This initiative aims to work with innovative thinkers in the financial and corporate sectors to identify the greatest needs for guidance, research and development. It also seeks to lay the foundations for a common conceptual framework and a standard set of metrics for reporting physical climate risks and opportunities. This report captures the findings and recommendations of the three working groups and of other experts in the market. It aims to advance the TCFD recommendations, laying the foundations on how to identify, measure and disclose physical risks and opportunities, building on the best available science and with the thoughtful input of practitioners from financial and non-financial corporations. The report also highlights key research questions and the need for further developments in methodology.