Climate change is a systemic risk for the country’s economic development. Thus, TCFD recommendations provide the tools to carry out a profound transformation from the market, guaranteeing sustainable economic development that is much more resilient to climate dangers.

As a follow-up to the series of a workshop series that begun last year, Philipp Mettenheimer, Director of Financial Services at Oliver Wyman, held an additional workshop on November 3. It focused on the importance of governance and the management of physical and transition risks, for financial decision-making.

The financial expert mentioned that “disclosing the organization’s governance around climate risks and opportunities is essential if the TCFD programme is to be successful.” Establishing priorities in the sustainability of company activities is a main element for climate risk management and the disclosure of environmental, social and government information.

Phillip Mettenheimer emphasised the importance of incorporating climate risks comprehensively in companies and encouraged the participants, mentioning that companies such as Fibra UNO (FUNO) are already incorporating the TCFD recommendations into their disclosure.

Meanwhile, Ana Karen Mora and Jessica Pelcastre, Director of Sustainability and Foundation at Fibra Uno; Jessica Pelcastre: Coordinator of Sustainability at Fibra Uno, presented the challenges and opportunities they have had in integrating the TCFD recommendations on climate risk management. They also presented their experience applying and defining the risks, and determining a cost for each one.

It is important to point out that Fibra UNO (FUNO’s) market is diverse, representing a challenge to define, measure and pay for the impact of the effects of climate change on its portfolio. However, today they have a “resilient portfolio”, which will allow them to make their business more sustainable and resilient to climate change, in the medium and long term.

If you want to know more about the case of FUNO and TCFD, take a look at the video of the TCFD Mexico Consortium sessions; you can also visit the Twitter accounts of the TCFD Mexico Consortium and GIZ Mexico, where we will share information about the next workshops and Consortium activities.