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ADB shows commitment to strengthening climate action via disclosures report

28/09/2022 09:26 PM

KUALA LUMPUR, Sept 28 (Bernama) -- The Asian Development Bank (ADB) is committed to strengthening climate action and climate business operations while increasing transparency on its exposure to climate-related opportunities and risks through enhanced disclosures.

This is demonstrated through the release of its inaugural climate-related financial disclosures report today, the bank said.

“The Climate-related Financial Disclosures 2021 report outlines ADB’s progress on implementing the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD),” it said in a statement.

President Masatsugu Asakawa said ADB is Asia and the Pacific’s climate bank and the TCFD report is one more step in its commitment in the battle against climate change.

The regional development bank declared its support to the TCFD last year and fulfilling the disclosure requirements under the TCFD framework allows ADB to communicate to stakeholders that it is firmly committed to integrating climate risk management and opportunity assessments into its operations.

“It also illustrates ADB’s support of climate risk disclosure not only among multilateral development banks, but across the world’s corporate and financial sectors,” it said.

The report includes preliminary financial disclosures on ADB’s exposure to climate-related opportunities and risks.

It highlights various initiatives to position ADB as Asia and the Pacific’s climate bank and meet its climate finance targets.

The report discloses ADB’s internal greenhouse gas emissions and includes a first heatmap of the bank’s portfolio of projects against a preliminary assessment of physical and carbon-transition risks.

In addition, the report details future activities, some of which are already underway, including the development of a climate change action plan.



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