Strategic Focus: Mastering TCFD Disclosures

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

About the Authors

Kim Knickle

Kim Knickle

Research Director, ESG & Sustainability

Kimberly Knickle is Research Director of the ESG & Sustainability practice at Verdantix. Her research areas encompass ESG regulations and reporting, ESG risk, supply chain…

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Connor Taylor

Connor Taylor

Senior Analyst

Connor is a Senior Analyst in the Verdantix Net Zero & Climate Risk practice. His current research agenda focuses on carbon management software, climate change consulting …

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