The Task Force on Climate related Financial Disclosures (TCFD) is an initiative launched in early 2016 and aimed at developing voluntary, consistent climate related financial risk disclosure by companies, useful to investors, lenders, insurers, and other stakeholders. “The work of the Task Force…will help to accelerate global investments in technological innovation and clean energy by increasing transparency,” according to Michael R. Bloomberg, the Chairman of the TCFD. This will in turn enable a vision to “make markets more efficient, and economies more stable and resilient.”
TCFD released a Phase 1 report in March of 2016 that sets “out the scope and high-level objectives for the proposed work, together with a set of fundamental principles of disclosure, to provide an enduring disclosure framework and guide the Task Force’s Phase II recommendations.”
