Home News Interim Secretariat Expands to Include United Nations Development Program

Interim Secretariat Expands to Include United Nations Development Program

Interim Secretariat Expands to Include United Nations Development Program

The Task Force on Inequality-related Financial Disclosures (TIFD), a global collaborative effort to develop a systemic risk management framework that can reduce socio-economic inequality created by the private sector, today announced that the United Nations Development Programme (UNDP) has joined the Interim Secretariat.

The announcement will be formally made at TIFD’s second Global Allies Meeting on November 3, where TIFD stakeholders from civil society, financial institutions, companies, academia, and governments will gather to learn about updates on the development of TIFD and deliberate on the next steps based on lessons from other frameworks.

Established in 2021, the TIFD Interim Secretariat comprises the Argentine Network for International Cooperation (RACI), Predistribution Initiative (PDI), Rights CoLab, the Southern Centre for Inequality Studies (SCIS), and now the UNDP. Each of these organizations has experience working with a variety of stakeholder groups, including investors, to address inequality. The Interim Secretariat continues to evaluate opportunities to integrate diverse representation into the governance of the framework.

The broader TIFD coalition also includes the 70+ organizations that have signed on as TIFD Allies, signaling their support for TIFD’s work. Allies and other stakeholders may also choose to participate in one or more working groups.

“UNDP brings an important perspective on international development and the diverse economic needs of communities around the world, including through their leadership in helping countries make progress on the Sustainable Development Goals (SDGs),” said the TIFD Interim Secretariat in a joint statement. “Additionally, UNDP’s experience working with policymakers and regulators, as well as through international partnerships, makes them an ideal partner in TIFD’s work to build the broad coalition of market actors needed to co-create a TIFD framework.”

“We are excited to work with TIFD to explore how inequality-related risks can quickly translate to business risks and develop tools to help manage and reduce these systemic risks from negatively impacting corporates and investors,” said Marcos Neto, Director at UNDP’s Sustainable Finance Hub.

Additionally, Pedro Conceicao, Director of the Human Development Report Office at UNDP, remarked: “Firms, workers, and governments share an interest in operating in social contexts where people can thrive and feel secure. This is reflected, for instance, in many social insurance initiatives, to which all three contribute, so that people can better cope with economic volatility. With some inequalities in human development persisting or increasing, it is timely to have a reflection on the implications of these inequalities for financial risk, as well as on how to account for and disclose these risks.”

TIFD is inspired by similar efforts to address climate-related risks via the Task Force on Climate-related Financial Disclosures (TCFD) and nature-related risks via the Task Force on Nature-related Financial Disclosures (TNFD), and aims to be interoperable with these frameworks, as well as other leading frameworks including the International Sustainability Standards Board (ISSB), Global Reporting Initiative (GRI) and European Sustainability Reporting Standards (ESRS).

Alongside investors, companies, and other stakeholders, TIFD is intentionally engaging with those most affected by inequality, particularly civil society organizations and individuals representing marginalized groups across both the Global North and Global South. To drive progress beyond disclosure, TIFD will also provide guidance on thresholds, targets, and metrics for companies and investors to measure and manage their impacts on inequality and inequality’s effects on company and investor performance.

The TIFD framework will help businesses, investors, regulators, policymakers, and other market actors to identify enterprise-level risks, systemic and systematic risks, and salient human rights risks. This inclusive design process ensures that TIFD will be able to adapt to different stakeholder needs and interpretations of materiality as the market evolves.

Fiscal Stimulus Bolsters US Economic Growth in Q1, Fastest GDP Growth Since 2003

The second-fastest gross domestic product growth since the third quarter of 2003, reported by the Commerce Department on Thursday, left output just 0.9% shy of its level at the end of 2019.

US Economy Grew Robustly in First Quarter

GDP grew at a 6.4% annual rate in the quarter, leaving the economy within 1% of its peak.

Asia-Pacific Markets Broadly Lower As Investors Turn Cautious

Asia-Pacific markets struggled for gains Friday as investors turned cautious, despite a positive finish stateside in the previous session.

World Shares Near Record High on Strong US Economic Data and Earnings

US economic growth accelerated in the first quarter, fuelled by massive government aid.

How the US Won the Economic Recovery

I looked for a country that got the economic response to Covid-19 right. I found the US.

Barclays Boss Predicts Biggest Economic Boom Since 1948

The UK is about to experience its biggest economic boom since the aftermath of World War Two, according to Barclays boss Jes Staley. His upbeat...

Buying American Is Easier Said Than Done: Will Biden’s Plan Juice the US Economy?

Joe Biden and Donald Trump don't agree on much, but this much they do: We should buy American products. But that's easier said than done.

Silver Down As Dollar and Yields on Bonds Rose as US Economy Advanced

Benchmark U.S. 10-year Treasury yields hovered near a more than two-week high, increasing the opportunity cost of holding non-yielding bullion.

Yellen Doesn’t See Biden Plan Creating Inflation ‘Issue’

President Joe Biden’s economic plan is unlikely to create inflation pressure in the U.S. because the boost to demand will be spread over a decade, said Treasury Secretary Janet Yellen.

Inflationary Pressure, Hawkish Fed Official Remarks Keep US Stocks on Leash

Dow added 2.4%, the S&P 500 gained 5.6%, and the Nasdaq jumped 7%. Dow was down 0.54% at 33,875 while the S&P was down by 0.72%. Nasdaq was down by 0.85%.