The Financial Stability Board,the global nsortium of national financial authorities and standards bodies that develops policies and guidelines to promote global financial stability,has launched a sustainability reporting initiative.The Task Force on Climate-related Financial Disclosures (TCFD)will create climate-related financial risk disclosures for use by mpanies in providing information to lenders,insurers,investors,regulators and other stakeholders.The task force is led by Michael R.Bloomberg,founder of the eponymous data aggregator Bloomberg LP and the former mayor of New York City.

In a press release,Bloomberg noted that “it’s critical that industries and investors understand the risks posed by climate change,but currently there is too little transparency about those risks”.The task force is currently sping out high-level objectives for its work and will deliver specific remmendations for disclosure principles and leading practices by the end of this year.This week task force member,and former SEC Chair Mary Shapiro told a meeting of Climate Disclosure specialists in London that the task force would release its initial report at the end of March.

Our take?Non financial reporting is beming increasingly important to investors.It’s vital that this information be provided to markets as nsumable,structured data.The Global Reporting Initiative and the Carbon Disclosure Project both have XBRL taxonomies and the Japan Ministry of Environment also has a taxonomy that enmpasses questions on climate ordinating and providing mparability across these disclosure frameworks is increasingly important.The TCFD needs to underpin the relevance of its framework by focussing on data disclosures,not paper disclosures.Find out more on their web or follow developments on Twitter.

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