Taskforce on Climate-Related Financial Disclosures
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From 2021, all premium listed companies have to disclose the climate-related financial risks associated with their business model or explain why they have not. This will be extended across the UK economy by 2025. This factsheet defines climate related risks, explains what is required by the Taskforce on Climate-related Financial Disclosures (TCFD) and outlines the business benefits of sharing this information.
The factsheet also gives advice on how to get started and contains information on how three Business in the Community (BITC) members, EDF, Lloyds Banking Group and Tesco, have started to disclose climate related risks and opportunities.
There is also information about how BITC can support businesses. Our Advisory Services team can help you conduct a TCFD readiness assessment and provide recommendations. We can also provide an overview of what your peers and wider sector are doing, recommendations on good practice and shaping or improving your disclosures.
Business benefits of starting early on climate-related financial disclosures
Although legislation requiring all UK companies to disclose their climate-related risks does not come into effect until 2025, there is also a clear business case to starting early. The business benefits include:
- Better decisions.
- Improved disclosures.
- Access to capital.
Read further details on these in this factsheet.
How Business in the Community can support you to take climate action.
Acting on the climate crisis is a core pillar of any responsible business strategy. The United Nations Climate Change Conference(COP26) is a starting point for business to ensure their climate action strategies create positive outcomes for people and nature. The conference, in partnership with Italy, will be held in Glasgow, Scotland, between 01 and 21 November 2021.
Business in the Community (BITC) works to inspire and support our members, working with both those who are on the journey and those yet to start. Through guidance, resources and events, we equip businesses to set targets, develop inclusive action plans with employees, suppliers and community stakeholders. We also campaign for government action to support these actions.
We want every business to become climate positive, which starts with developing a robust, science-based climate resilience strategy with ambitious net zero carbon targets