TCFD seeks feedback on proposed guidance on climate related disclosures
11 June 2021
In 2017, the Task Force on Climate-related Financial Disclosures (TCFD) set up by the Financial Stability Board (FSB) provided three recommended disclosures regarding climate-related metrics and targets as well as guidance for all sectors and supplemental guidance for specific sectors supporting implementation of these recommended disclosures.
In response to the developments in disclosure practices and the use of disclosures by financial and non-financial organisations since 2017, the TCFD has developed a document: Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans. This document is intended to serve two purposes:
- Provide general guidance for organisations seeking to establish relevant metrics, targets, and transition plans around their climate-related risks and opportunities
- Propose specific changes to the Guidance for All Sectors and Supplemental Guidance in the 2017 TCFD Final Report and Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures.
The TCFD has also released an associated document: Measuring Portfolio Alignment: Technical Supplement.
The TCFD is seeking feedback on whether the proposed guidance is responsive to market participants’ needs. The consultation responses will be taken into consideration by the TCFD when releasing the final guidance in the fall of 2021. Comments on the proposed guidance are requested by 7 July 2021.
The documents released by the TCFD may be accessed here.