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Organizations with public debt or equity and asset managers and owners ─ the preparers and users of financial disclosures ─ are particularly encouraged to support and implement the recommendations. Other supporters can range from industry associations, to central banks, governments, regulators and others.
Support indicates that your organization believes the TCFD recommendations provide a useful framework to increase transparency on climate-related risks and opportunities within financial markets. Because many different types of organizations support the TCFD, there are not specific requirements for each type of supporter ─ however supporting organizations are expected to encourage TCFD implementation. For companies, support is a commitment to work toward their own implementation of the TCFD recommendations. Credit rating agencies, stock exchanges, government agencies, and other types of organizations have different but equally important roles to play.
The TCFD recommendations are voluntary in nature and have been devised by the private sector ─ “by the market, for the market.” Therefore, we rely on industry support to drive adoption and implementation of the recommendations. Publicly declaring support is a natural next step for companies that are already looking into climate-related disclosure. Public support provides companies with the opportunity to communicate with investors, clients, and employees alike about how they are thinking of and tackling the implications of climate change.
In May 2018, the TCFD launched the TCFD Knowledge Hub in collaboration with the Climate Disclosure Standards Board (CDSB). Available at tcfdhub.org, the TCFD Knowledge Hub is an online platform housing relevant insights, tools, and resources to help organizations implement the TCFD recommendations. The portal houses over 400 resources covering governance, strategy, risk management and metrics & targets. Contributors range from nonprofit organizations to intergovernmental institutions, academics, industry associations, consultants, and corporates. Additional resources are added on a continuous basis.
As an immediate step, your company name will be added to the growing list of supporters on the TCFD website. In the longer term, the TCFD seeks to continue engaging with supporting companies that are working on implementing the recommendations. Companies will have the opportunity to participate in preparer forums that allow companies to address implementation issues and improve their disclosure in line with the TCFD.