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In 2025, climate-related financial disclosures are no longer be a niche concern; they are a global concern. As investors, regulators, and consumers demand greater transparency, the TCFD climate disclosure recommendations have become the gold standard for sustainability reporting. Established by the Financial Stability Board in 2015, the 气候相关财务披露工作组 (TCFD) aims to help companies disclose climate-related risks and opportunities in a consistent and comparable manner.
With more than 2,600 organizations worldwide supporting the TCFD framework—including over 1,069 financial institutions responsible for $194 trillion in assets—understanding TCFD recommendations and recommended disclosures is essential for 环境、社会及管治 integration, regulatory compliance, and strategic risk management [1].
What Is the TCFD Recommendations Framework?
So, what is TCFD 建议 framework? At its core, the TCFD outlines how organizations should report on the financial impacts of climate change. Its structure is divided into four core pillars:
- 管理 – Disclose the organization’s governance around climate-related risks and opportunities.
- 战略 – Describe the actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning.
- 风险管理 – Describe how the organization identifies, assesses, and manages climate-related risks.
- 指标和目标 – Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities.
These pillars are supported by 11 TCFD final recommendations, which break down specific disclosure points under each category. For instance, under Strategy, companies are encouraged to disclose the resilience of their strategies under different climate scenarios.
The Growing Regulatory Landscape in 2025
By 2025, TCFD-aligned reporting has been mandated or strongly encouraged by a growing list of jurisdictions:
- United Kingdom: Mandatory TCFD disclosures for large companies and financial institutions since 2022.
- 欧洲联盟: The Corporate Sustainability Reporting Directive (CSRD) integrates TCFD elements and expands scope to thousands of businesses.
- 美国: The U.S. SEC’s climate disclosure rules, set to be finalized in 2025, reference the TCFD as a foundational framework.
- Japan, Canada, and New Zealand: Also require or recommend disclosures aligned with the TCFD.
According to a 2023 report covering 3,814 publicly listed companies globally, including S&P 500 constituents, 82% of companies disclosed information aligned with at least one of the 11 TCFD recommendations, while only 44% reported on at least five recommendations, and just 2–3% provided disclosures covering all 11 TCFD recommendations [2].
TCFD Recommendations and Recommended Disclosures: A Closer Look
Understanding the TCFD recommendations and recommended disclosures requires examining the granular components:
-
管理
- Describe the board’s oversight of climate-related risks and opportunities.
- Describe management’s role in assessing and managing climate-related risks.
-
战略
- Identify short-, medium-, and long-term climate-related risks and opportunities.
- Discuss the impact on strategy, planning, and financial performance.
- Analyze resilience under climate scenarios such as a 1.5°C world.
-
风险管理
- Detailed risk identification and assessment processes.
- Outline integration into overall risk management.
-
指标和目标
- Disclose metrics like Scope 1, 2, and 3 emissions.
- Outline climate targets and progress tracking mechanisms.
These disclosures not only ensure compliance but also drive corporate introspection.
Real-World Examples of TCFD Implementation
Many multinational corporations have adopted the TCFD final recommendations as a framework for climate-related financial disclosures. 联合利华, for example, integrates TCFD principles into its Climate Transition Action Plan, embedding climate risk into its long-term business strategy [3]. The company employs detailed scenario analysis to assess resilience and ensures that climate oversight is anchored at the board level—demonstrating a top-down commitment to sustainability.
贝莱德, the world’s largest asset manager, leverages TCFD-aligned disclosures to drive transparency across its investment portfolio [4]. The firm publishes in-depth reports that highlight portfolio decarbonization pathways, climate risk metrics, and governance processes tied to climate risk management. By aligning with TCFD, BlackRock provides stakeholders with the confidence that climate-related financial risks are fully integrated into its capital allocation strategy.
Similarly, HSBC has committed to TCFD-aligned disclosures, focusing on both physical and transition risks associated with climate change [5]. The bank aligns its reporting with both TCFD and ISSB standards, enhancing comparability and regulatory compliance. These real-world applications underscore the strategic value of TCFD reporting in building investor trust, improving climate resilience, and preparing for evolving regulatory expectations.
Benefits and Challenges of TCFD Reporting
Implementing the TCFD climate disclosure recommendations brings several compelling advantages for businesses. It enhances transparency and boosts investor confidence by clearly communicating how companies manage climate-related risks and opportunities. TCFD reporting also improves risk identification and enables more effective scenario planning, supporting long-term resilience. Furthermore, strong climate disclosures strengthen ESG ratings, improve access to capital, and ensure alignment with evolving global frameworks such as the ISSB and CDP—making companies more competitive in an ESG-driven investment landscape.
However, TCFD reporting does not come without challenges. Companies often face complex data requirements, particularly when calculating Scope 3 emissions across the value chain. Scenario modeling can also be technically demanding, requiring sophisticated tools and climate projections. Effective implementation demands cross-functional collaboration and active board engagement, which may be a new territory for many organizations. To address these obstacles, businesses increasingly turn to ESG software platforms and external consultants to streamline the disclosure process and enhance reporting accuracy.
Strategic Steps for Effective TCFD Implementation
Organizations looking to align with TCFD should consider the following roadmap:
- Perform a Readiness Assessment: Evaluate current reporting practices and identify gaps in the TCFD framework.
- Establish Climate Governance Structures: Ensure board-level accountability and empower management with climate responsibilities.
- Conduct Climate Scenario Analysis: Utilize climate models to test the resilience of your business model.
- Invest in Data Infrastructure: Ensure accurate tracking of 温室气体 emissions, climate risks, and sustainability KPIs.
- Report Transparently: Align public disclosures with TCFD recommendations and use third-party verification where feasible.
Future Outlook and Strategic Takeaways
As sustainability reporting converges globally, the TCFD has laid the foundation for next-generation standards. The ISSB’s IFRS S2 climate standard is built on TCFD, making it even more critical for organizations to adopt the TCFD framework today.
Here’s how to move forward:
- Conduct a TCFD Gap Assessment to identify disclosure gaps.
- Engage in Leadership early to drive climate governance.
- Use Climate Scenarios to build business resilience.
- Report Consistently and align with emerging ESG standards.
Final Thoughts: TCFD as a Strategic ESG Advantage
Understanding and implementing the TCFD climate disclosure recommendations is no longer optional; it’s a business imperative. Companies that align with TCFD recommendations and recommended disclosures gain more than compliance; they earn credibility, manage risks, and unlock ESG-driven value.
In 2025 and beyond, the question is not “what are TCFD recommendations,” but rather, “how well are you implementing them?”
参考资料
[1] https://www.visualcapitalist.com/sp/the-surge-in-climate-risk-reporting/
[4] https://carbonaccountingfinancials.com/files/institutions_downloads/tcfd-report-2021-blkinc.pdf
