Good progress to date on TCFD adoption

Source: Middle East Insurance Review | Dec 2021

The number of companies reporting in line with recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) increased more between 2019 and 2020 than in any other year.

TCFD’s new 2021 status report released in October 2021 is based on over 1,650 company reports from 69 countries and reveals that disclosures have increased by over 9% from 2019-20 compared with growth of 4% from 2018-19.

TCFD in a media release said, “Since last year’s report, the number of TCFD supporters has grown by over a third – more than 1,000 new organisations now support the TCFD recommendations, bringing the total to over 2,600 globally. TCFD supporters now span 89 countries and jurisdictions and nearly all sectors of the economy, with a combined market capitalisation of over $25.1tn – a 99% increase since last year.”

TCFD head of secretariat and vice chair for global public policy at Bloomberg Mary Schapiro said, “As countries and companies around the world set net zero targets, the TCFD framework is increasingly becoming the foundation for standards and requirements needed to chart the transition to the low-carbon economy.” M

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