In its first phase, the CMSI has recommended financial disclosure guidelines and developed scientific scenario specifications for the purpose of disclosure of scenario analyses for climate-related physical damage to buildings and infrastructure. It considers a wide range of chronic and acute risks for the general insurance, banking and asset owner sectors. These guidelines and specifications are open-source and voluntary.
The financial disclosure guidelines seek to develop a common interpretation of the TCFD recommendations, considering the decision useful information for users of TCFD and the reporting practices of these sectors. The disclosure guidelines aim to improve comparability of disclosures in this specific area. These recommendations are considered in detail in the Financial Disclosure Guidance Report.