Reporting climate resilience: the challenges ahead
In response to increasing demands for transparency and actionable, climate-related information, the Financial Stability Board (FSB) established the industry-led Task Force on Climate related Financial Disclosures (TCFD or Task Force). The TCFD, brainchild of financial heavyweights Mark Carney and Michael Bloomberg, is pushing climate change more squarely on the agendas of corporate boards and C-suites. In June 2017, the TCFD released its recommendations on climate-related financial disclosures, applicable to organizations across sectors and jurisdictions. One year on, the recommendations have gained traction with widespread support from NGOs, governments, regulators, investor groups, the financial services sector, and companies across all industries. This paper marks the first anniversary of the launch of the TCFD, and looks at the challenges of weaving climate disclosures into corporate DNA and financial reporting.