The Surge in Climate Risk Reporting
Reporting on climate-related risks and opportunities is becoming front and center for corporations amid growing pressure from investors and governments. For example, last month the Securities and Exchange Commission (SEC) in the United States unveiled proposed regulations that would require certain companies to disclose their greenhouse gas emissions, as well as their exposure to climate-related risks. In December 2021, the Canadian Prime Minister, in his sessional mandate letters to his deputy prime minister and environment and climate change minister, instructed them to move towards mandating climate-related disclosures.
The Task Force on Climate-related Financial Disclosures (TCFD), created by the Financial Stability Board (FSB) in 2015, provides a global framework for such disclosures. The number of organizations supporting TCFD has grown five-fold in just three years. The following graphic created by Visual Capitalist charts the rapid growth in support for climate risk reporting under the TCFD framework.
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