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TCFD Report Finds Steady Increase in Climate-Related Financial Disclosures Since 2017

The percent of companies disclosing TCFD-aligned information steadily increased each year since 2017 as did the amount of information disclosed

New York – The Task Force on Climate-related Financial Disclosures (TCFD), established by the Financial Stability Board (FSB), published its 2022 Status Report today. This year marks five years since the Task Force published its final recommendations in 2017, and the 2022 Status Report assesses developments and progress during that time.

As part of its assessment, the Task Force reviewed publicly available reports of over 1,400 companies from eight industries and five regions to better understand current climate-related financial disclosure practices and their evolution.

Notably, the average number of recommended disclosures addressed per company has steadily increased each year for the past five years — from 1.4 in 2017 fiscal year reporting to 4.2 in 2021 fiscal year reporting. In addition, while 80% of companies disclosed in line with at least one of the TCFD-recommended disclosures for fiscal year 2021, only 43% disclosed in line with at least five. These levels of disclosure fall short of the TCFD’s 11 recommended disclosures.

On average across the 11 recommended disclosures, the percent of companies disclosing TCFD-aligned information increased by 26 percentage points between 2017 and 2021. In addition, over 60% of the companies reviewed disclosed their climate-related risks or opportunities in 2021 fiscal year reports – up from 27% in 2017 fiscal year reports.

There has also been steady growth in climate-related financial disclosures on an industry and regional basis over the past three years. Of the eight industries reviewed, four had average disclosure levels across the 11 recommended disclosures of more than 40% — energy companies at 43%, materials and buildings companies at 42%, banks at 41%, and insurance companies at 41%. The largest increase between 2019 and 2021 reporting was for banks at 20 percentage points. The increase for materials and buildings and insurance companies was 16 percentage points and 10 percentage points for energy companies.

On a regional basis, European companies reviewed disclosed at 60% on average across the 11 recommended disclosures for 2021 reporting, growing 23 percentage points since 2019. In North America, the average level of disclosure for companies reviewed was 29% for fiscal year 2021 reporting, growing 12 percentage points since 2019. Notably, over 60% of North American companies disclosed climate-related risks or opportunities and 45% disclosed their impacts. Over half of companies in the Asia Pacific region disclosed climate-related metrics, although the region averaged 36% reporting across all 11 recommended disclosures—an increase of 11 percentage points since 2017. The average level of disclosure by companies in Latin America and the Middle East and Africa increased nine percentage points (each) since 2019, bringing the average levels of disclosure to 28% and 25%, respectively.

Continuing growth in investor demand for companies to report TCFD-aligned information and use of the TCFD recommendations by governments, regulators, and standard setters in developing climate-related disclosure requirements are likely helping to drive the increase in TCFD-aligned reporting.

As of today, over 3,900 organizations have now pledged their support for the TCFD, growing from over 2,600 supporters when
the Task Force released its 2021 status report. TCFD supporters span 101 countries and jurisdictions, covering nearly all sectors of the economy, with a combined market capitalization of $26 trillion.

The TCFD has also garnered support from the world’s largest public companies. Of the 100 largest public companies, 92 either support the TCFD, report in line with the TCFD recommendations, or both – up from 83 last year.

“The 2022 TCFD Report underscores the increasing adoption of climate-related financial disclosures since the Task Force’s 2017 recommendations – as well as the urgent need for greater progress on this front and in the global fight against climate change. Climate risks are also financial risks, and more measurement and disclosure are crucial to building a more sustainable and resilient economy and a safer future,” said Michael R. Bloomberg, Chair of the Task Force and Founder of Bloomberg L.P. and Bloomberg Philanthropies.

“These findings demonstrate that the TCFD framework has become essential in guiding companies as they analyze how climate risks and opportunities impact their financial position,” said Mary Schapiro, Head of the TCFD Secretariat and Vice Chair for Global Public Policy at Bloomberg L.P. “While we are proud of the progress we’ve seen since 2017 in company disclosures, and in adoption of TCFD by governments, standard setters and regulators, these findings make it clear there is more work to be done to improve transparency as companies and investors assess their risks through the lens of climate change.”

“This year’s report further demonstrates that the TCFD Recommendations are providing the common basis for firms’ climate-related disclosures around the world. They provide a strong foundation for the planned new ISSB global baseline standard. I’m therefore pleased to see the robust increase in climate-related disclosures using the TCFD framework, which will encourage greater clarity and consistency across firms,” said Klaas Knot, FSB Chair.

Over the next several months, the Task Force will continue to monitor companies’ progress in disclosing climate-related financial information aligned with the TCFD recommendations and will prepare another status report, as requested by the FSB, in October 2023.

The 2022 Status Report is available on the TCFD website.

To learn more about becoming a supporter, please visit the TCFD website. Additional resources can be found in the TCFD Knowledge Hub.

Media Contact
Carina Uehara
Task Force on Climate-related Financial Disclosures

About the Task Force on Climate-related Financial Disclosures (TCFD)
On December 4, 2015, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair. The Task Force currently has 30 members. The TCFD was asked to develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors, and other stakeholders, which were published in the TCFD Recommendations Report on June 29, 2017. More information about the TCFD can be found at