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Are you ready to issue your first TCFD report?

TCFD Reporting Readiness Assessment

By Rod Ratsma | January 19, 2022

Our readiness assessment can help you to prepare for your first TCFD report.
Climate|Risk Management Consulting
Climate Risk and Resilience

What is TCFD and why is it important?

From April 2022, more than 1,300 of the largest UK-registered companies and financial institutions will be legally required to disclose climate-related financial information in line with recommendations from the Task Force on Climate-Related Financial Disclosures. This will include many of the UK's biggest traded companies, banks and insurers, as well as private companies with more than 500 employees and £500 million in turnover.

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.

Many companies are already TCFD reporting now, driven by a number of factors:
  • 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 20252
  • The upcoming regulatory requirement has led to a 60% increase in supporters from 2019 to 2020 with now over 1,500 supporting organisations.3

A TCFD Readiness Assessment involves:
  • 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, allowing 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
  • Going 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 reporting.

What does the TCFD Readiness Report consist of?
  • The outcome from the gap analysis as well as provide you with a written action plan based on the results
  • A scorecard allowing your organisation to set the base for its TCFD action plan
  • A visual representation demonstrating where your organisation falls behind its own threshold
  • A detailed, easy-to-understand and detailed action plan prioritising your organisation's next steps on the road to TCDF reporting.

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.






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