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 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 
 

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, XDI

About the authors

Kim Knickle

Research Director, ESG & Sustainability

Addressing business challenges and priorities in ESG and sustainability through technology.

Specialties: manufacturing and retail industry subject matter expert, thought leadership, storytelling, emerging technology research and analysis (cloud, artificial intelligence, augmented and virtual reality, computer vision, IoT), sales enablement, competitive and SWOT analysis, market research, research operations.

Connor Taylor

Analyst
Connor is a Technology Analyst in the ESG & Sustainability practice. His current research agenda focuses on emerging software solutions across financial markets, and broader market trends in the ESG space. Connor joined Verdantix in 2021 and has experience in EHS technology sales and development. He holds a B.A from Cambridge University in Anglo-Saxon, Norse and Celtic.

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