10 Reasons to Track a Corporate Carbon Footprint
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In this article, we’ll explain what a corporate carbon footprint is, why it’s important, how it is measured, and reasons why your company should track it too.
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TCFD standards: everything you need to know
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Climate change continues to pose significant risks to global financial stability, underscoring the need for robust and transparent climate reporting frameworks. For years, the Task Force on Climate-related Financial Disclosures (TCFD) served as a cornerstone, helping businesses disclose climate-related financial risks while aligning environmental responsibility with financial transparency.
In October 2023, the TCFD was officially disbanded, with its responsibilities fully integrated into the International Sustainability Standards Board (ISSB). All TCFD recommendations have been incorporated into the ISSB's IFRS S2 Climate-related Disclosures Standard, alongside IFRS S1 General Requirements for Sustainability-related Disclosures. While businesses can still use TCFD guidelines during a transition period if required by regulations, the long-term goal is a unified global standard through the ISSB.
This marks a transformative step in corporate climate responsibility, simplifying the process for companies and investors while fostering greater consistency in sustainability reporting.
👉 In this article, we’ll explore the legacy of TCFD, the benefits of its recommendations, and how its principles have been seamlessly integrated into the ISSB’s standards.
What is the TCFD?
What does TCFD stand for?
The Task Force on Climate-related Financial Disclosures (TCFD) was established by the Financial Stability Board (FSB) in 2015 as a strategic response to the growing recognition of climate change as a critical financial risk. Its purpose was to provide a structured framework for companies and financial institutions to disclose climate-related financial information transparently.
What was the purpose of the TCFD?
The TCFD had a twofold aim: to inform investors and stakeholders about the climate-related risks and opportunities companies face, and to foster a more sustainable, low-carbon global economy through informed investment decisions. By addressing the gap in reliable climate-related financial information, the TCFD played a pivotal role in elevating climate considerations in financial decision-making.
“ The objective of the TCFD was to facilitate consistent climate-related financial disclosures that could be used by companies, banks, and investors to provide information to stakeholders. ”
💡 The TCFD framework places significant importance on assessing the financial impacts of climate-related risks and opportunities. This involves quantifying how these factors might influence key financial metrics, such as operating costs, revenue streams, asset valuations, and access to capital. By linking risks (eg, transition risks from policy changes or acute risks from extreme weather) to potential financial outcomes, organisations can provide stakeholders with a clear picture of their financial resilience and strategic priorities. Similarly, opportunities such as efficiency improvements or low-carbon product development can be evaluated for their potential to drive cost savings and revenue growth.
Having fulfilled its remit, the TCFD succeeded in driving significant improvements in corporate climate disclosure practices globally. Its recommendations set the foundation for standardized, comparable climate-related reporting, paving the way for the development of the International Sustainability Standards Board (ISSB) framework, which now incorporates all the TCFD’s principles. Additionally, the TCFD’s influence is evident in the European Union’s Corporate Sustainability Reporting Directive (CSRD), which mandates detailed sustainability disclosures for in-scope companies. Together, these frameworks reflect a unified push toward greater transparency and accountability in corporate sustainability reporting, ensuring consistency across jurisdictions and sectors.
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Has the TCFD been successful?
The Task Force issued its ‘Final Report’ in 2017, laying out 11 voluntary recommendations collectively known as the TCFD framework. While this report established the foundation of the TCFD’s work, the Task Force continued to release supplementary reports and updates in subsequent years, reflecting ongoing developments and best practices in climate risk reporting. These recommendations quickly gained global recognition, reflecting the urgent need for greater transparency in climate risk reporting.
👉 Since its inception, the TCFD has garnered support from over 4,900 organizations across 103 jurisdictions, underscoring a growing global consensus on the importance of climate-related disclosures in financial decision-making.
💡 The TCFD's influence extended well beyond voluntary adoption. Its principles served as the foundation for regulatory frameworks in many jurisdictions, including the European Union, Singapore, Japan, New Zealand, and the United Kingdom, where climate risk disclosures are progressively becoming mandatory. In the United States, California enacted Senate Bill 261 in 2023, mandating that companies with annual revenues over $500 million doing business in the state disclose climate-related financial risks in alignment with the TCFD framework. This shift from voluntary guidelines to regulatory requirements reflects the global financial sector's commitment to integrating climate accountability into decision-making processes.
This shift from voluntary guidelines to regulatory requirements reflects the global financial sector's commitment to integrating climate accountability into decision-making processes.
2023 TCFD Status Report findings
The 2023 TCFD Status Report, released in October 2023, highlights the significant progress made in climate-related financial disclosures while also identifying areas where further work is needed. The report reflects a substantial increase in the adoption of TCFD recommendations across industries and geographies, driven by growing regulatory support and investor demand for transparent climate-related information.
Key findings from the report include:
- Increased disclosure: 58% of companies disclosed information aligned with at least five of the eleven recommended disclosures for fiscal year 2022, up significantly from just 18% in 2020. This increase reflects the growing adoption of TCFD recommendations as companies respond to regulatory pressures and market expectations.
- Full alignment remains low: Despite improvements, only 4% of companies fully aligned with all eleven TCFD recommendations. This highlights ongoing challenges in achieving comprehensive climate disclosures, particularly in areas such as scenario analysis and the financial quantification of climate-related risks and opportunities.
- Enhanced reporting practices: The report observed notable progress in key areas such as reporting on climate-related risks and opportunities, board oversight of climate issues, and setting climate-related targets. Between 2020 and 2022, there were significant strides in integrating these elements into corporate disclosures, particularly among leading firms in regulated jurisdictions.
- Geographical and sectoral disparities: While adoption rates are increasing globally, the report highlights variations in progress between regions and industries. Developed markets, particularly in jurisdictions with mandatory reporting requirements, show higher alignment compared to emerging markets where such mandates are less common.
The TCFD successfully laid the groundwork for standardized, comparable climate-related disclosures. Its principles have now been fully incorporated into the ISSB's IFRS S2 Climate-related Disclosures Standard, ensuring that its legacy continues through a unified global framework.
What were the TCFD standards?
The TCFD standards were built around four core areas: governance, strategy, risk management, and metrics and targets - designed to provide a structured and transparent approach to climate-related financial disclosures. These standards formed the foundation for how companies reported on climate risks and opportunities, enabling consistent and comparable information for investors and stakeholders.
One of the TCFD's core principles is its focus on financial materiality, which examines how climate-related risks and opportunities impact a company's financial performance, such as revenues, cash flows, and asset valuations. This focus contrasts with the double materiality approach adopted by the European Union's Corporate Sustainability Reporting Directive (CSRD), which considers not only how sustainability issues affect financial performance but also how a company's activities impact the environment and society. This difference underscores the complementary but distinct objectives of the TCFD and CSRD, reflecting varying global approaches to sustainability reporting.
With the disbandment of the TCFD in 2024, these principles have been fully incorporated into the International Sustainability Standards Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard. This ensures that the TCFD’s recommendations remain central to the global framework for sustainability reporting.
How climate risks and opportunities were defined
The TCFD emphasized the importance of translating climate change impacts into measurable financial risks and opportunities. To foster a shared understanding between companies and investors, the task force developed a taxonomy that organisations were encouraged to reference in their disclosures.
Climate-related risks
The TCFD categorized climate-related risks into two main types:
- Transition risks: Risks stemming from the shift to a low-carbon economy, including changes in policy, legal frameworks, market conditions, and technological advancements.
- Physical risks: Risks directly linked to the physical impacts of climate change, which can be categorized as chronic or acute. Chronic risks refer to long-term changes such as rising sea levels and increasing average temperatures, while acute risks involve short-term, extreme events like hurricanes, floods, and heatwaves.
By addressing these risks, companies provided transparency on how climate change could disrupt operations or create financial vulnerabilities.
Climate-related opportunities
The TCFD also highlighted opportunities that organisations could leverage to address climate change while deriving financial benefits. Key areas included:
- Improving resource efficiency to lower costs and emissions.
- Transitioning to low-emission energy sources to mitigate environmental impact.
- Developing and distributing climate-friendly products and services to meet evolving market demands.
Organizations adhering to the TCFD framework were encouraged to disclose the potential current and future financial impacts of these risks and opportunities. This critical element helps stakeholders better understand how climate change might affect revenues, cash flows, and balance sheets over time.
❗ Recognising the uncertainty surrounding global warming's full scope, the TCFD emphasized the critical role of forward-looking scenario analyses in refining sustainability strategies and financial assessments over time. These scenarios allow organizations to evaluate how different climate futures - such as a 1.5°C or 2°C warming scenario - might impact their operations, financial performance, and resilience. By incorporating forward-looking scenario analyses, companies can:
- Assess vulnerabilities in their business models under various climate pathways.
- Identify strategic opportunities to adapt to or mitigate potential risks.
- Strengthen long-term decision-making by aligning with climate goals and stakeholder expectations.
Forward-looking scenario analyses are now a cornerstone of the ISSB's IFRS S2 Climate-related Disclosures Standard, ensuring that this vital practice continues to shape corporate climate strategies in a rapidly changing world.
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The core elements of the TCFD standards
The TCFD framework consists of four key pillars (governance, strategy, risk management, and metrics and targets) which are further broken down into 11 specific recommendations. These recommendations provided a detailed roadmap for companies to structure their climate-related disclosures effectively.
The TCFD also distinguished between those relevant for all sectors and those tailored to specific sectors. This approach ensured that disclosures remained both comprehensive and adaptable to the unique challenges and opportunities faced by different industries.
Governance
Governance focuses on how a company’s board and management oversee and manage climate-related risks and opportunities. The TCFD emphasized transparency in leadership structures. For example, companies are encouraged to disclose how the board integrates climate considerations into overall governance practices, such as through dedicated committees or oversight mechanisms.
Strategy
Strategy addresses the actual and potential impacts of climate-related risks and opportunities on a company's business, strategy, and financial planning. This includes scenario analysis to assess resilience under different climate futures, such as a 2°C or lower scenario. Today, IFRS S2 builds on this by requiring companies to disclose how climate-related risks and opportunities influence their strategic and financial planning.
Risk management
Risk management is centered on how companies identify, assess, and manage climate-related risks. The TCFD emphasized integrating these processes into broader risk management frameworks. Under IFRS S2, these principles are expanded to ensure companies articulate how climate risks are embedded in overall enterprise risk management practices.
Metrics and targets
Metrics and targets detail the specific indicators and goals companies use to manage climate risks and opportunities. This includes mandatory reporting of greenhouse gas (GHG) emissions for Scope 1 (direct emissions) and Scope 2 (indirect emissions from energy use), while Scope 3 (indirect emissions across the value chain) is required only when deemed material to the organization's operations and impact. Under the ISSB standards, these metrics remain crucial, with IFRS S2 mandating the disclosure of emissions data and the targets used to address climate-related risks.
By incorporating the TCFD framework into the ISSB’s IFRS standards, the principles of governance, strategy, risk management, and metrics and targets now serve as the backbone of a unified global approach to climate-related financial disclosures. This ensures that the TCFD’s legacy continues to shape how companies navigate and disclose climate risks and opportunities, aligning with global sustainability goals.
| Core element | Recommendation |
|---|---|
| Governance | Describe the board’s oversight of climate-related risks and opportunities. |
| Describe management’s role in assessing and managing climate-related risks and opportunities. | |
| Strategy | Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term. |
| Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning. | |
| Describe the resilience of the organization’s strategy, considering different climate-related scenarios, including a 2°C or lower scenario. | |
| Risk management | Describe the organization’s processes for identifying and assessing climate-related risks. |
| Describe the organization’s processes for managing climate-related risks. | |
| Explain how these processes are integrated into the organization’s overall risk management framework. | |
| Metrics and targets | Disclose the metrics used to assess climate-related risks and opportunities in line with the organization’s strategy and risk management process. |
| Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and associated risks. | |
| Describe the targets used by the organization to manage climate-related risks and opportunities, and provide performance against these targets. |
TCFD’s Fundamental Principles for Effective Disclosure
While the four key pillars of the TCFD framework (governance, strategy, risk management, and metrics and targets) and the 11 specific recommendations provided a detailed roadmap for climate-related disclosures, the Fundamental Principles for Effective Disclosure ensured these disclosures were actionable, reliable, and aligned with stakeholder needs. These principles served as a guide to help companies implement the recommendations effectively and produce high-quality, decision-useful information.
The TCFD outlined these principles to enhance the usefulness and reliability of climate-related financial information. They include:
- Relevance: Disclosures should provide insights that are important to investors, lenders, and other stakeholders for decision-making.
- Specificity and Consistency: Information must be specific enough to be actionable and consistent over time to allow for comparability.
- Completeness: Disclosures should comprehensively address all relevant climate-related risks and opportunities.
- Clarity and Understandability: Reports must avoid technical jargon and be accessible to a wide range of stakeholders.
- Forward-looking Orientation: Include projections and scenario analyses that demonstrate how the organization plans to address future risks and opportunities.
- Alignment with Existing Standards: Leverage existing financial reporting standards to ensure disclosures align with broader financial statements.
By adhering to these principles, companies can enhance transparency and ensure their climate disclosures meet the needs of stakeholders while aligning with global reporting frameworks.
Why has the TCFD disbanded?
The Task Force on Climate-related Financial Disclosures (TCFD) has officially concluded its work, following the successful integration of its recommendations into the International Sustainability Standards Board (ISSB) framework. This marked the end of the TCFD as an active task force but solidified its legacy as the foundation for global climate-related financial disclosures.
Why was the TCFD disbanded?
The TCFD was disbanded to streamline and simplify sustainability reporting standards for companies and investors. With the ISSB established to oversee global sustainability disclosure standards, the TCFD’s recommendations were fully incorporated into the ISSB’s IFRS S2 Climate-related Disclosures Standard. This transition ensures a single, unified framework for climate-related financial disclosures, reducing complexity and enhancing comparability across jurisdictions and industries.
What is replacing the TCFD?
The ISSB’s IFRS S2 Climate-related Disclosures Standard, along with IFRS S1 General Requirements for Sustainability-related Disclosures, has effectively replaced the TCFD framework. These standards incorporate all 11 recommendations of the TCFD and expand upon them, providing a comprehensive and globally accepted structure for sustainability reporting.
What does this mean for companies?
- Transition period: Companies that previously reported under the TCFD framework can continue to do so during a transition period if required by specific jurisdictions or regulations. However, organizations are encouraged to adopt the ISSB’s IFRS S2 and IFRS S1 standards for their sustainability disclosures.
- Unified standards: By aligning with the ISSB standards, companies can meet the requirements of the original TCFD recommendations while benefiting from the enhanced clarity and consistency provided by the new global framework.
- Legacy of the TCFD: The principles established by the TCFD remain central to climate-related disclosures, ensuring that its work continues to shape sustainability reporting and decision-making worldwide.
Companies and investors alike will benefit from this new streamlined framework, which is designed to meet the growing demand for transparency and accountability in the face of climate change.
Requirements of the new ISSB framework
The ISSB standards - IFRS S2 Climate-related Disclosures and IFRS S1 General Requirements for Sustainability-related Disclosures - fully integrate the TCFD’s foundational principles while addressing areas where the original recommendations could be enhanced. This new framework is designed to deliver greater specificity, clarity, and global consistency in sustainability and climate-related financial reporting.
IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S1 mandates that companies disclose material information about sustainability-related risks and opportunities that could reasonably be expected to affect the entity's cash flows, access to finance, or cost of capital over the short, medium, or long term. This includes details on governance, strategy, risk management, and metrics and targets related to sustainability.
IFRS S1: General requirements for disclosure of sustainability-related financial information
| Requirement | Details |
|---|---|
| Materiality assessment | Identify and disclose sustainability-related risks and opportunities that could reasonably influence investor decisions. |
| Integration with financial statements | Explain how sustainability-related risks and opportunities impact financial performance, position, and cash flows. |
| Interconnected disclosures | Ensure sustainability information is consistent and connected with the financial statements for comparability. |
| Comprehensive scope | Cover all relevant environmental, social, and governance (ESG) factors, not limited to climate-related issues. |
| Forward-looking focus | Include forward-looking information, such as strategic responses and potential future financial impacts. |
| Consistency and comparability | Apply consistent metrics and methodologies to allow comparisons across reporting periods and with peers. |
IFRS S2: Climate-related Disclosures
Building upon IFRS S1, IFRS S2 focuses specifically on climate-related risks and opportunities. It requires companies to provide information on governance, strategy, risk management, and metrics and targets concerning climate-related issues. This includes disclosures on greenhouse gas emissions and the potential financial impacts of climate change on the organization.
Key enhancements in the ISSB framework
The ISSB builds on the TCFD by expanding its scope and introducing new requirements aimed at addressing gaps and improving usability for investors and stakeholders:
- Linking sustainability and financial reporting: A notable addition is the requirement to connect sustainability disclosures with financial statements. Companies must explain how climate and other sustainability risks and opportunities impact their current and future financial performance, helping stakeholders see the financial implications more clearly.
- Industry-specific guidance: The ISSB provides tailored guidance for different industries, offering specific disclosure requirements relevant to sectors such as energy, transportation, and agriculture. This improves comparability and ensures disclosures reflect sector-specific risks and opportunities.
- Detailed financial impact quantification: The ISSB places greater emphasis on the quantification of climate-related risks and opportunities in monetary terms. Companies are required to explain how these factors impact revenues, costs, and overall financial performance, providing investors with more actionable insights.
- Integrated reporting of broader sustainability issues: While TCFD focused solely on climate-related disclosures, IFRS S1 introduces a broader scope of sustainability risks and opportunities, encouraging companies to consider interconnected environmental, social, and governance (ESG) issues. For example, biodiversity loss, water scarcity, and workforce sustainability can now be included where relevant.
- Strengthened forward-looking disclosures: The ISSB expands on TCFD’s scenario analysis by providing more structured requirements for forward-looking metrics. This includes a greater focus on climate-related targets, timelines for achieving them, and the strategies companies will use to ensure resilience in the face of future climate scenarios.
- Mandatory alignment for listed companies: Unlike the voluntary nature of TCFD, the ISSB framework is expected to be widely adopted as a mandatory standard for listed companies in many jurisdictions. This shift ensures consistency and enforces accountability across global markets.
| Requirement | Details |
|---|---|
| Climate risk and opportunity identification | Disclose climate-related risks and opportunities relevant to the organisation’s business and financial planning. |
| Financial impacts of climate change | Quantify and disclose how identified climate risks and opportunities affect revenues, costs, and overall performance. |
| Scenario analysis | Provide resilience assessments under different climate scenarios, including those aligned with limiting warming to 2°C. |
| GHG emissions reporting | Report Scope 1, Scope 2, and, where relevant, Scope 3 greenhouse gas emissions. |
| Climate-related targets | Disclose climate targets, strategies to achieve them, and progress over time. |
| Sector-specific guidance | Include industry-specific disclosures where applicable, ensuring relevance and comparability. |
Why these changes matter
The ISSB framework not only retains the core strengths of the TCFD, but also elevates its usability and relevance. These enhancements mean companies must now:
- Clearly articulate how climate and sustainability risks and opportunities influence their financial outlook.
- Provide sector-specific data that enables more precise benchmarking by investors.
- Adopt a holistic approach to sustainability reporting that extends beyond climate to other material ESG factors.
By addressing these areas, the ISSB creates a unified global standard that eliminates inconsistencies in sustainability reporting, ensuring disclosures are more comprehensive, comparable, and decision-useful.
👉 For a deeper dive into the specifics of IFRS S1 and IFRS S2, including detailed guidance on their application and implications, check out our comprehensive article on the ISSB standards.
Transition from TCFD to IFRS
The Task Force on Climate-related Financial Disclosures (TCFD) laid the groundwork for transparent and consistent climate-related financial disclosures worldwide. Its recommendations, structured around governance, strategy, risk management, and metrics and targets, were widely adopted and formed the backbone of climate disclosure standards in numerous jurisdictions, including the UK and the US. The TCFD's legacy continues as its recommendations are fully incorporated into the International Sustainability Standards Board’s (ISSB) IFRS S1 and S2 standards.
The ISSB’s IFRS S1 (General Requirements for Sustainability-related Disclosures) and IFRS S2 (Climate-related Disclosures) build on the TCFD framework by providing a more comprehensive and globally applicable approach to sustainability and climate reporting. These standards are effective for annual reporting periods beginning on or after January 1, 2024. However, their adoption is jurisdiction-specific, with national authorities determining whether companies must apply them.
United Kingdom
The UK has formally endorsed the adoption of ISSB S1 and S2 standards, reinforcing its commitment to enhancing the quality and consistency of sustainability reporting. These standards will complement the UK’s Sustainability Disclosure Requirements (SDR), introduced in late 2023, and are expected to provide a comprehensive framework for sustainability reporting.
Key developments in the UK:
- Planned adoption timeline: The ISSB standards will be incorporated into the UK’s regulatory framework by 2025, with sustainability reports expected for reporting periods beginning on or after January 1, 2026.
- Government endorsement and integration: The UK government, alongside the Financial Reporting Council (FRC) and the Department for Business and Trade, is working to align ISSB standards with existing corporate reporting frameworks, ensuring a seamless transition for businesses.
- Phased implementation: A phased approach will be adopted to give companies adequate time to adapt to the new requirements. The UK government is expected to provide detailed guidance and timelines by early 2025.
How ISSB standards support the UK’s framework:
The new UK Sustainability Reporting Standards (SRS) will incorporate ISSB S1 and S2 while aligning with SDR. This integration minimizes regulatory overlap and provides companies with a unified structure for sustainability disclosures.
The transition from TCFD to ISSB in the UK:
The UK was the first G20 country to mandate TCFD-aligned disclosures for large companies and financial institutions in April 2022. This mandate will transition to ISSB standards, preserving the TCFD’s foundational principles while expanding reporting to include broader sustainability-related financial information.
European Union
The EU adopted mandatory European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD) on July 31, 2023. These standards require in-scope companies to disclose sustainability information aligned with ESRS, addressing environmental, social, and governance (ESG) issues.
Alignment with IFRS S1 and S2:
To avoid duplicative reporting, the EU and ISSB are collaborating to ensure compatibility between ESRS and IFRS S1 and S2. This harmonization effort supports the global comparability of sustainability reports while meeting regional regulatory requirements.
Key features of the EU framework:
- Mandatory ESRS reporting: Companies under the scope of CSRD must comply with ESRS for reporting periods beginning on or after January 1, 2024.
- Collaborative approach: The EU is working closely with the ISSB to integrate shared principles, such as the TCFD’s framework, into both ESRS and IFRS standards. This ensures that companies operating across jurisdictions can streamline their disclosures and avoid double reporting.
- Impact on companies: Organisations operating within the EU must comply with CSRD requirements while ensuring consistency with IFRS standards for international reporting. This dual compliance necessitates robust reporting systems.
United States
The US has not adopted IFRS standards, with domestic companies continuing to report under Generally Accepted Accounting Principles (GAAP). However, the Securities and Exchange Commission (SEC) is advancing its own climate disclosure rules, heavily influenced by the TCFD framework.
Key updates in the US:
- SEC proposals: The SEC’s proposed rules emphasize governance, strategy, risk management, and metrics and targets, closely mirroring the TCFD recommendations. These rules are not yet finalized, but they reflect a growing emphasis on standardized climate-related disclosures.
- Voluntary IFRS adoption: While US domestic companies are not required to use IFRS, foreign private issuers may file financial statements prepared under IFRS.
Impact of ISSB standards:
Although the ISSB standards are not mandatory in the US, multinational corporations operating across jurisdictions may choose to adopt them voluntarily to align with global practices and meet investor expectations.
Round up
- The UK is actively integrating ISSB standards into its regulatory framework, with mandatory reporting expected from 2026.
- The EU is aligning ESRS and CSRD with IFRS to ensure streamlined reporting across jurisdictions.
- The US is advancing climate disclosure rules modeled after TCFD principles, while IFRS adoption remains voluntary.
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Carbon tracking
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Data-driven decision-making
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Actionable decarbonization strategies
We assist in developing a tailored decarbonization roadmap with science-based reduction targets. Our tools allow you to design various emission trajectory scenarios, assess the reduction potential and associated costs of different actions, and implement effective strategies to achieve your sustainability goals.
Scenario planning and forward-looking insights
Understanding future risks is key to building resilience. Greenly supports your company in analyzing the potential impacts of different emissions reduction scenarios, enabling you to make strategic decisions that align with long-term goals.
Life Cycle Assessment (LCA)
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