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Navigate the evolving landscape of TCFD reporting with confidence, supported by AIS Consulting and CCH Tagetik Software. Ensure compliance with current regulations and prepare for the anticipated expansion of reporting requirements. Our comprehensive solution empowers you to streamline your TCFD reporting processes, enhance transparency, and effectively communicate your climate-related financial information, ultimately strengthening your sustainability initiatives and investor relations.
Who Is Required to Report TCFD?
In the UK, TCFD reporting is currently mandatory for companies with 500 or more employees and an annual turnover exceeding £500 million. The transition has shifted from being a “recommended guideline” to a “mandatory reporting requirement.” It’s expected that reporting requirements will become more stringent in the future, potentially leading to expanded reporting scopes and increased third-party audits. Be prepared for these developments.
It encompasses disclosures based on the following four key pillars:
Governance: The company is required to disclose how its board oversees and how management assesses and manages climate-related risks and opportunities.
Strategy: Detailed disclosure of climate-related risks and opportunities across different timeframes (near, medium, and long-term) is essential. Companies must explain how these factors affect their business, strategies, financial planning, and corporate governance. Additionally, they should describe their resilience in response to various climate scenarios, such as a 2°C or lower climate scenario analysis.
Risk Management: Companies must reveal their processes for identifying, assessing, and managing climate-related risks. They should also clarify how these processes are integrated into their overall risk management strategies.
Metrics and Targets: Companies are required to disclose the metrics and targets they use to measure their success in addressing climate-related risks and seizing opportunities. Furthermore, they should outline a transition plan that includes specific actions and activities aimed at achieving net-zero emissions by 2050.
Let us assist you in staying ahead of the curve when it comes to TCFD reporting. TCFD disclosure not only boosts investor confidence in your financial prospects but also showcases your adept management team actively navigating through an evolving landscape.
TCFD empowers you to:
Automate carbon reporting and social metrics.
Conduct scenario analyses to quantify potential impacts.
Establish initiatives for risk mitigation.
Implement a governance process for effective management.
Disclose all of the above in your annual report.
With CCH Tagetik, you can streamline ESG reporting and foster digital ESG expertise within your organisation.
Prepare for Mandatory TCFD Reporting.
TCFD Reporting Focuses on Four Pillars:
Governance: Disclose board oversight and management’s handling of climate-related risks and opportunities.
Strategy: Provide detailed insights into climate risks and opportunities across various timeframes. Explain their impact on strategies, finances, and resilience to climate scenarios.
Risk Management: Reveal processes for identifying, assessing, and managing climate-related risks. Integrate them into overall risk strategies.
Metrics and Targets: Disclose metrics, targets, and transition plans toward net-zero emissions by 2050.
Book a 15-minute chat to discuss your TCFD reporting needs and how we can assist you in meeting compliance.
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