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International standardisation of climate reporting

Wednesday 11 May 2022

The Taskforce on Climate-Related Financial Disclosures (TFCD) is working towards standardisation climate-related financial reporting.

This week the TFCD hosted  their annual climate disclosure convergence with the Securities and Exchange Commission (SEC) and the international Sustainability Standards Board (ISSB).
The event the four pillars on which the TFCD is buttered upon:

  • Governance
  • Risk management
  • Strategy
  • Metrics and Targets
TFCD Secretariat Curtis Ravenel gave ana opening statement and moderated the discussion on how the TFCD has evolved with its engagement since its inception at the 2015 Conference of Parties (COP) in Paris.

  “Lots of momentum around the TFCD recommendations. As I noted previously this was private sector led initiative its for the market by the market, as we like to say, but given the utility and the uptake  of the recognition of utility a lot of different jurisdictions are looking at how they can embed the TFCD with regulatory or  legislative footing, and that is of course it to reward the leaders who have been working on these issues to raise the bar.”

He said that users of the TFCD know that voluntary recommendation are not evenly accepted, but a number of jurisdictions are looking to standardise  the approach, and this could manifest as regulatory or legislative instruments in  the European Union and  United States.

This update also includes the work being done by the International Sustainability Standards Boards (ISSB) to help create a global baseline.