LCK joins more than 2,000 organisations globally in publicly supporting the TCFD recommendations
July 2021: Leigh Creek Energy has declared its support for the Task Force on Climate-related Financial Disclosures (TCFD), joining more than 2,000 organisations in building a more resilient financial system and safeguarding against climate risk through better disclosures.
The TCFD, chaired globally by MichaelBloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, provides investors, lenders and companies with recommendations to address the financial impact of climate change on business. By increasing transparency on financially material climate-related risks and opportunities it provides more informed financial decision-making .
Supporters of the TCFD span the public and private sectors and include national governments, central banks, stock exchanges, credit rating agencies, financial organisations and public and private sector businesses across a broad range of industries.
Managing Director of Leigh Creek Energy, Phil Stavely, said, “Supporting the task force is part of our process to ensure transparency in our practices and reporting on our current and future climate related targets . The team has a strong ESG focus to meet these targets under the task force to help build a more resilient financial system.”
“The Leigh Creek Energy Project will be the lowest-cost sovereign producer of urea, providing additional security to a critical product for the Australian agricultural sector. We will be the only urea producer to be carbon neutral by 2030 and has a comprehensive environment, social and governance strategy to achieve this. Leigh Creek Energy’s practices will be guided by the TCFD which will provide a rigid and consistent framework for stakeholders to understand the risks associated with climate change.”
Widespread implementation of the TCFD recommendations will provide investors, lenders and insurance underwriters with consistent and relevant information to understand the economic risks and opportunities resulting from climate change. Increased disclosures in line with the recommendations across sectors and geographies will help global markets make more efficient capital allocation decisions and adjust appropriately to the disruptive effects of global climate change.
Implementing the TCFD recommendations provides companies with:
- Easier or better access to capital by increasing investors’ and lenders’ confidence that climate-related risks are appropriately assessed and managed,
- Better ability to meet existing disclosure requirements by reporting material information in financial filings,
- Increased awareness and understanding of climate-related risks and opportunities, resulting in better risk management and more informed strategic planning, and
- The ability to proactively address investors’ demand for climate-related information in a framework that investors are increasingly asking for.
About Leigh Creek Energy
The Leigh Creek Energy Project (LCEP) is Leigh Creek Energy’s (ASX:LCK) flagship project, developing low-cost nitrogen-based fertiliser for local and export agriculture markets. Located in South Australia, 550 kilometres north of Adelaide, the LCEP will initially produce 1Mtpa (with potential to increase to 2Mtpa) of urea using LCK’s 1,153PJ 2P gas reserves.
About the Task Force on Climate-related Financial Disclosures
On December 4, 2015, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair. The Task Force currently has four Vice Chairs and 31 members in total. The TCFD was asked to develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders, which were published in the TCFD Recommendations Report on June 29, 2017. More information about the TCFD can be found at www.fsb-tcfd.org.