Newsletter: France’s Central Bank Publishes First TCFD Report

Four Twenty Seven's monthly newsletter highlights recent developments on climate risk and resilience. This month we highlight the French Central Bank's climate risk assessment, discuss climate risk in real estate and share progress updates on the EU action plan. 

In Focus: Banque de France Publishes First Art. 173 Report
Banque de France, France's central bank, released a comprehensive analysis of climate risk in its portfolio on March 12. The assessment aligns with both Article 173 and the Task Force on Climate-related Financial Disclosures' recommendations. It includes an analysis of physical climate risk exposure in Banque de France's equity, debt and sovereign bond portfolios, provided by Four Twenty Seven.

This report is part of a broader effort by a number of central banks to lead by example and demonstrate how financial institutions need to assess their portfolios' exposure to climate risk. Banque de France is a founding member and provides the Secretariat for the central bank and supervisor Network for Greening the Financial System (NGFS), which focuses on strengthening the global response required to meet the goals of the Paris agreement and manage climate-related risks. 
Read the Report
Real Estate Investors Tackle Climate Risk

Climate Risk and Real Estate Investment Decision-Making

This report explores the evolving understanding of climate risk in real estate, sharing current best practices for measuring and managing risk. The Urban Land Institute and Heitman, a real estate investment management firm, surveyed over 25 investors and investment managers globally on their efforts to integrate climate risk into their investment decisions. Their strategies include mapping physical risk for current portfolios, integrating climate risk into due diligence efforts, exploring ways to mitigate risk and engaging with policy makers on resilience-building efforts.

The report also highlights Four Twenty Seven's asset-level risk screening of Heitman's real estate portfolio and the Four Twenty Seven and GeoPhy analysis of climate risk in REITs. The Washington Post recently cited the report, emphasizing the regional initiatives focused on building resilience to climate impacts and their implications for investors, while a Forbes article, discusses the findings in terms of the economic impacts.

Further Reading

Continued Progress on the EU Action Plan

Respond to the European Commission's Consultation on Disclosure 

The European Commission has released a consultation soliciting expert feedback on their draft supplement integrating climate change into the Non-Financial Reporting Directive (NFRD), based on the Technical Expert Group (TEG) on Sustainable Finance's final recommendations. This is an important step towards increasing the transparency and resilience of the financial system by creating legislation that includes physical climate risk disclosure by companies and investors. The deadline for feedback is March 20

Respond to the TEG Preliminary Green Bond Standard Recommendations

In another of its workstreams the TEG is helping the EC create an EU green bond standard. Earlier this month the TEG released its interim report, explaining the purpose of the proposed green bond standard and its suggested content. The TEG is inviting feedback which will be considered in the development of its final recommendations scheduled to be presented to the EC this June. The deadline for feedback is April 3. 
Four Twenty Seven in the News

Business and the Effects of Global Warming - The Economist

Data limitations, potential first-mover disadvantage, and complicated risk pathways all influence how companies disclose their climate risks and invest in resilience. The Economist covers challenges companies face when addressing climate risk, their wide-ranging reactions and developing solutions, citing Four Twenty Seven.

Facing Up to Climate Change - The Bond Buyer Podcast

Do bond ratings reflect governments’ and businesses’ exposure to physical climate change?  Founder & CEO, Emilie Mazzacurati, joins the Bond Buyer’s Chip Barnett to discuss physical climate risk for investors, businesses and governments. Emilie describes the financial sector’s growing awareness of material climate risk in their bond and equity portfolios and shares efforts being taken to understand and address these risks. 

Climate Change Business Journal Awards

The Climate Change Business Journal (CCBJ) released its 10th annual CCBJ Business Achievement Awards, recognizing outstanding business performance in the climate change industry. CCBJ acknowledged Four Twenty Seven’s release of the first global dataset on climate risk in real estate, developed with GeoPhy, and acknowledged the California Heat Assessment Tool. The tool was collaboratively developed as part of California's Fourth Climate Change Assessment, to help local health practitioners plan for the impacts of changing heat waves on local populations.
Upcoming Events

Join the Four Twenty Seven team at these upcoming events:

  • March 20-22 – Climate Leadership Conference, Baltimore, MD: Director of Advisory Services, Yoon Kim, will speak about the evolving landscape of climate risk disclosure.
  • March 20 – CCBJ 2018 Business Achievement Awards Ceremony, San Diego, CA: Senior Data Analyst, Josh Turner, will join this gathering to receive awards on Four Twenty Seven's behalf. 
  • March 21-22 – San Giorgio Group, Venice, Italy: Founder & CEO, Emilie Mazzacurati, will chair a panel on adaptation and resilience and will speak during a breakfast panel on adaptation finance during this gathering of climate finance experts.
  • March 22 – ICARP Technical Advisory Council Meeting, Sacramento, CA: Yoon Kim will join this quarterly meeting to present on private sector perspectives on assessing physical climate risks. 
  • April 2-3 – Climate City Expo: Business, Asheville, NC: Senior Analyst, Lindsay Ross, will join this gathering focused on innovation in climate resilience.
  • April 10-12 – RI Asia Japan, Tokyo, Japan: Hear Emilie Mazzacurati present on scenario analysis for physical climate risk and meet with Chief Development Officer, Frank Freitas, at Four Twenty Seven's booth.
  • April 8 - 19 – Japan and Australia: Meet with Emilie Mazzacurati and Frank Freitas while they're in Japan and Australia. 
  • April 13-16  – APA National Planning Conference, San Francisco, CA: Yoon Kim, and Director of Analytics, Nik Steinberg, will speak on a panel called, "Beyond Vulnerability: Innovative Adaptation Planning."
  • April 23-25 – National Adaptation Forum, Madison, WI: Yoon Kim will speak about integrating public health into climate adaptation and Editor, Natalie Ambrosio, will present on local adaptive capacity from a private sector perspective.
  • April 29 - May 1  – Ceres Conference 2019, San Francisco, CA: The Four Twenty Seven team will join investors and corporations at this annual gathering.
  • June 11 - 12 – RI Europe, London, UK: Hear Emilie Mazzacurati present on scenario analysis for physical climate risk and meet with Director, Europe, Nathalie Borgeaud, at Four Twenty Seven's booth.
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