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Task Force on Climate-related Financial Disclosures
Reflecting the financial sector’s commitment to addressing climate change, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) in December 2015 to propose a set of recommendations for consistent disclosures that will help financial market participants understand their climate-related risks. The TCFD aimed to promote more informed investment, credit and insurance underwriting decisions, foster an early assessment of these risks, and facilitate market discipline.
Credit Suisse publicly expressed its support for the TCFD recommendations in 2017. We established a climate change program in 2018 to address the TCFD recommendations. Over time, we continued to expand our climate change program, which was integrated with the Group-wide Climate Risk Strategy program.
In 2021, the Climate Risk Strategy Program delivered across a number of key areas:
1. We published our climate disclosures for the first time following the structure provided by TCFD recommendations. These were included in the 2020 Sustainability Report and summarized in a dedicated TCFD extract. These included quantitative metrics alongside explanations of the frameworks and overall Credit Suisse climate strategy. We will continue to evolve our disclosures, incorporating more granular data and portfolio views as they become available.
2. We voluntarily undertook the work prescribed by the Bank of England Climate Biannual Exploratory Scenario (CBES) to assist in evolving a leading climate risk management framework and in preparation for compliance with the PRA supervisory statement 3/19 to identify, manage and disclose climate-related financial risks by year-end 2021. This scenario primarily targeted the PRA requirement, but the narrative is broader allowing for it to be leveraged for other legal entities if required.
3. An internal Global Climate Change Policy was published in mid-2021, reflecting Credit Suisse’s commitment to the Paris Climate agreement, with the objective of limiting global warning to 1.5°C. The policy provides an overview of the firm’s initiatives towards the achievement of net zero emissions from firm’s operations, supply chain and financing activities by no later than 2050, with intermediate emissions targets to be set for 2030.
In October 2021, TCFD published further guidance which will be incorporated progressively where data allow.
Credit Suisse continued its TCFD implementation efforts through 2021, following the recommendations across the four TCFD categories of Governance, Strategy, Risk Management, and Metrics and Targets. In 2021, for the first time, PwC has provided limited assurance on our TCFD indicators in the metrics and targets section.
Information on TCFD recommendations can also be found within the Sustainability Report 2021 under:
- Governance: Organization’s governance concerning climate-related risks and opportunities ( )
- Strategy: Actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning (see , , & sections)
- Risk Management: Organization’s process to identify, assess, and manage climate-related risks (see & sections)
- Metrics and Targets: Assessment and management of relevant climate-related risks and opportunities (see & sections)