The Task Force on Climate-related Financial Disclosures Status Report Published

2019 Status Report prepared by Task Force on Climate-related Financial Disclosures (TCFD) provides an overview of the organization disclosures made in accordance with the recommendations of TCFD between 2016-2018. The report also investigates the usability of existing climate-related financial disclosures, addresses resilience of the strategies and discusses the challenges faced by the parties through scenario analysis.

Status Report shows a consistent increase in the organizations adapting to TCFD standards. Today, 785 companies declared that they support TCFD. Among these, 340 investors managing assets in the amount of $34 trillion suggest the companies report in accordance with the methods and content of TCFD while 36 central banks or auditor institutions encourage TCFD reporting. Additionally, there is a 50% increase since 2018, when the report was first published.

A research carried out using artificial intelligence on the reports of 1100 big companies from 142 countries between 2016-2018 revealed that climate-related disclosures suggested by TCFD increased by 29% and reached 3.6 per company from the previous 2.8.

The survey conducted by TCFD to assess the suggestion application efforts of the companies between 198 participants revealed that 91% of the companies plan to act "fully" or "partially" in accordance with the suggestions of TCFD. 67% aims to complete the integration of the suggestions within 3 years. 76% state that they have already integrated climate-related financial disclosures in their decision-making processes. While this increase is deemed significant, more companies should act faster so that the 1.5°C target of the Paris Agreement can be achieved.

Even though the determination of the companies to realize the financial disclosures has increased, there are still challenges faced during this process. The companies state that it is challenging to disclose on the scenario analysis assumptions and that the measures and targets used here should be standardized. According to the report, the next step aimed by TCFD is designing guidelines on this process so that the companies can conduct scenario analysis. The investors state that they need more information on the potential effects of climate change on the companies to make better-informed decision. The fact that 60% of the companies have not disclosed the resilience of their strategies on climate change is a significant gap.

The market value of the 785 companies supporting TCFD, 374 of which are financial companies and 297 are non-financial companies, amounts up to $9.3 trillion. Financial companies participating in this process manage assets amounting up to $118 trillion.

TCFD, formed by the Financial Stability Board (FSB), which was founded following the 2009 London G20 summit, has become a meeting point for the climate-sensitive capital holders. The next status report will be published in September 2020. The companies and other organizations who want to support TCFD suggestions can take the first step by filling out this form.

 

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