The Financial Regulatory Authority (FRA) held a training programme titled ‘Task Force on Climate Related Financial Disclosures’ (TCFD) for companies operating in the non-banking financial sector, in cooperation with the Frankfurt School of Finance Management.
This comes in line with the trends of the Egyptian state preparing to host the UN Conference of Parties on Climate Change (COP27) in Sharm El-Sheikh this November.
The training programme came within the framework of the FRA’s keenness to keep pace with international best practices and the latest trends and work methods in developing the capabilities of companies licensed to engage in non-banking financial activities to prepare and submit disclosures on the financial effects of climate change on their activities and businesses.
Held online, the meeting was attended by representatives of all companies operating in the non-banking financial sector and listed all the requirements for preparing reports in accordance with international best practices related to disclosures on the financial effects of climate change.
Chairperson of the FRA Mohamed Farid said that the programme is based on the authority’s responsibility towards building and developing the capabilities of companies operating in the non-banking financial sector to help these companies provide disclosures about environmental, social, and government practices related to sustainability and the financial effects of climate change in accordance with decisions No. 107 and 108 for 2021 of the authority.
Companies operating in the field of non-banking financial activities whose issued capital or net equity is over EGP 100m are obligated to fulfil the disclosures related to environmental, social, and government practices.
Farid also stressed the importance of environmental, community, and government disclosure reports related to sustainability and standards related to climate change, which is gaining momentum in light of the growing interest of international institutions to invest in products related to climate and sustainability.