Strategic Focus: First Mandatory UK TCFD Disclosures Reveal Focus On Climate Preparedness
Connor Taylor
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Executive Summary
From April 2023, over 1,300 of the UK’s largest businesses have been required to disclose information aligned with the Task Force on Climate-related Financial Disclosures (TCFD) in their annual reports. This Strategic Focus provides a thematic overview of these TCFD-aligned disclosures. The disclosures show that firms have focused on developing the necessary governance and risk management structures to manage climate change, but are reticent to disclose detailed, forward-looking information concerning business resilience. Executives should use this report to identify current disclosure trends, and to inform their own climate disclosure strategies.All four areas of TCFD disclosures suffer from a lack of reporting norms
Governance disclosures are explicit on climate change roles, responsibilities and pay
Strategy disclosures reveal a focus on risk quantification, rather than business resiliency
Risk management disclosures show climate change integration at an enterprise level
Metrics and targets disclosures demonstrate challenges with climate risk targets
Figure 2. Materiality allowances reveal considerable disclosure flexibility
Figure 3. Governance disclosures best practice examples
Figure 4. Strategy disclosures best practice examples
Figure 5. Risk management disclosures best practice examples
Figure 6. Metrics and targets disclosures best practice examples
About the Authors
Connor Taylor
Principal Analyst
Connor is a Principal Analyst at Verdantix. He focuses on delivering research to help senior executives navigate decarbonization decision-making and build effective strategies...
Ryan Skinner
Research Director
Ryan is a Research Director at Verdantix, where he leads a team of analysts delivering research, data and advisory services that help clients navigate the fast-evolving landsc...
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