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Survey Report

TCFD: is UK plc readying itself for climate-related financial disclosures?

Willis Towers Watson TCFD Pulse Survey – Volume 1

October 15, 2020

UK companies are generally not well prepared for TCFD; financial companies more so
Medioambiental|Insurance Consulting and Technology
Climate Risk and Resilience

Willis Towers Watson, a leading global advisory, broking and solutions company, launched the Climate and Resilience Hub earlier this year to help organisations manage their climate related risks and seize the opportunities of an orderly transition to a low carbon, resilient economy.

Building on our long-standing survey and benchmarking expertise in areas such as executive compensation, rewards and benefits, the Hub is working closely with corporates, financial institutions, regulators and other stakeholders around the world to provide practical insights into a rapidly evolving policy landscape and emerging practice on climate-related issues.

As part of this, the TCFD Pulse Survey seeks to complement existing initiatives examining the status of disclosures by understanding companies’ readiness and intentions to report on TCFD. On the back of the FCA’s consultation, our initial focus is on UK premium listed companies.

This first summary note highlights emerging insights from responses received in July and August from companies in scope of the FCA’s consultation. The findings were discussed during a webinar on TCFD readiness, co-hosted with the FCA and Chapter Zero, the Directors’ Climate Forum, in early October 2020. Companies that have participated in the first phase are receiving a more detailed report, allowing benchmarking of responses.


Senior Director, Climate and Resilience Hub

Matt Scott brings more than two decades of experience at the intersection of climate, finance and sustainable business. At the Bank of England, he created the formative physical, transition and liability framework for climate related financial risks and led the Bank’s Climate Hub under Executive Director Sarah Breeden. He also supported the creation of the Central Bank and Supervisors Network for Greening the Financial System (NGFS). In 2018 he was seconded to Government, where he led the development and launch of the UK's Green Finance Strategy which set expectations for mainstream TCFD disclosure by 2022.

Director, Climate Transition Risk, Climate and Resilience Hub, Willis Towers Watson
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Megan Hunt
Climate Programme Management
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