The Financial Stability Board’s Task Force on Climate-related Financial Disclosure (TCFD) is expected to make its final recommendations in time for the G20 meeting in July. This will be a crucial step towards integrating climate issues into financial reporting and potentially financial standards and regulation which will result in consistent, comparable reporting across sectors and geographies.

The TCFD has suggested that companies should assess their business strategies against a range of scenarios, including one where global emissions are on a path to keep global warming below 2 degrees. CDP supports the proposal and continues to develop tools and support initiatives that will help companies implement this, including a methodology to Assess the low-Carbon Transition (ACT).CDP will be adopting the TCFD’s recommendations fully in its 2017 disclosure request, as part of a wider program of transformation called Reimagining Disclosure.

Both CDP and CDSB responded to the most recent TCFD consultation identifying key areas for further development to maximize adoption and setting out a ‘wish list’ for what they would like to see in the final recommendations.

Meanwhile, CDP, CDSB, WWF, E3G and IIRC sent a joint letter to European Commission Vice-President Dombrovskis emphasizing the importance of the TCFD recommendations to the Commission and the G20.