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ICE TCFD Solution Provides Greater Transparency Into Carbon Emissions for Asset Managers and Institutional Investors
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Intercontinental Exchange (NYSE: ICE) has launched a new service to assist asset managers in complying with Task Force for Climate-Related Financial Disclosures (TCFD) requirements. This service addresses the current challenge where less than 10% of asset managers report fully according to TCFD guidelines, primarily due to inadequate carbon emission reporting by companies. The solution incorporates climate transition data and emissions analytics, aiding clients in meeting regulatory demands and enhancing investment decision-making.
Positive
Launch of a new service to help asset managers comply with TCFD requirements.
Service utilizes comprehensive data and analytics to provide necessary emissions information.
Addresses the gap in carbon emissions reporting by underlying companies.
Negative
Less than 10% of asset managers currently meet all TCFD reporting requirements.
Leverages ICE’s climate transition and ESG offerings to provide robust reporting solutions
ATLANTA & LONDON--(BUSINESS WIRE)--
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced the launch of a new service to help asset managers and other financial institutions comply with Task Force for Climate-Related Financial Disclosures (TCFD) requirements.
The TCFD’s reporting framework has been adopted or recommended by many regulatory bodies throughout North America, Europe and Asia as a model for reporting climate-related financial information. Although there has been progress among asset managers reporting some disclosures recommended by the Task Force, very few (less than 10%) have reported meeting all of the requirements, which is mostly a result of the partial or lack of reporting of carbon and other greenhouse gas (GHG) emissions by many underlying companies around the world.
“In a very short time, TCFD has become the de-facto framework for reporting climate-related financial data,” said Elizabeth King, President of Sustainable Finance and Chief Regulatory Officer at ICE. “Our solution provides asset managers with the hard-to-gather emissions data and associated analytics they need to comply with evolving reporting requirements for multi-asset-class portfolios. This information can enable our customers to meet their own goals and respond to regulatory requirements, giving them the tools they need to make better-informed investment decisions.”
ICE’s TCFD service leverages the company’s climate transition data and analytics, corporate entity data, as well as green bond data, to provide the data and information needed for the metrics and targets reporting required in the TCFD framework. By utilizing multiple primary sources of data and sophisticated modelling, ICE offers a broad range of emissions and targets data for companies globally.
“As a responsible and long-term investor, we are committed to achieving net zero greenhouse gas emissions across our investment portfolio by 2050,” said Richard Law-Deeks, Chief Executive Officer of the Royal Mail Pension Plan. “A key part of achieving that goal, is having a thorough and accurate reporting and benchmarking framework. Working with ICE helps us to respond not only to regulatory requirements, but also to reaffirm our commitment to engagement to drive more transparency into our response to the climate crisis, including supporting our efforts to encourage more companies to disclose their emissions and their emission reduction plans.”
The TCFD service is part of ICE’s Sustainable Finance service, which includes global carbon and other GHG emissions data for companies and sovereigns, climate risk metrics for U.S. municipal bonds, company ESG data, impact bond data, sustainable and ESG-focused fixed income and equity indices and the world’s most liquid environmental futures markets.
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. FactSet® is a trademark of FactSet Research Systems, Inc. Other products, services, or company names mentioned herein are the property of, and may be the service mark or trademark of, their respective owners. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.
What is Intercontinental Exchange's new TCFD service?
ICE's new TCFD service helps asset managers comply with climate-related financial disclosure requirements by providing emissions data and analytics.
How does the TCFD service assist asset managers?
The service offers hard-to-gather emissions data and associated analytics necessary for meeting TCFD reporting requirements.
What is the TCFD and why is it important?
The TCFD provides a framework for reporting climate-related financial information, increasingly adopted by regulatory bodies globally.
What are the current challenges in TCFD reporting?
Currently, fewer than 10% of asset managers fully meet TCFD requirements, mainly due to insufficient reporting of carbon emissions by companies.
How can ICE's TCFD service impact investment decisions?
By providing essential emissions data, the service enables asset managers to make more informed investment decisions in line with regulatory expectations.
