The Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) recommendations to integrate climate information into mainstream financial reporting have been welcomed by CDP, which began securing climate disclosure from companies in 2002, and the Climate Disclosure Standards Board (CDSB), the NGO advancing non-financial reporting in mainstream filings.
Paul Simpson, CEO of CDP said:
“We welcome the TCFD recommendations as they have the potential to further ‘normalise’ climate information in companies mainstream financial filings. Nearly 6000 companies disclosed through CDP this year representing some 60% of global market capitalisation. However, many companies have yet to align business strategies with the requirements of the Paris agreement and the TCFD recommendation on scenario analysis will enable better information for investors to assess this risk. We thank the Task Force for their leadership and look forward to working together on our shared goal of driving forward disclosure. The next step will be for the G20 governments to consider whether such disclosure should become mandatory over time.”
The Task Force recommendations seek to further clarify reporting requirements for companies on financial risk from climate change effects for the benefit of lenders, insurers and investors. In particular, CDP and CDSB welcome the Task Force decision to:
- Recommend reporters integrate climate-related information in their mainstream financial reports. This will bring climate change further into the boardroom as every board must consider and sign off on their mainstream filings. It will ensure climate risk information is disclosed with the same rigour as financial information and allow investors to hold these boards to account for their management of climate risk.
- Recommend all companies describe the potential impact of different scenarios, including a 2 °C pathway and disclose the potential impacts, bringing the “future” of climate risk into the present.
- Encourage both financial and non-financial organisations to adopt the recommendations. We recognise the crucial role they have in ensuring a transition to a low-carbon economy, as their leadership will drive the development of more sustainable economic systems.
The FSB Task Force is setting a new corporate governance norm
Richard Samans, Chairman, CDSB, said: “The FSB Task Force is setting a new corporate governance norm. It is saying that in the 21st century a well governed company must regularly test its business strategy against climate change-related risks and report on management’s strategy in this respect in the mainstream report. This added rigour and accountability to shareholders will compel the attention of CFOs, CEOs and Boards of Directors as never before.
That is ultimately what has been needed to price in climate risk in corporate capital expenditures and investor asset allocations. For the past 10 years, the coalition of business and environmental organisations in the Climate Disclosure Standards Board (CDSB) has been working towards creating best practice in reporting, and we look forward to helping to make the Task Force’s recommendations common practice.”
CDP and CDSB will be participating in the public consultation over the next 60 days, and will release a detailed public response to the draft recommendations. Both organisations are committed to adopting the Task Force recommendations across all sectors once they have been formally presented to the G20 in July, and are encouraging external stakeholders to engage throughout the consultation period. CDP and CDSB will continue to ask the relevant climate questions on a global platform helping companies prepare for TCFD adoption. We will also analyse the disclosures across sectors to provide enhanced insights to enable better understanding of climate performance and prepare capital markets for a more sustainable future.
Extra-Mile Water Conservation Efforts Amidst Shortage
While some states are literally flooding due to heavy rains and run-off, others are struggling to get the moisture they need. States like Arizona and California have faced water emergencies for the last few years; water conserving efforts from citizens help keep them out of trouble.
If your area is experiencing a water shortage, there are a few things you can do to go the extra mile.
Repair and Maintain Appliances
Leaks around the house – think showerheads, toilets, dishwashers, and more – lead to wasted water. Beyond that, the constant flow of water will cause water damage to your floors and walls. Have repairs done as soon as you spot any problems.
Sometimes, a leak won’t be evident until it gets bad. For that reason, make appointments to have your appliances inspected and maintained at least once per year. This will extend the life of each machine as well as nip water loss in the bud.
When your appliances are beyond repair, look into Energy Star rated replacements. They’re designed to use the least amount of water and energy possible, without compromising on effectiveness.
Only Run Dishwasher and Washer When Full
It might be easier to do a load of laundry a day rather than doing it once per week, but you’ll waste a lot more water this way. Save up your piles of clothes until you have enough to fully load the washing machine. You could also invest in a washing machine that senses the volume of water needed according to the volume of clothes.
The same thing goes with the dishwasher. Don’t push start until you’ve filled it to capacity. If you have to wash dishes, don’t run the water while you’re washing. Fill the sink or a small bowl a quarter of the way full and use this to wash your dishes.
Recycle Water in Your Yard
Growing a garden in your backyard is a great way to cut down on energy and water waste from food growers and manufacturers, but it will require a lot more water on your part. Gardens must be watered, and this often leads to waste.
You can reduce this waste by participating in water recycling. Using things like a rain barrel, pebble filtering system, and other tools, you can save thousands of gallons a year and still keep your landscaping and garden beautiful and healthy.
Landscape with Drought-Resistant Plants
Recycling water in your yard is a great way to reduce your usage, but you can do even more by reducing the amount of water required to keep your yard looking great. The best drought-resistant plants are those that are native to the area. In California, for example, succulents grow very well, and varieties of cactus do well in states like Arizona or Texas.
Install Water-Saving Features
The average American household uses between 80 and 100 gallons of water every single day. You obviously can’t cut out things like showering or using the toilet, but you can install a few water-saving tools to make your water use more efficient.
There are low-flow showerheads, toilets, and faucet aerators. You could also use automatic shut-off nozzles, shower timers, and grey water diverters. Any of these water saving devices can easily cut your water usage in half.
Research Laws and Ordinances for Your City
Dry states like California, Arizona, New Mexico, and Nevada must create certain laws to keep the water from running out. These laws are put into practice for the benefit of everyone, but they only work if you abide by the laws.
If you live in a state where drought is common, research your state and city’s laws. They might designate one day per week that you’re allowed to water your lawn or how full you can fill a pool. Many people are not well versed in the laws set by their states, and it would mean a lot to your community if you did your part.
Cyprus is the Forerunner for Ecotourism
When I was looking for a second citizenship, I happened to see One Visa’s offer on Cyprus Citizenship by investment program. I had heard about Cyprus being a beautiful country, but I did not know much else, so I decided to start my own research about this gem of a place.
After I did some research, I discovered that Cyprus is a popular destination for tourists. Unfortunately, heavy tourism and the associated development affected villages here and there, with some communities being slowly abandoned. To avoid this from happening any further, Cyprus went into ecotourism, and today, it is the forerunner in this arena. Let’s look in further detail at ecotourism in Cyprus here.
How was it started?
It all started in 2006 with the launch of the “Cyprus Sustainable Tourism Initiative.” This program has the sole scope of promoting ecotourism developments in the tourism industry. It concentrates on those areas which require conservation and environmental safety. At the same time, it helps develop social, as well as economic statuses in the rural parts of Cyprus. Through this program, the government was able to acknowledge that ecotourism will play an essential role in the future of Cyprus, with the concept gaining momentum among tourists from all over the globe.
How to go about it?
So, now you are interested in going for an ecotourism vacation in Cyprus. How will you go about it? I would immediately say that everyone should visit the quaint Cypriot villages spread throughout the island. These communities have a smaller population, and not many tourists visit. They make for a great relaxing spot. Enjoy seeing the bustle of village life go by where simple pleasures abound. Most hamlets are linked by specific minibus tours which ferry tourists to these havens. These trips will have a regular schedule, aimed at promoting ecotourism further. Such tours will be regulated to ensure that while the villages can benefit and develop, they do not get overpopulated or overcrowded with tourists. Therefore, you can be sure to enjoy the beautiful sceneries that nature has to offer here.
If you are wondering if there are any activities to do here, my answer would be: “Yes, plenty.” You can go for some guided walks across various regions here. Here you will be able to explore the diversified natural beauty and wildlife of the area. Several agritourism activities and services are planned to open shortly. Once launched, you will be able to engage in picking olives, milking goats, and several other such events here.
What can be learned?
Although we are aware that natural resources need to be preserved, we do not always remember it in real life. When we go on tours such as these, we can realize the significance of protecting nature. Also, when more and more people visit these places, the concept of ecotourism will become popular among more people. Awareness about ecotourism is set to grow and spread throughout the world. Subsequently, sustainable tourism will gain popularity around the globe with Cyprus being the forerunner for ecotourism .