Page 58

Pictured: Jane Stevensencompetence at Board level, which must be addressed as part of a company’s governance. SMEs will, of course, be looking at what the major players are doing and as is always the case, what hits big business first will start to cascade down. Some SMEs because of their size will be able to react quickly and take advantage of the opportunities presented by the transition to a well below 2 degree world. The other aspect of this is that although the TCFD’s recommendations are voluntary there is likely to be considerable interest from regulators. CDP’s mission is to continually work towards a world in which disclosing this information becomes a mandatory requirement for all businesses, irrespective of size. So climate risk reporting should not be seen just as an obligation but also as an opportunity for businesses to improve their bottom line? Absolutely. The Task Force’s Report highlights not only climate risks but opportunities. The changing markets for low-carbon technologies and subsequent job creation opportunities are exciting. The added value benefits of understanding where your physical and transitional risks associated with climate change are and by addressing them, you can actually cut liabilities and reduce costs across operational systems and supply chains. Companies on CDP’s ‘Climate A List’ outperformed the market by 6 per cent over four years, according to STOXX. How certain can we be that the TCFD’s work will not be ‘undone’ by the political uncertainty on both sides of the Atlantic? We are currently in a political maelstrom around the world, which in climate risk terms could be viewed in a number of ways. This could be a positive lever and a number of top global leaders in climate are talking in this way. TCFD is driven by business and industry. It sees the value in ensuring that the world does not go over a tipping point in 2020 ‒ and will act on it independent of the political systems we are in. I have always believed in the transformative power of business, seeing business as providing the impetus ‘to get stuff done’. A recent article confirmed that 27 CEOs of major companies have publicly backed the TCFD recommendations which are yet to be finalised. That stamp of approval is enormously important. When speaking about climate leadership, it cannot go without mention that there are so many influential female leaders in the climate arena, such as UNFCCC’s former and present Chiefs: Christiana Figueres and Patricia Espinosa and of course your contribution is remarkable too. What is it that makes women and climate a perfect match and what do women bring to the table? I think women have an ability to take a long-term view and in the world of climate change and climate risk this is critical. You have to be able to work hard for something that is a very long way in the future and certainly may not be achievable in your own lifetime. But you can see that this is what we must strive for, for this and future generations. There are many examples of female leaders in climate change I have been proud to work with. You’ve mentioned Christiana Figures. At CDP we have worked with her for a long time, also within our organisation we have Helen Wildsmith who has made a phenomenal impact on oil companies and how shareholder resolutions have been tabled at AGMs to ensure greater transparency and accountability for a well below 2 degree world. I think it is tough for women in climate but we believe strongly that what we are doing is the right thing and in this long-term game it does not matter that we are there for only part of the journey. It is where the journey is taking us that is paramount. Thank you and… hold that thought. We will continue this conversation in our next edition when the TCFD recommendations will be finalised. ■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 represents both CDP and CDSB to support its work leading up to the publication of the report and recommendations to the G20 in July 2017. She is also a member of the SSE (Sustainable Stock Exchanges) Initiative Advisory Working Group. Prior to joining CDP Jane 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 & 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. “CLIMATE CHANGE IS RECOGNISED BY GLOBAL BUSINESSES AS CRITICAL TO ADDRESSING LONG-TERM FINANCIAL RISKS ”FINANCE AND INVESTMENT 055