TCFD Climate Risk Reporting & Disclosure Support

The four pillars

Built around the TCFD framework

Governance

Board oversight and management of climate-related risks and opportunities.

Strategy

The impact of climate risk on your business, strategy and financial planning.

Risk management

How you identify, assess and manage climate-related risks.

Metrics & targets

The metrics and targets used to assess and manage performance.

The framework

What is TCFD?

The Task Force on Climate-related Financial Disclosures (TCFD) is a framework launched by the Financial Stability Board (FSB) in 2015. The recommendations of the TCFD provide guidance to organisations on disclosing the financial impact of climate-related risks and opportunities. The recommendations consider four core disclosure elements:

Governance over climate-related risks and opportunities.
Strategy - how climate change has the potential to impact business strategy and financial planning. Scenario analysis is recommended as a tool under this element.
Risk management - process for identification, management, and integration of potential climate-related risks.
Metrics and targets associated with climate-related risks and opportunities, including disclosure of Scope 1, 2 and relevant Scope 3 greenhouse gas emissions, and progress to targets.

The four core elements of the TCFD recommendations: governance, strategy, risk management, metrics and targets

Image source: TCFD 2017

Mandatory reporting in the UK

Since 6 April 2022 this is a mandatory reporting framework in the UK for:

Organisations currently required to produce an annual non-financial statement (e.g. traded companies, banks and insurers with over 500 employees)
UK-based AIM companies with 500 or more employees
LLPs and non-listed companies with 500 or more employees and a turnover of more than £500M

Our support

Cost-effective support for TCFD disclosure

Carbon Footprint provides cost-effective support to clients with the environmental aspects of TCFD disclosure, including:

Carbon footprint assessment or verification - assessing or verifying your organisation's carbon footprint.
Targets - developing and monitoring progress to targets for reducing emissions.
Climate-related scenario analysis workshops and a report on the outcomes, including the key risks and opportunities identified for your business (Strategy).

We can also provide guidance on how to integrate these elements into your wider, TCFD-aligned risk management processes or annual financial reporting.

How Carbon Footprint Ltd services map to the TCFD disclosure elements

TCFD-aligned disclosure