Strategic Focus: Mastering TCFD Disclosures
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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.
Table of contents
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
Table of figures
Figure 1. The TCFD Recommendations FrameworkFigure 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
Organisations mentioned
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, XDIAbout the authors
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