6 February 2023

10 blogs to help you prepare for compliance with TCFD recommendations


By Cervest

10 blogs to help you prepare for compliance with TCFD recommendations

Are you reporting on your climate risk this year? With climate-related financial disclosure now being mandatory for 1,300 of the UK’s biggest firms, this April many UK organizations will be required to disclose their climate-related financial risk in alignment with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.

When we interviewed decision-makers about TCFD-aligned reporting, we found some organizational challenges. These issues included companies struggling to aggregate complex data, having a limited understanding of the data, and lacking actionable intelligence. With this in mind, we’ve compiled 10 blogs to help you comply with TCFD recommendations.

1. The UK’s climate-related financial disclosure requirements are now live. Here’s what you need to know.

This April, it will be mandatory for more than 1,300 of the UK’s biggest companies to publish information about the impact of climate change on their business. By 2025, the government intends to make these regulations a requirement across the UK economy. In this article, we share the disclosure requirements and what every organization needs to know for compliance.

2. Climate risk reporting: using a Paris-aligned climate scenario

What is a climate scenario? This blog covers the different types of climate scenarios and using climate scenarios for TCFD-aligned climate risk reporting. We then dive into climate risk reporting using a Paris-aligned emissions scenario.

3. What companies can learn from the TCFD 2022 Status Report

The TCFD 2022 Status Report makes it clear that we need to get ahead with not just reporting climate risk but acting on it. In this article, we look at what companies can learn from the report and at the TCFD’s 11-point framework in more detail.

4. Why companies need to improve their TCFD-aligned climate risk reporting

The FCA report finds that across sectors, 81% of companies are confident they have complied with all TCFD recommendations. However, the analysis reveals that in reality, this is not so. Based on their learnings, we highlight ways to upgrade TCFD-aligned climate risk reporting in this article.

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5. What is the TCFD and how does it affect your company?

In this article, we outline what the TCFD is and how it impacts organizations. We cover a brief history of the TCFD, who supports TCFD-aligned disclosure, how relevant the TCFD is to companies, what the TCFD recommendations mean for the future of climate-related financial disclosures, and the best ways to use climate intelligence to comply with TCFD recommendations.

6. Get ready for TCFD reporting with EarthScan

Did you know that 60% of climate risk reports do not meet TCFD criteria? We interviewed 800 decision-makers about reporting and compliance. Our infographic covers what we found and highlights ways EarthScan™ can help organizations prepare for TCFD-aligned reporting.

7. Climate-related financial disclosure: what time periods should my company use?

The TCFD provides the framework for companies reporting on climate-related risks and opportunities over various time spans: the short, medium, and long-term. Businesses are also required to set these time periods for themselves. In this article, we explain how to select time horizons that are relevant to your business, and categorize risks accordingly.

8. Understanding asset risk for UK climate-related financial disclosure

Under the TCFD framework, companies must detail their climate-related risks and opportunities and the financial implications of them over various time periods. Firms must also look closely at climate risk across their assets and portfolios. This article shares more information about understanding the risk of individual assets for UK climate-related financial disclosure.

9. Why do companies face barriers to disclosing climate-related asset risk

Climate change is accelerating and with this comes increased pressure from regulators and investors to be transparent and report fully on the financial impacts. This article covers the barriers many companies face when reporting, why understanding climate-related asset risk is crucial for disclosure, and how climate intelligence (CI) is a key component for success.

10. Infographic: Europe trails Asia Pacific in TCFD supporters’ table

An analysis by Cervest provided insights about companies supporting the TCFD framework. Though the TCFD has growing support worldwide, the trends that were discovered from the review showed that Asia Pacific showed more supporters by region (41%) – see our infographic for more detail. Wherever a company is based, it will likely have to report on climate risk in line with the TCFD’s recommendations in the near future.

Access to science-backed, decision-useful climate intelligence can help organizations with reporting and compliance. EarthScan and its rating system, Cervest Ratings™, allows decision-makers to gain valuable climate risk insights on all assets and portfolios. With Cervest Ratings, customers can screen, compare, and prioritize their assets for climate-related risk across multiple climate scenarios, time horizons, and hazards, simultaneously – helping with climate risk reporting and compliance.

Download this ebook to deepen your understanding of climate-related financial disclosure.

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