, Telia Company, Posten Norge, SAS, Schibsted, Telenor Group and Yara International. Many of the group’s members already report aligned with the TCFD recommendations, and those who are not already reporting, commit to doing so starting from the reporting year 2021. Further, they recommend other Nordic companies consider integrating the recommendations in their own operations and throughout their value chains no later than by reporting year 2021.