Yinson has declared its support for the Task Force on Climate-related Financial Disclosures (“TCFD”), joining more than 2,300 organisations in demonstrating a commitment to building a more resilient financial system and safeguarding against climate risk through better disclosures.

The TCFD, chaired by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, provides market participants with recommendations to address the financial impact of climate change on their business. By increasing transparency on financially material climate-related risks and opportunities, the recommendations promote more informed financial decision-making by investors, lenders and others.

Supporters of the TCFD span the public and private sectors and include national governments, central banks, stock exchanges, credit rating agencies, financial organisations and private sector businesses from a variety of industries.

Yinson Group Chief Executive Officer Lim Chern Yuan said, “At Yinson, we recognise climate change as one of the greatest threats facing modern earth, which needs to be tackled through global, united cooperation between governments, corporations and individuals. In line with our commitment to achieve our Climate Goals to be carbon neutral by 2030 and net zero by 2050, we are signing on to TCFD to further integrate climate-related considerations into our decision-making processes to co-create a more sustainable future for all.”

Widespread implementation of the TCFD recommendations will provide investors, lenders, and insurance underwriters with consistent and relevant information to understand the economic risks and opportunities resulting from climate change. Increased disclosures in line with the recommendations across sectors and geographies will help global markets make more efficient capital allocation decisions and adjust appropriately to the disruptive effects of global climate change.

Implementing the TCFD recommendations provides companies with:

• Easier or better access to capital by increasing investors’ and lenders’ confidence that climate-related risks are appropriately assessed and managed
• Better ability to meet existing disclosure requirements by reporting material information in financial filings,
• Increased awareness and understanding of climate-related risks and opportunities, resulting in better risk management and more informed strategic  planning, an
• The ability to proactively address investors’ demand for climate-related information in a framework that investors are increasingly asking for.

For more information about the Task Force on Climate-related Financial Disclosures, please visit www.fsb-tcfd.org.