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Bank of America Publishes Enhanced Task Force on Climate-Related Financial Disclosures

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Bank of America Publishes Enhanced Task Force on Climate-Related Financial Disclosures

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Bank of America published its most recent Task Force on Climate-related Financial Disclosures report, which includes enhancements in line with guidance published by the Financial Stability Board’s TCFD in 2021 as well as additional updates.

Bank of America’s TCFD report outlines how the company is working to realize its enterprise climate strategy, including:

  • How climate change is managed within the company;
  • The goals and priorities it set;
  • Actions taken and resources allocated to achieve these goals;
  • Its exposure to and management of climate-related risks;
  • Metrics and targets it tracks to monitor progress.

The TCFD framework helps the company articulate to stakeholders – including clients, employees, investors and others – how Bank of America manages and mitigates climate-related risks, and uses its financial and intellectual capital to help accelerate the transition to a low-carbon, sustainable global economy.

See related article: Bank of America expands ESG team with four hires

Bank of America was an early supporter of the Financial Stability Board’s TCFD recommendations and published its first TCFD report in 2020. The company is committed to ensuring climate-related risks and opportunities are properly managed across its business.

The TCFD was launched in 2015 by the Financial Stability Board with an aim to use financial disclosures as a means to inform investors and other stakeholders about how companies are managing climate related risks.

To learn more, read Bank of America’s TCFD report. Additional disclosures on how the company’s sustainable business model drives progress towards inclusive capitalism and the United Nations Sustainable Development Goals can be found in its Annual Report in the Stakeholder Capitalism Metrics section.

Source: Bank of America

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