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08 June 2021

TCFD consults on updates to its 2017 recommendations


When the Task Force issued its final recommendations in 2017, "it was aware of the limitations of reporting certain metrics as well as the nascency of climate-related reporting at the time, and anticipated that metric disclosure would evolve as climate-related financial reporting matured".

The Task Force on Climate-related Financial Disclosures (TCFD) set up by the Financial Stability Board (FSB) to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders is consulting on updates to its final recommendations on climate-related financial disclosures as disclosure practices and the use of disclosures by financial and non-financial organisations have continued to progress since 2017.

The introduction to the consultation notes that when the Task Force issued its final recommendations, "it was aware of the limitations of reporting certain metrics as well as the nascency of climate-related reporting at the time, and anticipated that metric disclosure would evolve as climate-related financial reporting matured". The developments especially noted are around global standard convergence:

In response to these developments, progress around certain metrics and newly identified areas warranting additional guidance, the TCFD has developed its Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans to serve two purposes:

  • to provide general guidance for organisations seeking to establish relevant metrics, targets, and transition plans around their climate-related risks and opportunities, and
  • to propose specific changes to the guidance for all sectors and supplemental guidance in the 2017 final report and in the guidance on implementing the recommendations.

Comments on the proposed guidance, which comes with an associated Measuring Portfolio Alignment: Technical Supplement, are requested by 7 July 2021. The Task Force will take the consultation responses into consideration when releasing final guidance in the fall of 2021. Please click to access both documents on the TCFD website.

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