2017 Annual Reports Offer Opportunity to Begin Mainstream Reporting
August 2, 2017 — Austin, TX – As a follow-up to the recent G20 Summit that included wide-ranging discussions by global leaders on ways to address climate change, EnvonetTM (www.envonet.com) has issued a call for companies to adopt the final recommendations of the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (https://www.fsb-tcfd.org/publications/final-recommendations-report/). The TCFD recommendations lay out a five-year path, starting with better disclosure to give investors more complete, consistent and comparable information, which in turn enables financial markets to properly price climate-related risks and opportunities.
“To achieve ’climate-efficient markets’ within five years, near-term, widespread adoption of the TCFD’s recommendations is essential,” said Greg Rogers, co-founder of Envonet. “There is an immediate need for companies to begin preparing for expanded climate disclosures in their 2017 mainstream financial filings.”
Envonet provides numerous examples of financial disclosures for corporate managers, accountants, attorneys and compliance officers to use as a free, time-saving resource. Envonet currently provides financial disclosures from 2016 year-end financial filings for 40 listed energy and utility companies, with a goal of significantly growing the database with 2017 filings.
“We have been extremely encouraged by the private sector response to our free prototype web platform, particularly from investment companies and insurers,” said Rogers. “We believe Envonet is a unique and insightful resource to help guide newly adopting companies in preparing their climate-related disclosures.”
Envonet is a free online web portal that enables users to quickly access environmental and climate-related financial disclosures that are often buried deep within lengthy financial filings. Equally important, Envonet reveals where corporations have omitted information relevant to investors. This information is particularly relevant to companies seeking to begin adoption of the TCFD recommendations.
There is no cost to use the Envonet portal, but users must register at www.envonet.com for access to the database. A companion social media group on LinkedIn (Climate-Related Financial Disclosure) adds opportunity for discussion and collaborative learning.
Envonet is a free collaborative project led by Greg Rogers, a leading expert in environmental financial reporting and author of Financial Reporting of Environmental Liability and Risk after Sarbanes-Oxley (Wiley). Envonet is designed to be an extensive, global database of easily accessible corporate financial disclosures related to environmental and climate-related risk, liability and opportunity.