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Are you ready to issue your first TCFD report?

TCFD Reporting Readiness Assessment

Climate|Risk Management Consulting
Climate Risk and Resilience

By Rod Ratsma | June 10, 2021

Our readiness assessment can help you to prepare for your first TCFD report

What is the TCFD and why is it important?

The Task Force on Climate-related Financial Disclosure (TCFD) is currently a voluntary climate change disclosure that was initiated in 2015, and subsequently issued its recommendations report in 2017, to which over 1,500 companies are official supporters1. It provides guidance to organisations to demonstrate to investors how they will be impacted by climate change and how to disclose this information. Although currently voluntary, there is increasing pressure for TCFD disclosures due to upcoming mandatory requirements for some UK listed companies by 2022.2

There is increasing pressure for TCFD disclosures due to upcoming mandatory requirements for some UK listed companies by 2022

Our three stage approach consists of:

  1. 01


    Completion of a robust TCFD disclosure

  2. 02


    Creation of a strategic approach to managing climate risk and seizing opportunities

  3. 03


    Stakeholder engagement to implement and embed approach

Stage 1: Align

In preparation for the align stage of the process, businesses can undertake a TCFD Reporting Readiness Assessment to understand their capability with regards to being able to issue their first report

Why are companies completing TCFD submissions now?
  • To inform long-term investors seeking information on how companies are preparing for a lower-carbon economy.
  • In the UK, HM Treasury has published a “roadmap” document that sets out an indicative path towards mandatory climate related disclosures across the UK economy aligned with TCFD. Some UK-based organisations are required to publish their first disclosure as soon as 2022 and a great many more will have a mandatory requirement to publish a disclosure by 2025.2
  • The upcoming regulatory requirement has led to a 60% increase in supporters from 2019 to 2020 with now over 1,500 supporting organisations.3

What does a Readiness Assessment involve?
  • An in person or virtual workshop with the relevant stakeholders to present, discuss and rate the gap analysis. The questions asked as part of the assessment are reverse engineered from the TCFD recommendations, this allows us to investigate whether the foundation needed to produce the desired outcome is in place or not. With this methodology we can suggest a maturity level, produce a clear gap analysis and a step-by-step action plan towards readiness.
  • The assessment goes through a variety of questions spanning five main categories in order to immediately identify the weakest or strongest areas of your organisation with regard to TCFD disclosures.

What does the TCFD Readiness report consist of?
  • Your business will receive a report that will present the outcome from the gap analysis as well as provide you with a written action plan based on the results.
  • The report will instantly issue a scorecard allowing your organisation to set the base for its TCFD action plan.
  • Other outputs from the report will visually demonstrate where your organisation falls behind its own threshold
  • This allows your business to prioritise your next steps based on the detailed action plan provided as part of our report

What are the benefits?

  • Providing you with a high-level overview about TCFD
  • Answering the practical questions around how TCFD can be applied within your organisation and how your first report could be produced
  • A detailed, easy to understand step-by-step action plan
  • Easy to understand and executive-friendly visual reporting
  • Lower time investment from your organisation - we will assist you in understanding your organisation’s role and position in producing a TCFD report






Practice Leader- Risk Consulting

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