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.