Verizon releases its sustainable supply chain TCFD report

Senior VP of Global Supply Chain & Sourcing and Chief Sustainability Officer at Verizon James Gowen, praises its successful release of the 2023 TCFD report

Reassuring companies about how to measure and report their environmental, social and governance (ESG), the Task Force on Climate-related Financial Disclosure (TCFD) looks at this holistically with data and reporting in mind. 

This framework is recognised by a number of leading organisations, including Verizon, which recently published a TCFD report in an effort of transparency in terms of climate and social action. 

“Verizon understands that climate change poses a serious threat to society, which is why we are working to reduce the climate impact of our operations. Through our energy efficiency efforts, as well as low-carbon energy generation and supply chain resilience, we are building a greener future for Verizon. Proud to share our climate change resilience story with you through the publication of our third TCFD Report,” says James Gowen, Senior VP Global Supply Chain and Chief Sustainability Officer at Verizon. 

What is the TCFD ESG framework? 

The TCFD is an initiative established to improve and increase reporting of climate-related financial information. Founded by the Financial Stability Board (FSB) in 2015, it aims to provide a consistent framework for companies and other organisations to voluntarily disclose the financial impacts of climate change on their operations. This initiative is a response to the growing recognition of the significant financial risks and opportunities associated with climate change, which are increasingly relevant to investors, lenders, insurers, and other stakeholders in the financial markets.

The TCFD developed recommendations categorised into four thematic areas: Governance, Strategy, Risk Management, and Metrics and Targets. These areas are designed to guide organisations in providing relevant information about their exposure to climate-related risks and opportunities. The governance element focuses on an organisation's governance around climate-related risks and opportunities. Strategy looks at the actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning. Risk management addresses how the organisation identifies, assesses, and manages climate-related risks. Finally, Metrics and Targets involve the metrics and targets used to assess and manage relevant climate-related risks and opportunities.

The TCFD framework is becoming increasingly influential as a guide for climate-related financial reporting. Many companies worldwide are adopting its recommendations to enhance their financial disclosures related to climate change, thereby providing stakeholders with a clearer understanding of their climate-related risks and strategies for addressing them. This growing adoption also reflects a broader shift in the business and financial communities towards greater transparency and accountability concerning the environmental and social impacts of corporate activities.

Consistency is key in tackling emissions and the TCFD is well recognised by investment firms, and recommended to businesses as a format for measuring and reporting on their emissions and social actions in a tangible way. As investors increasingly demand more input from companies in order to receive funding, the TCFD unifies their approach to accounting and shows a positive ESG impact

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Other magazines that may be of interest - EV Magazine | Energy Digital

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