Bloomberg Unveils Crack Team to Assess Global Climate Risk

Originally posted on climatechangenews.com

Fossil fuel companies are coming under increased pressure to disclose how global climate goals could hit their business.

At the World Economic Forum on Thursday, Michael Bloomberg unveiled his line-up for a climate risk disclosure task force. The former New York mayor was chosen last month to head the Financial Stability Board (FSB) initiative.

Top executives from Brazilian bank Bradesco, commodities giant Unilever, French insurer Axa and the Singapore Exchange were named in Davos as vice chairs.

They brought an “essential” breadth of experience, said Bloomberg. “Managing climate-related risk is increasingly critical to financial stability, but it can’t be done without effective disclosure.

“The recommendations from the task force will increase transparency and help to make markets more efficient, and economies more stable and resilient.”

Read the full article here.