Strategic Focus: Mastering TCFD Disclosures

Kim Knickle

Kim Knickle

Connor Taylor

Connor Taylor

15 Dec, 2021

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Executive Summary

Support for the Task Force on Climate-related Financial Disclosures (TCFD) has exploded since its establishment in 2015. With the recent release of the 2021 TCFD ‘Status Report’, firms wishing to disclose against the TCFD recommendations are now faced with a series of challenges surrounding how best to integrate these recommendations into broader ESG strategies, what best practice looks like, and which services, projects and technologies they should invest in to lay the groundwork for TCFD success. A growing number of firms are facing regulatory pressure to align with the TCFD; this report should therefore be leveraged by executives to inform current TCFD strategies, to ensure that they are prepared as TCFD disclosure becomes mandatory.

The Momentum Behind TCFD Disclosures 
The Updated TCFD Recommendations Framework
TCFD Support in 2021
Current TCFD Disclosure Strategies

TCFD Alignment: A Question Of When, Not If 
The Barriers to TCFD Adoption
Mounting Pressure To Align with TCFD Recommendations

Building Strong Foundations For Future TCFD Success 
Identifying And Implementing TCFD Best Practice
The Consulting Services Firms Ecosystem
Firms Should Leverage Technology To Support TCFD Strategies

Figure 1. The TCFD Recommendations Framework 
Figure 2. TCFD Cross-Industry Metrics 
Figure 3. Leading Countries By Number Of TCFD Supporters 
Figure 4. TCFD Supporters By Industry (US) 
Figure 5. The Percentage Of Corporate Preparers Disclosing Against Specific Recommendations 
 
Bain & Company, Accenture, Anthesis, Aptar, ArcelorMittal Brasil, AstraZeneca, Baringa Partners, BCS Consulting, Benchmark Digital, BlackRoc, BlackRock, BP, BRK Ambiental, Carbon Disclosure Project (CDP), Carbon Tracker, Cevian Capital, Cisco, Climate Disclosure Standards Board (CDSB), Climate IQ, Climate Risk Review, Coca-Cola, Cority, Corporate Sustainability Reporting Directive (CSRD), CSRware, Datamaran, Deloitte, Diginex Solutions, Diligent Corporation, EMEX, Enablon, Envizi, ERM CVS, European Union (EU), EY, FigBytes, Financial Conduct Authority (FCA), Financial Stability Board (FSB), FTSE, General Motors, GHG Protocol, Global Reporting Initiative (GRI), Honeywell, Institutional Shareholder Services (ISS), Intelex, International Financial Reporting Standards (IFRS) Foundation, International Integrated Reporting Council (IIRC), International Sustainability Standards Board (ISSB), Intertek, IsoMetrix, KPMG, London Stock Exchange Group (LSEG), Manifest Climate, McKinsey, Mercury, Microsoft, National Grid, NAVEX Global, Persefoni, PwC, Qlik, Quentic, Reckitt Benckiser, Schneider Electric, Science Based Targets initiative (SBTi), SGX, SINAI Technologies, Sphera, Standard & Poors, Sustainability Accounting Standards Board (SASB), Tableau, Task Force on Climate-related Financial Disclosures (TCFD), Tesco, Tokyo Stock Exchange, UL, UN Principles for Responsible Investment (PRI), Unilever, United Nations Framework Convention on Climate Change (UNFCCC), United Utilities, VelocityEHS, Workiva, XDI

About the Authors

Kim Knickle

Kim Knickle

Research Director

Kim Knickle is a Research Director at Verdantix, bringing more than two decades of analyst experience to the evolving world of sustainability. Her current research spans ESG a...

Connor Taylor

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...

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