LISTED fiber internet service provider Converge ICT Solutions, Inc. said it is working to increase transparency in sustainability reporting, as more investors seek climate-related information.
“Increasingly, investors are demanding climate-related information to enable them to make informed decisions,” Converge Chief Strategy Officer Benjamin B. Azada said in an e-mailed statement on Monday.
The company said it supports the international Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD) “to prepare for climate-related risks and, on a larger scale, mitigate its impact on the environment.” The TCFD provides climate-related financial disclosure recommendations.
“By progressively adopting TCFD’s recommendations over time, we will get better at disclosing the specific climate-related risks and opportunities facing Converge,” Mr. Azada said.
More than 3,000 companies globally support disclosing climate-related risks and opportunities, according to the company. The objective is to strengthen the stability of the financial system.
“Better climate-related disclosures will lead to better information that will allow companies to incorporate climate-related risks and opportunities into their risk management, strategic planning and decision making processes,” Converge said, citing the TCFD.
“Investors, insurance underwriters and lenders will make sounder financial decisions as well.”
“With a better understanding of the financial implications of climate change, both the company and its investors may be able to affect markets to channel investments in more resilient and sustainable business models,” it also said.
Converge Chief Executive Officer and Co-Founder Dennis Anthony H. Uy noted that supporting the TCFD means the company will be able to better plan for the future and manage risks.
“The Philippines is one the most vulnerable countries to climate change. Sea level rise, stronger and more frequent typhoons, and rising temperatures will all have an impact on our business and on the Filipino people,” he added.
The company plans to embark on readiness assessment and gap analysis against the recommendations from the TCFD. — Arjay L. Balinbin