As of April 2022, Britain’s largest businesses are required to disclose climate-related risks and opportunities. But just how well-prepared are they for mandatory disclosure in line with Task Force on Climate-related Financial Disclosures (TCFD) recommendations?
Taking a look at how businesses approached TCFD reporting in the last financial year – the first year where scenario analysis was mandatory – provides a strong yardstick.
In our role supporting organisations with their climate strategies and reporting, we’ve been able to see the good, the bad and the ugly of TCFD implementation. Here’s a view on how organisations are getting on, based on findings from our own work and supplemented with insights from the recent Financial Conduct Authority (FCA) and Financial Reporting Council (FRC) reports on industry progress against TCFD.