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Climate-Related Disclosures

NILGOSC considers the disclosure of climate risks and opportunities to be essential if shareholders are to determine whether the companies in which they invest are adequately addressing the changing climate.

In December 2015, the Financial Stability Board (FSB) established the Task Force on Climate-related Financial Disclosures (TCFD) to improve and increase reporting of climate-related financial information. In 2017, the TCFD released its climate-related financial disclosure recommendations.

NILGOSC was listed as an official supporter in June 2020, and continues to actively support the TCFD recommendations. Supporters are expected to encourage TCFD implementation, therefore NILGOSC produced its inaugural Climate-related Disclosures Report for the year ended 31 March 2021, utilising the TCFD’s framework to describe and communicate the steps the Fund is taking to manage climate-related risks and incorporate climate risk management into its investment process. NILGOSC, amongst many other supporters, has continued to voluntarily report on an annual basis. As a result of the TCFD’s success in developing the framework of recommendations, the taskforce was disbanded in October 2023.

In alignment with the TCFD recommendations, NILGOSC published its third TCFD-aligned report for the year ended 31 March 2023. Disclosures are organised around the TCFD’s four thematic areas, representing the core elements of how organisations operate: governance; strategy; risk management; and metrics and targets. NILGOSC’s report is available to review in the ‘Downloads’ box below.

NILGOSC also signed the 2018, 2021 and 2022 Global Investor Statements to Governments on Climate Change. Issued ahead of COP 27, the 2022 Statement was signed by 532 investors managing almost $39 trillion (USD) in assets and reiterates 2021’s call for governments to raise their climate ambition, and implement meaningful policies, including: strengthened 2030 national commitments to limit global temperature rise to 1.5°C; implementing domestic policies to ensure 2030 emissions are aligned to keeping global temperature rise to 1.5°C; support effective implementation of the Global Methane Pledge; and scaling up provision for climate finance with a particular focus on the needs of developing countries.   It also calls on global leaders to commit to implementing mandatory climate risk disclosure requirements aligned with the TCFD recommendations, ensuring comprehensive disclosures that are consistent, comparable, and decision-useful. The 2022 Statement can be found on The Investor Agenda’s website

NILGOSC is a supporter signatory to Climate Action 100+, which was initially a five-year investor-led initiative, launched in 2017 to ensure the world’s largest corporate greenhouse gas emitters to curb emissions, strengthen climate-related financial disclosures and improve governance on climate change risks. Phase 2 of Climate Action 100+ commenced in 2023 and will run through to 2030. Alongside, 700 global investors who are responsible for more than $68 trillion (USD) in assets under management, NILGOSC continues to support the initiative. Building on the demonstrable success of phase 1, the initiative’s new phase shifts focus from corporate climate-related disclosure to the implementation of corporate climate transition plans

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