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Taskforce on climate-related Financial Disclosures (TCFD)

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
     

Watch the video
 

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

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.