The Final Recommendations from the Taskforce on Climate Related Financial Disclosures (TCFD) commissioned by the Financial Stability Board have been published. The TCFD press release (pdf) includes links to a summary of changes and clarifications since the draft report. The three key documents published are the final report, annex on implementation and technical supplement on scenario analysis. The full material published are:
- Final Report: Recommendations of the Task Force on Climate-related Financial Disclosures (pdf, 74 pages),
- TCFD: Overview of Recommendations, June 2017 (pdf, 16 pages),
- Summary of Key Changes and Clarifications to the TCFD Report and Annex (June 2017) pdf.
- TCFD Final Report FAQs (pdf, 5 pages),
- Annex: Implementing the Recommendations of the Task Force on Climate-Related Financial Disclosures (full pdf here, 85 pages)
- Technical Supplement: The Use of Scenario Analysis in Disclosure of Climate-related Risks and Opportunities (June 2017) (full pdf here, 42 pages)
The Financial Stability Board welcomes publication: in an FSB press release (pdf) welcoming the recommnedations, Mark Carney, FSB Chair, said: “The Task Force’s recommendations have been developed by the market for the market. They set out the disclosures that a wide range of users and preparers of financial filings have said are essential to understanding a company’s climate-related risks and opportunities. Widespread adoption will provide investors, banks and insurers with that information, helping minimise the risk that market adjustments to climate change will be incomplete, late and potentially destabilising.”
100 CEOs sign statement of support for recommendations. The CEOs and business leaders from across sectors signed a statement to “affirm our commitment to support the voluntary recommendations of the industry-led FSB TCFD. We believe that climate change will have significant impacts across many sectors and that we, as business leaders, have an important role to play in ensuring transparency around climate-related risks and opportunities. We encourage other business leaders to join us in this united effort to improve disclosure across sectors and regions. The Task Force’s recommendations will catalyze more consistent, comparable, and reliable disclosure of climate-related information that will facilitate more informed business and investment decision-making.”
For more background you can read my pre-launch Chronicle from 28 June on this website.