Task Force on Climate-related Financial Disclosures

Climate change presents financial risk to the global economy.

Financial markets need clear, comprehensive, high-quality information on the impacts of climate change. This includes the risks and opportunities presented by rising temperatures, climate-related policy, and emerging technologies in our changing world.

The Financial Stability Board created the Task Force on Climate-related Financial Disclosures (TCFD) to improve and increase reporting of climate-related financial information.

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Benefits of better disclosure

Risk assessment

More effectively evaluate climate-related risks to your company, its suppliers, and competitors.

Capital allocation

Make better-informed decisions on where and when to allocate your capital.

Strategic planning

Better evaluate risks and exposures over the short, medium, and long term.

A message from TCFD Chair Michael R. Bloomberg on the importance of climate-related financial disclosure.

Read the 2023 status report

The TCFD’s final Status Report describes companies’ progress in making climate-related financial disclosures and highlights some of the challenges they face in making such disclosures.

It also describes the Task Force’s view of insights gained over the past eight years and areas that warrant continued focus or further work by others.

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TCFD updates

Newest TCFD Status Report Highlights Five-Fold Increase in TCFD Adoption since 2017

The Task Force on Climate-related Financial Disclosures (TCFD), established by the Financial Stability Board (FSB), has published its 2022 Status Report.

Guidance on Metrics, Targets, and Transition Plans

This document provides guidance around climate-related metrics, targets, and organizations’ plans for transitioning to a low-carbon economy, including cross-industry, climate-related metric categories that all organizations can disclose.

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Annex: Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures

The 2021 TCFD “Annex” updates and supersedes the 2017 version of “Implementing the Recommendations of the TCFD.” It provides both general and sector-specific guidance on implementing the Task Force’s disclosure recommendations.

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Climate Disclosure Webinar Featuring ISSB, SEC, and TCFD

View our webinar featuring representatives from the U.S. Securities and Exchange Commission and the International Sustainability Standards Board discussing the proposed rules and the exposure drafts (both incorporating TCFD recommendations).

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Workshops in a Box Presentation Series

This series of presentations can be used by various parties to support adoption and implementation of TCFD recommendations. Included is an introduction and detailed guidance on each TCFD recommendation.

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TCFD recommendations

The TCFD has developed a framework to help public companies and other organizations more effectively disclose climate-related risks and opportunities through their existing reporting processes.

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Governance

Disclose the organization’s governance around climate-related risks and opportunities.

Strategy

Disclose the actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning where such information is material.

Risk Management

Disclose how the organization identifies, assesses, and manages climate-related risks.

Metrics & Targets

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.

Read the TCFD recommendations on climate-related financial disclosure.

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Hear from TCFD supporters

"The work done by the Task Force on Climate-related Financial Disclosures helps drive consistent, voluntary disclosures by companies that can significantly enhance investor understanding of climate-related business risks and opportunities. This is in line with our beliefs as long term responsible investors and also supportive of our mission to make investing easier for our clients by supporting them in their efforts to address the increasingly prominent challenges raised by climate change."

AXA Investment Managers

"Measuring, managing, and reporting environmental impact is not only important for the planet and the communities in which we work, it is essential for the future growth of our business. Like many companies, we have taken action to mitigate climate change and increasingly adaptation is a priority — the TCFD’s focus and guidance on financial impact and climate change scenarios will be particularly helpful as we endeavor to improve our performance and reporting on this business critical issue."

Michael Alexander, ‎Head of Water, Environment, Agriculture Sustainability, Diageo

"SGX is delighted to support the extensive work done by the Task Force on Climate-related Financial Disclosures (TCFD). The recommendations provide guidance for understanding of companies’ climate-related risks and ultimately creates conditions for better informed markets, more accurate pricing, and greater financial stability."

Loh Boon Chye, Chief Executive Officer, Singapore Exchange

"As Chairman and CEO of The Dow Chemical Company, I am pleased to enthusiastically support the recommendations of the industry-led Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures. We believe that these recommendations will help promote transparency around climate-related risks and opportunities, and we encourage other business leaders to join us in this united effort to improve disclosure across sectors and regions."

Andrew N. Liveris, Chairman and Chief Executive Officer, The Dow Chemical Company

"As a business, we must understand the true financial impact of climate change, and as an airline, we need to understand the conditions we will by flying with in the future. Climate risk disclosure – and the thinking that goes behind it – protects our customers, crewmembers, and shareholders. These new recommendations guide us on how to do just that."

Robin Hayes, President and Chief Executive Officer, JetBlue

"These recommendations are very welcome. The impact of climate change and the transition to a lower-carbon economy deserve board-level scrutiny and governance. Independent research commissioned by HSBC shows that less than a quarter of companies currently disclose their environmental impact. This makes it very difficult for analysts and investors to assess and compare how sustainable these companies are. These recommendations are a practical and pragmatic response to the need for consistent and comparable climate-related financial disclosure."

Stuart Gulliver, Chief Executive Officer, HSBC

"Climate change is one of the biggest issues of our time. As the largest listed commercial property developer in the UK, we have a duty to drive accountability and responsibility; by supporting the TCFD recommendations, we are not only demonstrating our commitment to sustainable business practice but also hope to encourage other sector leaders to do the same."

Robert Noel, Chief Executive, Landsec

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