FSB's Knot: Near limit of what voluntary climate disclosures can achieve

GLASGOW, Nov 3 (Reuters) - Dutch central banker and vice chair of the Financial Stability Board Klaas Knot said climate disclosures were reaching the limit of what can be achieved through voluntary disclosures alone.

The disclosures were “essential” for financial stability and the provision of sustainable finance, and the voluntary FSB-created Taskforce on Climate Related Financial Disclosures had done a good job of deciding what disclosures were needed.

“The TCFD recommendations have gained enormous traction over the years... but the exercise now is reaching the limits of what can be achieved through a purely industry-led and voluntary framework,” he told delegates at global climate talks in Scotland.

“The time has come to take it to the next level, and the next level, in our view, is the development of the global minimum standard.” (Reporting by Simon Jessop and William James)