FSB全球金融稳定委员会-2020-Status-Report_-Task-Force-on-Climate_114页_4mb

Task Force on Climate-related Financial Disclosures (TCFD) 2020 Status Report Summary

Core Content

The Task Force on Climate-related Financial Disclosures (TCFD) has seen significant progress in the adoption of its recommendations since the 2017 report. The framework aims to integrate climate-related financial disclosures into routine business and financial decisions, promoting transparency and informed capital allocation. The report highlights the growing support for the TCFD from both the private and public sectors, with over 1,500 organizations endorsing the recommendations, including more than 1,340 companies with a combined market cap of $12.6 trillion and financial institutions managing $150 trillion in assets.

Main Points

• Global Adoption Growth: The number of TCFD supporters has increased by over 85% since 2017, reaching more than 1,500 organizations.
• Investor Engagement: Over 500 investors with $47 trillion in assets under management are pushing companies to align with TCFD recommendations.
• Regulatory Support: Governments and regulatory bodies in Canada, Chile, the EU, Hong Kong, Japan, New Zealand, the UK, Singapore, and South Africa have formally supported or implemented TCFD-aligned policies.
• Disclosure Trends: Climate-related financial information is increasingly disclosed in sustainability reports, with such information appearing over four times more frequently than in financial filings or annual reports.
• Sectoral Differences: Energy and materials/buildings companies lead in disclosure, with an average of 40% and 30% alignment with the TCFD recommendations, respectively.
• Challenges Remain: Despite progress, the disclosure of the potential financial impact of climate change on businesses and strategies remains low, and asset managers and asset owners have not fully met the needs of their clients and beneficiaries.

Key Information

• TCFD Recommendations: The framework includes 11 recommended disclosures, covering governance, strategy, risk management, and metrics and targets.
• AI Review Process: The Task Force used AI to analyze over 17,300 reports from 1,701 public companies across 69 countries, spanning eight industries. This approach enabled efficient assessment of disclosure alignment without the need for extensive manual review.
• Methodology Changes: The AI methodology was updated to include a broader range of large companies and further validated, which may affect direct comparisons with previous years’ results.
• Next Steps: The Task Force plans to continue promoting and monitoring the adoption of its recommendations, with a new status report expected in September 2021. It also aims to improve the quality and consistency of climate-related financial disclosures through additional guidance and consultation.

Implementation Progress and Challenges

• Disclosure Alignment: The average level of disclosure across the 11 TCFD recommendations increased by six percentage points between 2017 and 2019.
• Low Impact Disclosure: Only 6.7% of reviewed companies disclosed information on the resilience of their strategies under different climate scenarios, indicating a need for more comprehensive disclosure.
• Asset Manager and Owner Gap: While TCFD-aligned reporting by asset managers and owners has increased, the Task Force believes it is still insufficient for providing clients with the necessary information for financial decisions.
• User Feedback: Expert users identified the impact of climate change on business and strategy as the most useful for decision-making, emphasizing the importance of sector-specific and geographically relevant climate-related information.

Task Force Initiatives

• Scenario Analysis Guidance: The Task Force released guidance on conducting climate-related scenario analysis for non-financial companies.
• Risk Management Integration: It also provided guidance on integrating climate-related risks into existing risk management processes and disclosing these processes.
• Forward-Looking Metrics Consultation: A consultation paper was issued to gather views on forward-looking financial sector metrics, with a 90-day public consultation period.

Conclusion

The TCFD framework is gaining traction globally, with increasing support from investors, regulators, and governments. However, the Task Force stresses the need for greater standardization and consistency in climate-related financial disclosures to avoid regulatory fragmentation and ensure effective capital allocation. Continued implementation by companies, especially in the non-financial and financial sectors, is crucial for the success of the TCFD recommendations. The Task Force remains committed to supporting this process through guidance, consultation, and ongoing monitoring.