The United Nations Climate Change Conference hosted in Paris in 2015 saw the launch of the Task Force on Climate-related Financial Disclosures (TCFD), which sets out to develop voluntary, consistent climate-related financial risk disclosures. In 2017, the TCFD published specific recommendations for putting these disclosures into practice, which companies can use as a guideline to inform investors, lenders, insurers, and other interest groups about the risks climate change presents for their business model. Deutsche Telekom welcomes the aims behind the TCFD, and we are currently investigating how we can put its specifications into practice as part of our existing and future climate protection measures.
In a workshop in December 2018, we established potential means for aligning our reporting on climate-related financial risks with the recommendations issued by the TCFD. A project concept is being drawn up for further development. Besides risks, climate change also opens up opportunities for ICT companies, and thus for Deutsche Telekom’s business model, because our products and services are helping our customers reduce their carbon footprint and the emissions they produce. We record these positive effects in our Enablement Factor KPI.
The participants at our first internal TCFD workshop included representatives from the Strategy, External Reporting/Accounting, Investor Relations, Controlling, Risk Management, and Corporate Responsibility departments. We made a conscious effort in this case to involve the most important departments in the process at an early stage, thereby laying the foundations that will enable us later to promptly implement the commonly defined measures in all steering-related areas within the company.
To identify and subsequently integrate the appropriate measures into the existing approaches adopted by Controlling and Risk Management, we will also enter into intensive discussions with all relevant internal stakeholders. In this way, we will ensure that all TCFD-related activities are in line with our business processes and our new climate strategy.