The Task Force Climate-related Financial Disclosures (TCFD) was set up by the Financial Stability Board (FSB) to develop recommendations to enhance disclosure on climate risk. Its recommendations were published in 2017 and are now being adopted worldwide by companies and financial institutions.
Asset Owners such as pension funds take the recommendations very seriously. They are on top of the investment chain and are pushing their asset managers to enhance the disclosure of climate related topics. Ultimately the burden falls on individual companies.
The TCFD believes that all major companies will have implemented the recommendations within the next 4 tot 5 years. An important element of the recommendations is that companies will report about their climate change work in their annual report.
For more information, please visit the TCFD website.