The Financial Stability Board’s Taskforce on Climate Related Financial Disclosures (TCFD), Chaired by Michael Bloomberg and heralded by Mark Carney, was established in 2016 to provide the financial services sector with a consistent and reliable means of assessing, pricing, and managing climate related risks. These recommendations enable investors to make better informed decisions and lenders, insurers, and underwriters to evaluate their risk over the short, medium and long-term.
Why is the IFoA getting involved?
Actuaries’ expertise allows them to identify and manage long-term risk. Actuaries can use these skills to play a vital role in driving the TCFD’s recommendations by conducting scenarios analyses that identify risk exposure and the potential effects of various mitigation measures. Without understanding the potential implications of climate- risk from these analyses, companies could face liability, physical and reputational risks. In addition, if a company does not take stock of its exposure to climate-risk now, the costs of transitioning to a low carbon environment in the future are likely to increase, placing a company at a competitive disadvantage.
Previous Work
The IFoA has produced a number of pieces calling the financial industry to take account of climate risk and recognising the recommendations of the Task Force as a vehicle for doing so. Our previous work includes:
Webinar with the Institute of Environmental Management and Analysis (IEMA)
25 April 2019
Watch the joint IFoA and IEMA webinar, ‘Task Force on climate related financial disclosures (TCFD) – introduction and perspectives for our professions’. The webinar is an opportunity to hear first-hand from:
- Steve Waygood, and industry leader and member of the TCFD
- Louise Pryor, Chair of the IFoA’s Resource and Environment Board, and
- Paul Pritchard, Senior Associate at Iken and IEMA member
Breakfast Briefing with Russell Picot and Louise Pryor
26 February 2018
View the breakfast briefing presentation where Russell Picot, Special Advisor to the Task Force and Louise Pryor, Chair of the IFoA’s Resource and Environment Board, discuss the recommendations and ways for actuaries and non-actuaries to collaborate for implementing the recommendations
Webinar with Russell Picot and Nico Aspinall
22 May 2017
Watch our webinar with Russell Picot and Nico Aspinall, former Chair of the IFoA’s Resource and Environment Board, to learn more about the work of the TCFD and how actuaries can play an essential role in creating systemic change.
Risk Alert and Pensions Guide
12 May 2017
Read the IFoA’s Risk Alert to all members warning all members to ensure they understand and clearly communicate the extent to which they have taken account of climate-related risks in any relevant decisions, calculations, or advice.
To support actuaries implementing this, the IFoA also produced a practical guide on resource and environment issues that are relevant for pension schemes and pensions actuaries.
Previous Consultation Responses
Read our previous consultation responses:
2019
31.01.19 IFoA response to FCA discussion paper on climate change and green finance
15.01.19 IFoA response to PRA consultation on enhancing banks’ and insurers’ approaches to managing the financial risks from climate change
2018
22.01.18 IFoA response to FRC initial consultation on the future direction of the UK Stewardship Code
22.01.18 IFoA response to the European Commission- Public consultation on institutional investors and asset managers' duties regarding sustainability
2017
22.09.17 IFoA response to EU Commission EU High Level Expert Group on Sustainable Finance
10.02.17 IFoA response to Task Force on Climate-related Financial Disclosures
2016
29.04.16 IFoA response to FSB Task Force on climate disclosure consultation
24.03.16 IFoA response to EU Consultation on long-term and sustainable investment
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Events calendar
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Presidential Speaker Series - The New Long Life
Webinar26 January 2021Drawing from his most recent book “The New Long Life” and his longevity research Andrew J Scott will outline how longer lives and new technologies will fundamentally reshape how we structure our lives and transform the economy. As well as looking at the agenda this will set governments and corporates he will focus on the implications for you and how you prepare your future career.
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Pensions: Actuarial Factors used to Calculate Benefits in UK Pension Schemes
Webinar28 January 2021The IFoA’s Actuarial Review Team has published its first thematic review, which looked at the actuarial advice given by scheme actuaries to UK pension scheme trustees on setting transfer values and commutation rates.
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India Town Hall
Webinar28 January 2021
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann. -
Winter Thought Leadership Lecture with Vicky Pryce
Webinar3 February 2021What are the options for the world economy looking ahead?
In this Thought Leadership Lecture, Economist, Vicky Pryce, will be discussing world economic trends, including the differences in geographical performance and how output is recovering and where.
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Professional Skills Training Webinar - 9 February 2021
Webinar9 February 2021
Trust and Leadership for ActuariesLed by Dr. Jim Baxter, University of Leeds, this webinar introduces some key ideas in the ethics of trust, with a particular focus on those in, or on the path to, leadership roles. Dr Baxter is joined by a panel of experienced leaders who will give their personal perspectives on how they understand the value of trust and how they seek to promote and inspire trust, drawing on their experiences of leadership. The panel includes:
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Health and Care Hot Topics webinar
Online webinar10 February 2021In this webinar, we have two presentations showing the latest research on the implications for life and health insurers of two key issues: genomics and pandemic risk.
Dr Peter Joshi and Paul Timmers will share their research on how well-established underwriting processes can allow for genomics in predicting expected mortality and morbidity. They will then discuss the potential for stratified screening and personalised medicine to improve health and reduce claim costs.
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As the world’s attention begins to turn to COP26 later this year in Glasgow, Sarah Gordon (Chief Executive, Impact Investing Institute) will share her vision for how the financial services industry can deliver for people and the planet, as well as how to encourage more investment with the intention to generate positive, measurable social and environmental impact alongside a financial return.
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Sub-Saharan Africa Town Hall
26 February 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann. -
MENAP Town Hall
2 March 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann.