MANILA, Philippines — Internet provider Converge ICT Solutions Inc. will soon report the climate risks and opportunities it faces after joining an international movement to strengthen the capital market through environmental transparency.
According to Converge CEO and co-founder Dennis Anthony Uy, the firm has joined more than 3,100 companies worldwide that will disclose the climate risks they face as recommended by the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD).
Uy said adhering to the TCFD proposals on disclosures allows Converge to manage its risks as an enterprise operating in one of the most vulnerable countries to climate change.
“The sea level rise, stronger and more frequent typhoons and rising temperatures will all have an impact on our business and on the Filipino people. Supporting the TCFD means that we will be able to better plan for the future and adapt our business to manage these risks,” he said.
Converge chief strategy officer Benjamin Azada said investors are also becoming concerned for the future of their investments in the face of climate hazards.
“By progressively adopting TCFD’s recommendations over time, we will get better at disclosing the specific climate-related risks and opportunities facing Converge,” Azada said.
In particular, Azada said Converge would come up with its gap analysis and readiness assessment using TCFD’s framework, after which the internet provider will build on its reporting capabilities toward disclosing its climate risks.