Region: East Asia and Pacific
Topic: Asset Recycling
In 2015, G20 Finance Ministers and Central Bank Governors asked the Financial Stability Board (FSB) to review how the financial sector can take account of climate-related issues. The FSB established the Task Force on Climate-related Financial Disclosures (TCFD) to develop recommendations for more effective climate‑related disclosures.
During 2021, the FSB Board oversaw climate risk management and its potential to influence and inform corporate strategy and decision making. The Board is supported by the Safety, Security and Sustainability Committee (SSS) which met quarterly this year. This Board Committee has oversight of environmental and sustainability matters. The SSS Charter outlines its roles and responsibilities and includes climate change. The SSS receives briefings on the outcomes of the climate risk assessment and adaptation planning. Further support is provided by the Audit and Risk Committee which maintains oversight of risk management and internal controls. SYD has an established team dedicated to managing the TCFD progress and monitoring material climate change issues. The team met during the year to discuss climate developments relevant to the operating context. The Sustainability team advises the Executive Committee and the Board on climate risk planning and corporate targets as well as emerging issues and trends that may impact the broader strategy. The Sustainability and Environment teams are responsible for annual reporting, compliance reporting and initial risk assessment of climate related risks and opportunities.
Updated: June 30, 2023