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The Task Force on Climate-related Financial Disclosures Forms Advisory Group on Climate-related Scenario Guidance

The Task Force on Climate-related Financial Disclosures (TCFD) is forming an advisory group to assist the TCFD in developing practical guidance on climate-related scenario analysis. In its 2018 and 2019 status reports, the TCFD noted that many companies found scenario analysis to be challenging. Specifically, companies have faced challenges with constructing appropriate scenarios, understanding how scenario analysis informs strategy formulation, and determining and disclosing the resiliency of a company’s strategy under different climate-related scenarios.

In response to these challenges, the TCFD will provide guidance on implementing scenario analysis to better understand how climate-related issues could affect their business strategies. The TCFD’s goal is to provide some of the building blocks that support disclosure of companies’ strategy resilience. The guidance will target companies that are in the early stages of implementing scenario analysis, and will cover:

  • Scenario concepts and processes
  • How business-relevant scenarios can be constructed
  • How scenarios can aid the identification of company-relevant climate-related risks and opportunities
  • How scenarios can inform strategic planning regarding different potential impacts from climate change
  • Disclosure considerations to demonstrate strategy resilience across scenarios, including financial implications

To assist in the development of this guidance, the TCFD advisory group of industry representatives will advise on guidance content and structure. The members of the advisory group are:







Chemicals, Materials

Andreas Horn
Senior Specialist
Carbon Steering




Francesca Gostinelli
Head of Group Strategy
Economics and Scenario Planning



Property and Infrastructure Development

Simon Wild
Group Head of Transformation



Food Products

Duncan Pollard
Vice President
Sustainability and Stakeholder Engagement




Chris Brown
Vice President
Corporate Responsibility and Sustainability



Oil and Gas Terminals and Storage

Patrick van der Voort
Global Operations and Strategy

Electric Power Research Institute

United States

Research (Climate Scenarios)

Steven Rose
Senior Research Economist
Energy and Environmental Analysis Research Group

About the Task Force on Climate-related Financial Disclosures

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 three Vice Chairs and 29 members in total. 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.