SUSTAINABILITY REPORTING DIRECTIVE

THE TASKFORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURE (TCFD)

Services to support a consistent approach to climate-related financial risk disclosures

UNDERSTANDING THE TASKFORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURE (TCFD)

The Taskforce on Climate-Related Financial Disclosure was introduced just before COP26 in 2021 to develop consistent disclosure of climate-related financial risk for use by large companies. It has changed the way businesses need to report climate-related financial risks, making it compulsory by law for the first time.

With a significant increase in demand for improved climate-related financial disclosures, the TCFD enables pension providers, financial services and premium listed companies to put sustainability at the heart of their business strategy and win trust and loyalty amongst key stakeholders and investors.

Financial Directors and Heads of Sustainability or ESG will be responsible for ensuring accurate reporting of climate-related financial risks to the business. This is the first-time climate-related financial risk disclosure has been compulsory for businesses of any size, so it is vital that firms understand their obligations.

Understanding the TCFD

As the first mandatory reporting requirement for climate-related financial risk, the TCFD is applicable to all companies that are currently required to produce a non-financial information statement annually. This includes listed companies, banks or insurers with more than 500 employees.

There are four core elements that comprise the TCFD recommendations for climate-related risk disclosure:

  • Governance – the business’ governance around climate related risks and opportunities.
  • Strategy – the actual and potential impacts of climate-related risks and opportunities on the business’ strategy and financial planning.
  • Risk Management – the processes used by the business to identify, assess and manage climate-related risks.
  • Metrics and Targets – used to assess and manage relevant climate-related risks and opportunities.

How can Bureau Veritas support?

There is much complexity surrounding the TCFD reporting, which businesses it affects and how to become and remain compliant. However, this is a mandatory requirement, so it has never been more important for businesses to fully understand what is required from them to stay compliant.

As part of our Greenline services, Bureau Veritas can support organisations in achieving compliance with the regulations and help identify climate-related risks while managing the reporting and communicating of sustainability credentials in a seamless and experienced way.

With a specialist team of sustainability experts, including engineers and scientists, operating worldwide and a full suite of sustainability monitoring, reporting, assessment, and verification services. Our impartiality ensures complete peace of mind.

BENEFITS

  • Achieve compliance with the TCFD
  • Demonstrate sustainability performance and commitment to stakeholders
  • Attract capital investment
  • Manage risks and achieve a better sustainable performance long-term
  • Identify issues or gaps to inform decision making
  • All with support from a specialist sustainability team – global leaders in QHSE and CSR

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