How SA banks are doing on climate risk disclosure

Just Share’s latest investor briefing provides an analysis of the most recent climate risk-related disclosures of Investec Limited, FirstRand Limited, Standard Bank Group Limited, Nedbank Group Limited and Absa Group Limited (“the assessed banks”), assessing them against the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our climate team also invited each of the banks to engage with us and provide input on our analysis. Following this engagement, we amended our analysis where appropriate.

Overall, while the assessed banks tick some of the boxes required by the TCFD’s detailed guidance, there are many recommended elements of reporting which none (or, at best, a few) of the banks provide.

All of the banks perform best on the Metrics and Targets section (in terms of attempting to comply with most of the detailed guidance points required under each disclosure), and worst on the Risk Management section.

Climate science has demonstrated the critical urgency of significant emission reductions by 2030. Decision-useful information that is relevant, consistent and comparable is essential to inform capital allocation that will support climate action and the just transition. This means that banks should endeavour to address all of the detailed guidance points outlined by the TCFD in their next reporting cycle.

Recognising that all five banks are still in the early stages of TCFD reporting, we have highlighted what we believe to be the most important focus areas for banks in their next set of climate-related disclosures.

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