Task Force for Climate-Related Financial Disclosures (TCFD)
The TCFD sets international standards for implementing financial sustainability disclosure.
What do I need to know?
The Financial Stability Board (FSB) created the Task Force for Climate-Related Financial Disclosures (TCFD) to develop recommendations on the types of information companies should disclose to help investors, lenders, and insurers appropriately assess and price a particular set of risks related to climate change.
The TCFD recommendations are not law and they have no jurisdiction. The Task Force is a body under the Financial Stability Board (FSB), a respected international body that monitors and makes recommendations on the global financial system. The goal of the TCFD is to make sustainability a central part of the financial world. Countries around the world have already begun to implement the recommendations as part of their financial legislation, and the United Kingdom has based its Greening Finance Strategy on the TCFD's recommendations.
This proposes four areas for action:
- Risk management
- Metrics and targets
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The GreenHouse Gas Protocol (GHGP) is the most highly regarded standard for reporting CO2e emissions.
The Science Based Targets Initiative is an international, private sector-driven organization that encourages companies to commit to science-based targets to ensure a strong collaborative effort.