Organizations with public debt or equity and asset managers and owners ─ the preparers and users of financial disclosures ─ are particularly encouraged to support and implement the recommendations. Other supporters can range from industry associations, to central banks, governments, regulators and others.
Support indicates that your organization believes the TCFD recommendations provide a useful framework to increase transparency on climate-related risks and opportunities within financial markets. Because many different types of organizations support the TCFD, there are not specific requirements for each type of supporter ─ however supporting organizations are expected to encourage TCFD implementation. For companies, support is a commitment to work toward their own implementation of the TCFD recommendations. Credit rating agencies, stock exchanges, government agencies, and other types of organizations have different but equally important roles to play.
The TCFD recommendations are voluntary in nature and have been devised by the private sector ─ “by the market, for the market.” Therefore, we rely on industry support to drive adoption and implementation of the recommendations. Publicly declaring support is a natural next step for companies that are already looking into climate-related disclosure. Public support provides companies with the opportunity to communicate with investors, clients, and employees alike about how they are thinking of and tackling the implications of climate change.
Expressing support is as simple as completing the <a href=”https://www.fsb-tcfd.org/become-a-supporter/”>TCFD support form</a> with the proper approvals from your organization. There is no cost to become a supporter.
In May 2018, the TCFD launched the TCFD Knowledge Hub in collaboration with the Climate Disclosure Standards Board (CDSB). Available at tcfdhub.org, the TCFD Knowledge Hub is an online platform housing relevant insights, tools, and resources to help organizations implement the TCFD recommendations. The portal houses over 400 resources covering governance, strategy, risk management and metrics & targets. Contributors range from nonprofit organizations to intergovernmental institutions, academics, industry associations, consultants, and corporates. Additional resources are added on a continuous basis.
As an immediate step, your company name will be added to the growing list of supporters on the TCFD website. In the longer term, the TCFD seeks to continue engaging with supporting companies that are working on implementing the recommendations.
The 2017 <a href=”https://assets.bbhub.io/company/sites/60/2021/10/FINAL-2017-TCFD-Report.pdf” target=”_blank” rel=”noopener noreferrer”>TCFD recommendations report</a> and the 2021 <a href=”https://assets.bbhub.io/company/sites/60/2021/07/2021-TCFD-Implementing_Guidance.pdf” target=”_blank” rel=”noopener noreferrer”>TCFD Annex</a> provide helpful introductions to the TCFD recommendations. For more information on implementation, you can also refer to the hundreds of resources and learning courses available on the TCFD Knowledge Hub.
TCFD supporters around the world
"The work done by the Task Force on Climate-related Financial Disclosures helps drive consistent, voluntary disclosures by companies that can significantly enhance investor understanding of climate-related business risks and opportunities. This is in line with our beliefs as long term responsible investors and also supportive of our mission to make investing easier for our clients by supporting them in their efforts to address the increasingly prominent challenges raised by climate change."
AXA Investment Managers
"Measuring, managing, and reporting environmental impact is not only important for the planet and the communities in which we work, it is essential for the future growth of our business. Like many companies, we have taken action to mitigate climate change and increasingly adaptation is a priority — the TCFD’s focus and guidance on financial impact and climate change scenarios will be particularly helpful as we endeavor to improve our performance and reporting on this business critical issue."
Michael Alexander, Head of Water, Environment, Agriculture Sustainability, Diageo
"SGX is delighted to support the extensive work done by the Task Force on Climate-related Financial Disclosures (TCFD). The recommendations provide guidance for understanding of companies’ climate-related risks and ultimately creates conditions for better informed markets, more accurate pricing, and greater financial stability."
Loh Boon Chye, Chief Executive Officer, Singapore Exchange
"As Chairman and CEO of The Dow Chemical Company, I am pleased to enthusiastically support the recommendations of the industry-led Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures. We believe that these recommendations will help promote transparency around climate-related risks and opportunities, and we encourage other business leaders to join us in this united effort to improve disclosure across sectors and regions."
Andrew N. Liveris, Chairman and Chief Executive Officer, The Dow Chemical Company
"As a business, we must understand the true financial impact of climate change, and as an airline, we need to understand the conditions we will by flying with in the future. Climate risk disclosure – and the thinking that goes behind it – protects our customers, crewmembers, and shareholders. These new recommendations guide us on how to do just that."
Robin Hayes, President and Chief Executive Officer, JetBlue
"These recommendations are very welcome. The impact of climate change and the transition to a lower-carbon economy deserve board-level scrutiny and governance. Independent research commissioned by HSBC shows that less than a quarter of companies currently disclose their environmental impact. This makes it very difficult for analysts and investors to assess and compare how sustainable these companies are. These recommendations are a practical and pragmatic response to the need for consistent and comparable climate-related financial disclosure."
Stuart Gulliver, Chief Executive Officer, HSBC
"Climate change is one of the biggest issues of our time. As the largest listed commercial property developer in the UK, we have a duty to drive accountability and responsibility; by supporting the TCFD recommendations, we are not only demonstrating our commitment to sustainable business practice but also hope to encourage other sector leaders to do the same."
Robert Noel, Chief Executive, Landsec
