Today the Task Force on Climate-related Financial Disclosures (TCFD) and the Climate Disclosure Standards Board (CDSB) announced the launch of the TCFD Knowledge Hub – a platform with relevant insights, tools and resources to help organizations implement the TCFD recommendations – at the TCFD U.S. Scenario Analysis Conference in New York.
The TCFD Knowledge Hub, live at tcfdhub.org, is the first online platform to provide useful information on quality climate-related disclosures in line with the recommendations of the Task Force. At the time of its launch the Knowledge Hub houses over 300 resources submitted by 32 contributors. Eighty of the resources cover governance, 236 strategy, 152 risk management and 125 metrics & targets with many resources covering more than one topic specifically. Contributors range from non-profit organizations to intergovernmental institutions, academics, industry associations, consultants and corporates. The Knowledge Hub website is operated by CDSB, which reviews all resource submissions.
Resources include existing legislation and regulations, frameworks, standards, guidance, research papers, tools and webinars. All resources either directly address the TCFD recommendations or are related to themes or specific requirements within the TCFD recommendations. Resources are tagged according to which TCFD recommendation they relate to, their geographical or sector focus, intended audience, source type, and can be filtered by recommendation or resource type. Climate-specific topics, e.g. helping companies to measure the physical risks of climate change are supplemented by broader finance-specific topics, such as guidance on traditional financial reporting.
Companies interested in learning more about the TCFD recommendations and exploring how to implement the guidance can benefit from the TCFD Knowledge Hub as a peer-to-peer learning platform, learning from and sharing their climate-related disclosure experience with others. In the coming months the TCFD Knowledge Hub will be updated with company case studies showcasing the first preparers piloting the TCFD recommendations, as well as upcoming events and additional videos.
Mary Schapiro, Special Advisor to the TCFD Chair and Head of the TCFD Secretariat, said: “Since the launch of the Task Force we have emphasized that improved climate-related disclosure is a journey. With the disclosure recommendations finalized last June, we have been working to assist companies and sectors with implementing the recommendations and making climate-related financial disclosures a reality. The TCFD Knowledge Hub will make it easier for companies to take the steps necessary to provide transparency to the capital markets about how the company identifies, measures, manages and mitigates climate-related financial risk. With more companies providing case studies and best practices others will follow suit.”
Simon Messenger, Managing Director, Climate Disclosure Standards Board, commented: “The Knowledge Hub provides the ideal platform for companies to gain insights on ways to implement the recommendations, learn from others and share their experiences. The Hub is designed to help both organizations that are just starting to work on the TCFD recommendations, as well as those who are already on the journey and need insightful resources to deal with specific challenges. As the focus of reporting shifts towards a clear financial angle, we expect to see organizations continue to develop new resources and provide examples of how to embed climate-related matters into their strategy, their governance processes and wider internal processes and how to integrate climate-related information into enhanced reporting practices.”
KPMG AG Senior Manager of Sustainability Services and TCFD Knowledge Hub contributor Christian Hell, added: “It is important for businesses to have a single place where they can find everything they need to implement the TCFD’s recommendations. The TCFD Knowledge Hub does just that – it connects reporting companies with the resources they need. KPMG was therefore glad to contribute resources such as our Climate Risks and Opportunities Platform, which helps businesses start their journey towards a climate resilient business model.”
With access to a platform of climate-related disclosure resources companies will be able to more easily implement the TCFD recommendations. As a result this will also lead to more companies publicly supporting the TCFD recommendations. To date, over 274 companies and 47 other organizations have publicly expressed their support. The 274 companies have a combined market capitalization of over $7.1 trillion. More business leaders and others are welcome to join our list of supporters. Companies can express their interest in supporting the TCFD recommendations via this online form. The full list of current companies and organizations supporting the work of the Task Force is viewable here and supportive quotes are viewablehere.
The Task Force, led by Michael R. Bloomberg and established by the Financial Stability Board (FSB), which is chaired by Bank of England Governor Mark Carney, developed voluntary recommendations on climate-related information that companies should disclose to help investors, lenders, and others make sound financial decisions. The Task Force’s recommendations will catalyze more consistent, comparable, and reliable disclosure of climate-related information that will facilitate more informed business and investment decision-making. These disclosures are an important step forward in enabling market forces to drive efficient allocation of capital and support a smooth transition to a low-carbon economy.