Syngenta's Chief Financial Officer Mark Patrick joins peers in leading the way to support adoption of climate-related financial disclosures
Mark Patrick, Syngenta CFO has joined other 36 CFOs across the globe to signal his support for the recommendations of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD).
The Statement of Support for the TCFD recommendations, organized by The Prince's Accounting for Sustainability Project (A4S), signals practical actions that leading players in the financial community are willing to take in order to facilitate more informed business and investment decision making; and Mark Patrick calls for other CFOs to join them in this united effort.
Support for the TCFD recommendations will be one of the key areas of focus during the One Planet Summit in Paris on 12th December, where international leaders of government and business will put forward tangible actions to address the ecological emergency facing our planet, our society and our economy. The TCFD recommendations provide a framework for disclosing climate related risks and opportunities, going beyond current practices, by including them in the mainstream financial filings and by using scenario analysis to inform business strategies.
For the business community to adopt the recommendations successfully it needs the support of CFOs and their teams who have primary responsibility for overseeing financial disclosures. It also needs support from accounting bodies who provide direction to their members, and from the investment world who require better disclosures to allocate funds. Both these groups have also signed a TCFD Statement of Support with A4S.
Said Jessica Fries, Executive Chair A4S, "Action by the finance community is vital if we are to tackle climate change. We need visible leadership, and the combined commitment to support adoption of the TCFD recommendations from CFOs, accounting bodies and pension funds represents the kind of collective effort required to accelerate the shift towards a sustainable economy. Providing the necessary information, in particular in areas such as scenario analysis, is an important step forward in enabling market forces to drive efficient allocation of capital and to support a smooth transition to a low carbon economy. This is just the beginning and we are calling on other CFOs, accounting bodies and investors to adopt the recommendations."
The CFO signatories are from organizations representing over USD1.5 trillion in combined total assets including Dow DuPont, Coca-Cola HBC, Tesco and Royal DSM among others.
Mark Patrick says: "Syngenta is proud of signing the Statement of Support for the TCFD recommendations. An improved and more consistent disclosure of climate-related financial risks will contribute to a constructive and well-informed dialogue between investors and companies about the financial risks and opportunities associated with their activities. We are aware of the need to put forward tangible actions to drive a fundamental shift towards resilient business models and a sustainable economy, and the finance community can play a key role in giving the steer.”
More information about who has signed so far and how you can get involved can be found at www.accountingforsustainability.org/tcfd.
About Syngenta
Syngenta is a leading agriculture company helping to improve global food security by enabling millions of farmers to make better use of available resources. Through world class science and innovative crop solutions, our 28,000 people in over 90 countries are working to transform how crops are grown. We are committed to rescuing land from degradation, enhancing biodiversity and revitalizing rural communities. To learn more visit www.syngenta.com and www.goodgrowthplan.com. Follow us on Twitter® at www.twitter.com/Syngenta .
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