Strategic Focus: TCFD Reporting Reality Check

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Executive Summary

Support for the Task Force on Climate-Related Financial Disclosures (TCFD) continues to grow. However, the recent 2022 TCFD ‘Status Report’ highlighted new and old challenges that preparers are facing. With the framework now serving as the backbone for climate-related disclosure rules all over the world, corporates will need to look for consulting and software partners to overcome TCFD reporting challenges and withstand the reputational, investor and competitor pressure. This report should be leveraged by executives in ESG and sustainability and finance functions to enhance their TCFD data collection and reporting ahead of the upcoming regulations.

Table of contents

TCFD Reporting Reality Check
TCFD Support Is Increasing Worldwide As New TCFD+ Regulations Arise
TCFD-Aligned Disclosed Information Is Growing, But Firms Are Still Selective On What To Disclose
Software Solutions And Consulting Services Can Support Corporates With TCFD Alignment
Challenges Associated With Disclosing Under The TCFD
Vendors Can Look For Partners To Support Their TCFD Data Preparedness And Disclosures

Table of figures

Figure 1. Most Significant Rules Or Frameworks To Increase Corporate Spend Over The Next Two Years
Figure 2. The TCFD Recommendation Framework

About the authors

Alessandra Leggieri

Analyst

Alessandra Leggieri is a research analyst specialised in ESG & Sustainability. Her background is in Biology (BSc Imperial College London), with a focus on Environmental Sciences. Prior to joining Verdantix she completed a Master's degree in Environmental Technology with Distinction. Her thesis project looked at biodiversity-friendly pest management decisions in communal gardens, which involved a collaboration with the Royal Borough of Kensington and Chelsea. She has experience with both quantitative and qualitative data analysis, using R and NVivo.

Kim Knickle

Research Director, ESG & Sustainability

Kim leads the Verdantix ESG & Sustainability practice, addressing business challenges and priorities in ESG and sustainability through technology and services. Her current research agenda focuses on ESG regulatory and market drivers, sustainability reporting, risk management, supply chain sustainability, circular economy, social impact.  Knickle has worked for more than 20 years in the IT industry, providing research and analysis to help companies invest wisely in new technologies. Before joining the analyst industry, she held various roles in IT services, engineering, and product safety testing, beginning her career at Underwriters Laboratories, Inc.  Knickle holds a MBA from Boston University and a BS in electrical engineering from Cornell.

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