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Carney, who until recently was the governor of the Bank of
England, has championed a framework from the Task Force on
Climate-Related Financial Disclosures (TCFD), which helps
companies figure out what information to share.
While the TCFD is currently voluntary, Carney has floated the
idea of making it compulsory and is keen to see greater adoption
to help investors make more informed decisions when assessing
climate-related risks.
Ahead of the next round of U.N. climate talks in Scotland next
year - COP26 - Carney and David Schwimmer, the chief executive
of the London Stock Exchange Group (LSE) <LSEG.L>, have written
to a number of stock exchanges to urge them to help.
In jointly signed letters to an unspecified number of exchanges,
dated July 8, the pair asked them to support a new initiative
with the United Nations Sustainable Stock Exchanges (UN SSE) set
to launch in September.
The initiative, to be chaired by the LSE, aims to draw up best
practice reporting guidance on climate disclosures, which can be
used by companies wherever they are listed, to ensure globally
consistent disclosures in line with TCFD.
"Ensuring that every professional financial decision takes the
risks and opportunities of climate change into account is a core
objective of COP 26," said the letter, seen by Reuters.
"The work of stock exchanges in supporting the widespread
adoption of TCFD reporting is critical in this regard."
Jack Ehnes, chief executive of U.S. pension scheme CalSTRS, also
backed the move.
"Institutional investors like CalSTRS need globally consistent
high quality climate and sustainability data to inform
investment decisions.
"Exchanges can play a critical role to improve the data and
reinforce global standards."
(Reporting by Simon Jessop; Editing by Mark Potter)
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