French blue-chips back climate risk disclosure code

PARIS - France's blue-chip CAC-40 companies threw their support behind global recommendations on climate risk disclosures, a major Paris business organisation said on Saturday.

All 40 companies on the benchmark index endorsed the code developed by the international Task Force on Climate-related Financial Disclosures (TCFD), Paris Europlace said.

The pledge came as President Emmanuel Macron and British Prime Minister Boris Johnson co-hosted an online U.N. event marking the fifth anniversary of the adoption of the Paris Agreement on climate change.

"We have very little time before us," Macron told the meeting. "We need immediate action."

The TCFD, established by the global Financial Stability Board, in 2017 published voluntary disclosure principles designed to inform investors of climate-related financial risk.

Despite supportive corporate statements, however, the level of climate risk disclosure in practice remains inadequate, the task force recently warned.