In our second year of reviewing the progress of TCFD disclosure, we’ve found the FTSE 100 move to a scenario where the majority reference TCFD, from a majority that didn’t (67%, up from 39% last year). Financial companies continue to take the lead, with almost all reporting on the recommendations, compared to two thirds of the non-financial services companies.
Other findings include a significant increase in companies setting ambitious targets to reduce emissions, with 46% of companies setting net zero or science based targets (from 25% last year). We also noted that Leadership a key driver to TCFD disclosures, with companies that describe leaderships approach to climate issues generally disclosing more information under the TCFD compared to companies that don’t.