The Task Force on Climate-related Financial Disclosures (TCFD), established by the G20's Financial Stability Board, provides a framework for better understanding and promoting the disclosure of climate-related financial risks and opportunities.
This report is the European Bank for Reconstruction and Development (EBRD)'s third standalone disclosure using the TCFD framework as guidance to appropriately disclose climate-related financial risk. It outlines the bank's ambitions in relation to climate policy, its climate-related risk processes and the enhancements in 2021 for identifying, assessing and managing climate-related risks.
Particularly, the report provides detail on how the EBRD may be financially exposed to climate risks based on two primary categories: carbon transition risks; and physical climate risks, with the aim of refining the identification, assessment, management and disclosure of these risks.