TCFD: Reporting Delivery and Capability Assessment Advisory – Climate Disclosures
Following the strategic announcement from the Group CEO to voluntarily release climate-related financial disclosures, a large global financial institution was looking for expertise to support Task Force on Climate-related Financial Disclosures (TCFD) reporting and advisory on how to implement TCFD recommendations in a 5-year plan. Our team supported the business to draft the TCFD submission, produce a gap analysis to identify quick wins and develop a 5 year roadmap to help the organisation fully embed the TCFD recommendations.
Our team of ESG experts worked directly with Group Strategy, Corporate & Investment Banking, Retail and Asset Management business teams across all regions to:
- Review existing capabilities within the organisation to support reporting and assessed these against best practice reporting capability requirements
- Develop gap analysis documentation aligned to TCFD recommendations (Governance, Strategy, Risk Management, Metrics and Targets)
- Document steps for the bank to further develop TCFD internal capabilities in the short, medium and long term and present findings
- Implement quick wins across the organisation
- Review drafts of the TCFD disclosure and supported drafting amendments
- Support data investigation with a view to enhancing the reporting of climate-related metrics and coordination of stakeholders across the group for disclosure inputs
- Create a five-year capability development roadmap to fully embed the TCFD recommendations
Our team leveraged their extensive expertise working within the TCFD space to assess the client’s internal capabilities, make specific recommendations against guidelines and deliver a TCFD report for the Group. As a result, our client was able to make disclosures in line with TCFD industry standards as part of their annual reporting process and gained a clear roadmap to strengthen their capabilities over the coming years.