The climate is changing. The impacts affect you today.
Worsening droughts are threatening South Africa’s water and food supply. Climate change is placing banks and companies at risk.
Climate change has already impacted natural and human systems as human activities are estimated to have already caused a 1.0°C increase in global temperatures above pre-industrial levels.
Your money could be exposed to risk if your bank has not factored in the impacts of climate change and the transition to a low carbon economy.
Your investment in an emitter of greenhouse gas is at risk if the company has no strategy to mitigate the impacts of climate change and reduce its emissions.
Your water supply, food security, health and livelihood are at risk - which will be worsened if emitters have no strategy to reduce their emissions.
Responsible reporting can reduce your risks.
Companies that disclose their climate-related risks and strategies in their annual reports enable you, their investors, and the banks to make informed choices.
TCFD Recommended Disclosures
The Task Force on Climate-related Financial Disclosures (TCFD) has set out Recommendations that can help banks, investors, and insurance companies assess and price in climate-related risks, by standardising climate-related disclosures.
About the TCFD
The TCFD was set up by the G20 Financial Stability Board to consider the physical, liability, and transitional risks posed by climate change. It developed recommendations for voluntary and consistent climate-related financial disclosures that have attracted support from over 240 organisations and 150 financial institutions.
The TCFD Recommendations include guidance for companies to ensure they adequately and consistently disclose their climate-related risks and opportunities, and set out the strategies they have put in place to reduce their emissions and mitigate climate-related risks.
Full Disclosure 5 assesses the climate-related disclosures of ten of the top emitters of greenhouse gases and five banks in South Africa.
Using the TCFD Recommendations as a framework, Full Disclosure 5 can help you uncover whether South Africa’s ten largest emitters of greenhouse gases and five commercial banks have adequate strategies in place to mitigate risks to their shareholders, financiers, and our planet.
Our joint responsibility.
We have a moral, ethical, and legal responsibility to do everything we can to mitigate the impacts of climate change.
Section 24 of the Constitution of the Republic of South Africa:
Everyone has the right –
- To an environment that is not harmful to their health or well-being; and
- To have the environment protected, for the benefit of present and future generations, through reasonable legislative and other measures that –
- prevent pollution and ecological degradation;
- promote conservation; and
- secure ecologically sustainable development and use of natural resources while promoting justifiable economic and social development.
Under our Bill of Rights, all people and companies have a duty to respect the rights of others – including section 24. Companies should honour that responsibility, accepting that government regulation is not the only means of ensuring environmental protection. Failing to do so increases a company’s transitional risks through litigation and reputational damage and jeopardises the future of our planet.