Edmonton has joined Vancouver, Toronto and Montreal in being the first Canadian cities to commit to disclosing its climate-related financials (unaudited), contributing to Canada’s leadership in municipal climate risk disclosure. The information will be found in future editions of the Financial Annual Report.
Discussion of disclosing this type of information began in 2015 globally, and was initially focused on the business community.
The Task Force on Climate Related Financial Disclosure (TCFD) provides recommendations and guidelines on disclosing information related to climate change risks and opportunities in a clear and consistent way. This type of disclosure helps to ensure that the effects of climate change are being considered in decision-making processes.
By following the recommendations of the TCFD and disclosing this information, the City of Edmonton is showing leadership and transparency in factoring climate change into business and decision-making processes.
Like a financial budget shows revenues and expenses, a carbon budget indicates limits set for carbon emissions minus actual emissions. Edmonton is now developing a carbon accounting framework that will enable a rigorous and systematic means to account for carbon emissions on an annual basis. While carbon financials have not been prepared in time for the 2020 Report, the commitment to do so is significant. (Read chapter four of the Report for complete information.)
Climate change poses serious risks to many areas of our community, including built infrastructure, natural environment, public health and safety and our economic systems. Disclosing climate change risks and opportunities can foster a better understanding of these effects, and enable us to build a more sustainable and resilient city. Learn more about TCFD.
Editor’s note: the pic at the top of the post shows the Whitemud Freeway flooded by water, snow and ice.