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efficiency measures – improvements in areas such as energy efficiency and water use, which provide a material and quantifiable way to measure progress. Also, a percentage of production in water-stressed areas can be calculated. It is an important target for companies in water-risk areas, especially in sectors with highwater use such as extractives, apparel or beverages.Will there be any new technology requirements for reporting climate risks? What assistance can CDP provide?We have formed a strategic alliance with UL EHS Sustainability to develop our new sector-based reporting platform aligned to the TCFD recommendations. The new platform will ensure more comprehensive reporting for companies, investors and cities for enhanced peer-to-peer comparison and decision-making. With the global demand for better, more accurate and faster disclosure, the fully integrated PURE software system will enable disclosers to assess more clearly how they are transitioning to a low-carbon economy. This technology is valuable and relevant in assessing and comparing environmental performance both now and in the future.What are the key business benefits the TCFD recommendations lead to?The metrics and targets that the TCFD recommends link closely to clear business benefits including cost savings, efficiencies through the supply chain and better investor and customer relations. Most of all, they are about showing how a company is future-proofing its growth ahead of likely future policies and regulations to limit GHG emissions. All this leads to better overall performance. Indeed, companies on CDP’s ‘Climate A List’ outperformed the market by 6 per cent over four years.When will the Recommendations become a corporate reality?As already mentioned, more than 6,000 companies disclosed to CDP last year, with many realising greater efficiencies, improved profitability and competitiveness from their efforts around climate change. Every company is different, and not everyone will agree on the timing or scale of what should be reported on in this area. CDP is aligned with the TCFD in its commitment to take disclosure into mainstream accounts and into the boardroom. Our mission is to drive global disclosure at pace and at scale. Companies that disclose to us and use innovative tools – for example, scenario analysis, SBTs and carbon pricing – benefit from better insights about the risks and opportunities they are running. These insights can be built into business strategy. This in turn leads to better decision-making and value creation for a more sustainable economy. COP23 represents a prime opportunity for endorsing and embedding the TCFD recommendations in the transition to a well below 2°C world. ■ABOUT JANE STEVENSENJane Stevensen joined the CDP group initially as acting MD of CDSB, the Climate Disclosure Standards Board, from June 2015 to April 2016. During this period the FSB’s Taskforce for Climate-related Financial Disclosures (TCFD) was launched and she represented both CDP and CDSB to support its work. She is also a member of the SSE (Sustainable Stock Exchanges) Initiative Advisory Working Group. Prior to joining CDP Ms Stevensen was Director of Sustainability Advisory Services for Grant Thornton LLP. As an experienced and respected corporate advisor in sustainability and sustainable business practice, Ms Stevensen is an expert in developing and managing sustainability programmes and partnerships for business, industry, and not-for-profits. Her career started in the oil and gas sector as an exploration geologist where she worked all over the world and developed considerable expertise in stakeholder engagement in remote areas and fragile environments. She then moved into sustainability advisory work building on this experience and developing sustainability programmes for clients across a broad spectrum of sectors and industries.Ms Stevensen holds a BSc from the University of Durham and an MBA from INSEAD. She is also a post-graduate and affiliate of CISL, the University of Cambridge’s Institute for Sustainable Leadership, a Mentor for Inspiring Women at Inspiring the Future, and a trustee of TCV, The Conservation Volunteers.Pictured: Jane StevensenAbout CDPCDP is a not-for-profit organisation that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts. Over the past 15 years we have created a system that has resulted in unparalleled engagement on environmental issues worldwide.About TCFDTask Force on Climate-related Financial Disclosures (TCFD) was launched by G20’s Financial Stability Board (FSB) in December 2015 to develop recommendations for voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders.FINANCE AND INVESTMENT 085