Globe formally joined the globally-recognized Task Force on Climate-Related Financial Disclosure (TCFD) as part of its commitment to mitigating the impact of climate change through a science-based, numbers-backed report.
Together with more than 1,800 companies across 78 countries, Globe expressed support for the framework set by TCFD and vowed to abide by its recommendations towards effective climate-related disclosures. This will increase transparency on climate-related risks and opportunities within financial markets.
“As Globe strives to become a sustainability champion, not only in the Philippines but across the world, we commit to do our part in mitigating risks starting with our organization. Supporting the TCFD is one of the crucial steps towards that direction,” said Yoly Crisanto, Chief Sustainability Officer and Senior Vice President for Corporate Communications at Globe.
The TCFD provides market participants with recommendations to address the financial impact of climate change on their businesses. By increasing transparency on financially material climate-related risks and opportunities, the investing public can make informed financial decisions.
Widespread implementation of the TCFD recommendations will also help provide 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.
Companies implementing the TCFD recommendations will have:
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.
Aside from the TCFD, Globe has also adopted different reporting frameworks promoting climate-sensitive reporting that will help clients and even the company manage its priorities.
In December last year, Globe disclosed its environment footprint, strategy, and impact through the Carbon Disclosure Project (CDP), a global non-profit organization that runs the world’s leading environmental disclosure platform, and was given a B- rating for its climate change action. CDP issues a score from A to F, depending on the organization’s environmental performance.
Globe’s support for sustainability initiatives is already evident in its recent commitments and activities such as the Race to Zero global campaign led by the United Nations Framework Convention on Climate Change (UNFCCC).
The telco giant also operates an Environmental Management System which is compliant with ISO 14001:2015; Occupational Health and Safety ISO 45001:2018; and Business Continuity Management System ISO 22301:2012.
Moreover, Globe deployed nearly 7,000 Green Network Solutions such as fuel cell systems, direct hybrid generators, free cooling systems, and lithium-ion batteries to reduce its carbon footprint while opting for renewable energy solutions like solar panels and fuel cells within its operations. Seven Globe offices and sites are now running on clean energy.
Further, Globe was able to collect more than 1.2 million kilograms of electronic wastes (e-wastes) since it started its program on responsible disposal of waste materials and successfully had them recycled by its Singapore-based TES-AMM facility.
As a purpose-driven company, Globe remains committed to the 10 UN Global Compact principles and contributes to the UN Sustainable Development Goals.
To learn more about Globe’s sustainability efforts, visit https://www.globe.com.ph/about-us/sustainability.html