Ricardo, a global strategic engineering and environmental consultancy that specialises in the transport, energy and scarce resources sectors, outlined four steps to strengthen climate-related disclosure in line with the TCFD Recommendations.
"Disclosing on your climate risk may seem daunting to many organisations. The recent Falling Short report by the Climate Disclosure Standards Board (CDSB) found that although the number of companies engaging with the area has increased, the quality of the reporting is still weak. When the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) were launched in 2017 the Taskforce set a 5-year implementation path, which at current rates of implementation is not being met.
In 2019 fewer than 1000 organisations reported on their climate related risks and opportunities in line with TCFD. In the same year over 8000 companies submitted information to CDP. Furthermore, the Financial Conduct Authority is consulting on a proposal that from 2022 UK listed companies will have to make climate-related disclosures consistent with TCFD recommendations or explain why they have not done so.
The good news is that a number of existing standards and frameworks, such as CDP and CDSB, are aligned to TCFD, reducing duplication. We have outlined four steps that organisations can take to start, or strengthen, their TCFD disclosure."
Read the full blog with the four steps outlined by Ruth Horwitz, Lead, Sustainability Strategy at Ricardo Energy & Environment.
To find out more about TCFD and the steps you can take to get started and improve your climate risk disclosure, watch the webinar with CDSB, Ricardo and international law firm Clyde&Co "Why are climate disclosures important for your business".
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