Helping you to future-proof your business
TCFD reporting may seem daunting, but don’t panic! Many businesses have the same concerns about first-time reporting as you do.
We know that not everybody comes into TCFD reporting with technical training, so we’ve written this how-to guide to introduce the process to beginners.
We’ve incorporated the hard-earned wisdom of leading experts in the field to produce this blueprint, helping you devise a plan to assess effectively how your business can thrive in a world altered by the climate crisis.
TCFD reporting in six steps
Step 1: Assemble your team
A multidisciplinary team will enable you to identify and handle climate-related risks across the business effectively.
Step 2: Set your scenarios
Identify the climate risks facing your business over a series of time frames and different warming scenarios.
Step 3: Physical risk assessment
Collect and map data to determine what and where physical risks of climate change may impact your business.
Step 4: Transition assessment
Assess how socio-economic fluctuations, resulting from society’s response to climate change, could impact your business.
Step 5: Define metrics
Assign a monetary value to the climate risks you have identified and agree on goals for your climate transition plan.
Step 6: Complete report
Present findings to your board of directors, agree on what to disclose and produce your external-facing report for publication.
“TCFD reporting was produced by the market, for the market. As a result, it isn’t just a compliance exercise but a significant opportunity to enhance long-term corporate resilience in the face of multifaceted and enduring change.”
“TCFD reporting looks at your holistic business. So partner with your entire supply chain to ensure you’re on the same page when it comes to the long-term plan to adapt and mitigate climate risks.”
“We can expect a wide range in the breadth and depth of TCFD reports for the time being. As this process evolves from a practical standpoint, companies should be digesting feedback from stakeholders, including investors, to better understand the expectations and what information is most critical.”
Access our TCFD how-to guide
Webinar: Is your business ready to report in line with TCFD regulations?
Once you have read our how-to guide, you might like to listen to our TCFD webinar for practical advice on best practices, lessons learned from early adopters and guidance on the future of TCFD and sustainability disclosures.
The webinar panel includes expert speakers sharing their experiences and insights from the Financial Reporting Council, the New Zealand Ministry for the Environment and the International Financial Reporting Standards Foundation.Watch the TCFD in Action webinar
Survey: Is TCFD a strategic tool or a box-ticking exercise?
In February 2022, we surveyed 100 C-level executives across the UK to assess their attitudes towards mandatory TCFD reporting. We sought to understand:
⇲ Are boards discussing climate risks?
⇲ Will TCFD encourage more senior-level discussions on the climate crisis?
⇲ How will businesses deal with a lack of guidance on how much to disclose?
⇲ How much are businesses budgeting for TCFD?
⇲ Is TCFD seen as a strategic tool or a box-ticking exercise?