The move means that the company has now committed to strategic measures that contribute to protecting against the threat of global climate change on the environment.
The Task Force is dedicated to ensuring that companies disclose the financial impact of climate change as a part of their annual reports, highlighting any specific impacts to the business and outlining costs incurred to either prevent or repair any damage to the business.
Symrise builds on existing climate change accountability
Symrise executives state that the company’s involvement with the TCFD has been forged partly because it already shares extensive data relating to climate change in its annual corporate reports.
The TCFD was formed following the 2015 Paris Climate Agreement and the criteria developed by its board were introduced for the first time on September 26th, 2018, at the Bloomberg Global Business Forum and One Planet Summit in New York.
The premise for the TCFD is to uncover the risks and opportunities of climate change and identify their impact on companies and financial markets.
Natura and Unilever also on board
Other leading cosmetic and personal care players that have also joined the other 513 companies involved in the supporting the TCFD include Brazilian player Natura, as well as multi-national giant Unilever.
“It’s more important than ever that companies assume a leadership role. They need to gain a better understanding of risks and respond to them, as well as acknowledge the opportunities they provide. The goal is to develop a strong, resilient and sustainable global economy,” said Michael R. Bloomberg, founder of Bloomberg LP and Task Force Chairman.
The TCFD agreement means that companies share information about their governance, the effects on business activities and strategy, and opportunity and risk management, and they pursue their goals based on the key figures provided.
The resulting recommendations are based on goals that result from opportunities and risks associated with transitioning a business to a low-carbon model.