FirstGroup plc has become the first UK-based transport operator to sign up to support the Task Force on Climate-related Financial Disclosures (TCFD), agreeing a new green governance framework to drive progress against the TCFD’s recommendations.
As an official TCFD Supporter, FirstGroup joins more than 1,600 leading organisations in 70 countries in demonstrating a commitment to build a more resilient financial system through climate-related disclosure.
FirstGroup is taking this action in advance of next year’s important UN climate summit (COP26) in Glasgow, and well before the UK Government’s deadline for mandatory climate-related disclosures for the UK’s largest organisations.
Established by the Financial Stability Board in 2015, the TCFD has developed a globally recognised framework through which exposure to climate-related financial risk and opportunities can be disclosed. This is built around four key themes: governance, strategy, risk management, and metrics and targets.
FirstGroup committed to implementing the TCFD’s recommendations in these four themes earlier this year as part of its Group-wide sustainability framework, Mobility Beyond Today, which includes being transparent with progress in helping to combat climate change, improving local air quality and publicly disclosing relevant climate-related financial information.
Commenting, FirstGroup Corporate Responsibility Director Kate Broome said:
“As a leading global public transport operator, FirstGroup is already driving the transition to a zero-carbon world, with ambitious plans to bring low- and zero-emission fleets to our customers and communities. Responsible reporting on climate impacts is just one of the ways we demonstrate our commitment, and we are proud that last month we became the first in our sector to sign up as an official TCFD Supporter.”
NOTES TO EDITORS
- In November 2020, the UK Government outlined its intention to make climate-related disclosures mandatory for large companies and financial institutions across the UK economy by 2025.
- FirstGroup is in the first tranche of companies required to make these climate-related disclosures and will be mandated to report against the recommendations of the TCFD on a ‘comply or explain’ basis from financial year 2022. The company has gone further than this by committing to report against TCFD on a voluntary basis from financial year 2021.
- Recognising that climate change is the greatest long-term challenge of our times, we have committed to accelerate the change in the transport sector through leadership in three priority areas: innovating for our customers, being the partner of choice for low- and zero-emission transport, and supporting our people.
- We have a critical role in creating a connected, healthy, zero-carbon world, contributing to local prosperity and growth, reducing congestion on the roads, improving air quality and helping to lower carbon emissions.