Resource Database

The ClimateWise Transition Risk Framework helps investors and regulators manage risks and capture emerging opportunities from the low carbon transition. This unique framework was developed through the ClimateWise Insurance Advisory Council, and builds on the recommendations from the TCFD.

The framework is set out in three steps, which can be used independently or combined to explore transition risks and opportunities. Each of the three steps highlights practical actions investors might take in order to manage risks and capture opportunities. The framework applies this analysis to an array of global infrastructure asset types.

This report shows how investors and lenders can make use of well-established insurance models, tools and metrics to improve their management of some of the physical risks of climate change. The physical risk framework is a practical guide
containing an open, repeatable methodology which investors and lenders can follow, refining to suit their own needs.

This project is in progress. When complete, this guide will show that the collation and reporting of social and environmental metrics in internal reports can be a value-adding exercise for companies, leading to improved decision making.

This paper seeks to provide useful guidance to boards, acknowledging that climate governance is both integral to basic good governance and fraught with complexity. The result is a set of principles and questions to guide the development of good climate governance – designed to help the reader practically assess and debate their organization’s approach to climate governance and frame their thinking about how the latter could be made more robust.

In August 2018, Japan's Ministry of Economy, Trade and Industry (METI) launched a TCFD Study Group on Implementing TCFD recommendations for mobilizing green finance through proactive corporate disclosures. Since then, the study group has been advancing discussions on climate-related financial disclosures that TCFD requests. On December 25, 2018, the study group formulated the Guidance for Climate-related Financial Disclosure (TCFD Guidance), and METI hereby releases the guidance.

This report answers the question what it means to invest in a way that is aligned with the Paris climate goals. It provides an assessment of the state of play at the multilateral development banks, best practices and actionable recommendations with regard to:
1. Mainstreaming of climate adaptation and resilience across investments
2. Investment criteria derived from climate mitigation scenarios
3. Support of NDCs and long-term climate related planning
4. Transparency allowing for more effective management of climate risks and opportunities

This event will provide an update on TCFD implementation, discuss available tools and methodologies as well as present emerging best practices concerning implementation of the TCFD recommendation. The event will be in French.

The PRI Climate Forum: Zurich is part of a popular new global series of climate events which will focus on key climate topics and practical advice for investors in Switzerland. This half-day free-to-attend event will feature the latest content from the PRI on topics including: climate scenario analysis, FSB Taskforce on Climate-related Financial Disclosures (TCFD), investing in a just transition, and Climate Action 100+.

This short guide by CDSB Technical Working Group member, Dr Jane Thostrup Jagd proposes a two-stage process to create key outputs from scenario analysis to be disclosed within mainstream reports that help investors in comparing and aggregating company data to portfolio-level data.

To assist boards and their committees navigate the step-change in corporate governance and disclosure expectations regarding the impacts of climate change on their business, the Commonwealth Climate and Law Initiative has collaborated with leading governance advisors to develop The Climate Risk Reporting Journey: A Corporate Governance Primer. The primer serves as an actionable framework on how to incorporate climate change risks and opportunities into corporate governance practice. Recognising the centrality of financial reporting as the primary source of assurance to shareholders, the primer proposes key questions relevant to the assurance of a corporation’s reporting on climate-related financial issues and to the robust processes of governance and oversight on which those disclosures must be based. The primer seeks to place each query in context by indicating the category of the TCFD recommendations to which they relate: governance, strategy, risk management, and metrics and targets.

On the 29 November, the Climate Disclosure Standards Board and CDP will be releasing a new analysis of corporate implementation of the EU Non-Financial Reporting Directive, to understand whether the Directive needs to be reviewed, what information companies are currently reporting and whether companies are implementing the recommendations of the G20 Task Force on Climate-related Financial Disclosures (TCFD). The event will bring together policymakers, representatives of companies and NGOs, investors, and experts in reporting in order to discuss report findings and future of the Directive. Click the link to see the full agenda and to register your interest.

This snapshot of 30 companies’ first steps in disclosing climate-related risks and opportunities is linked to CDSB’s First Steps report published in November 2018 of corporate disclosures of environmental and climate information under the EU Non-Financial Reporting Directive (NFRD). The full report is available at cdsb.net/NFRreview.

Analysis of 80 publicly-listed companies’ annual reports from across Europe (mainly UK, France and Germany) revealed that 62% of companies do not refer to the TCFD in their management report. Notwithstanding, there is a growing body of evidence of initial disclosures of climate-related financial information emerging. We found 30 of the top 80 European companies by market capitalisation have made statements in support of the TCFD and/or provide some specific TCFD-aligned disclosures in their management reports. This supplementary note to the First Steps report offers a qualitative snapshot of the nature of these disclosures through a TCFD lens.