What is TCFD (Task Force on Climate-Related Financial Disclosures)? | Q&A

Back in November 2020, the UK Government announced its intention to make the Task Force on Climate-related Financial Disclosures (TCFD) mandatory by 2025.
However, it will probably be mandatory by 2022 to the largest publicly quoted companies. The TCFD consists of a set of disclosures indicating a company’s preparedness for the inevitable impact of Climate Change.
Watch the video to find out more!
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[@CHAZAPIS_COMMISSIONING]

I just learned about TCFD. God bless you ...

[@darrylmattocks4780]

Hi ΝΙΚΟΣ. I'm glad it was useful. If you have any questions, please just let me know. D.
1 day ago

[@amy-elizabethlynch4852]

Incredibly useful, thank you.

[@darrylmattocks4780]

Hey Amy-Elizabeth. Glad you found it useful. TCFD is a huge topic but if you break it down into the sub-sections, it's still a lot of work, but very manageable. Let me know if you have any questions or get stuck anywhere and I'll do my best to help, Darryl.

[@gelbgelb]

Thank you for your kind introduction. May you please advise any (paid, or free if any) courses available online that serve both the introduction as well as in-depth knowledge development? Thank you!

[@SureshKumar-li5dv]

Can we get any framework format simplified to capture corporate data

[@darrylmattocks4780]

Hi Suresh.
In terms of frameworks there's 3 that we use all the time. The ESOS(and SECR) framework is a good start for companies that are not used to reporting carbon data, but it only really looks at Scope 1 and Scope 2.
The PPN 06/21 framework is better, but is very loose and poorly specified. It is, however, an excellent "half-way house" for companies that have Scope 1 and Scope 2 sorted but want to start reporting Scope 3.
The last one, and perhaps the one we use most often, is the Green House Gas Protocol, Scope 3. This is what we use for Science Based Targets, ESG reporting and all of our TCFD work. If you wanted a shortcut to a practical version of GHG S3, just look at the Science Based Targets Iinnnitiative, Corporate Net Zero standard. It sort of has GHG built into it, but it's a lot shorter, and IMHO, better written.
So, there you go, 3 frameworks to choose from depending on the level of reporting you are looking at.
Hope that helps, Darryl.

[@Nazconversation.]

thank you so much it was very clear and nice,but how can we write the report?

[@darrylmattocks4780]

Sorry for the slow reply - missed it 😯
The TCFD report itself needs 2 components - data, analyses, charts, and stats - all of which your software (such as Enistic, shameless plug) can spit out, and then some words around that describing things like governance, climate change strategie, risk mitigation strategies etc. You're probably also going to need an external consultant to help you unless you have dedicated and trained staff internally. Every single time I see someone take on TCFD in their organisation that isn't properly equipped, they fail, sometimes with disastrous consequences so if you don't have either (a) some software to crunch the scenarios for you; and (b) someone with the right training and time available to do, this I'd advise you to address those aspects first, before launching into the report creation itself.
Hope that was useful,
D.