[xxii] As a result, the International Monetary Fund (IMF) for example recently downgraded its outlook for 2019, with global growth now looking to be about 3 per cent this year. [xxiii] In the euro area we are also seeing protracted weakness. Both hard and soft data for the second half of the year point to continuing, moderate growth.
The third is the disclosure of climate-related financial risks. In this regard, the Task Force on Climate-related Financial Disclosures, or TCFD, was created in 2015, to develop climaterelated financial risk disclosures. In the final report by the TCFD released in 2017, a proposal was made on the basic elements to be disclosed regarding the impact of climate change on finance.