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The Task Force on Climate-related Financial Disclosures (TCFD) is an initiative that supports companies in providing clear, consistent and comparable information on climate-related financial risks and opportunities. It was launched by the Financial Stability Board (FSB) in 2015 to improve transparency in financial reporting and help investors, lenders, insurers and other stakeholders better understand and assess climate-related risks and opportunities.

The TCFD recommendations provide a framework for companies to systematically assess and report on the financial impacts of climate change. They help to provide investors and other stakeholders with a clearer understanding of the climate-related risks and opportunities that could affect a company.

Rules and requirements

  1. Disclosure of climate-related financial information: Companies should disclose relevant information about their risks and opportunities in connection with climate change.

  2. Four core areas: The TCFD recommendations focus on governance, strategy, risk management and metrics and targets.

    • Governance: Disclosure of governance structures and the management of climate-related risks and opportunities.
    • Strategy: Description of the impact of climate change on the company's business model, strategy and financial planning.
    • Risk management: Description of how the company identifies, assesses and manages climate-related risks.
    • Metrics and targets: Use of metrics and targets to assess and manage climate-related risks and report on progress.


  1. Integration into financial reporting: Companies should integrate the TCFD recommendations into their regular financial reporting.

  2. Scenario analysis: Companies should carry out scenario analyses to assess the impact of different climate scenarios on their business.

Obligations for companies

  1. Compliance with disclosure standards: Companies that choose to implement the TCFD recommendations commit to disclosing climate-related information according to the four core areas.

  2. Transparency and consistency: Ensuring that the information reported is clear, consistent and comparable.


  1. Data availability and quality: Companies may find it difficult to collect high-quality and meaningful data on their climate-related risks and opportunities.

  2. Scenario analysis: Conducting scenario analyses can be complex, especially for companies without the relevant experience or resources.

  3. Integration into existing processes: Integrating the TCFD recommendations into existing reporting and management processes can be challenging.