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Talking ESG: New insights from the UK's mandatory TCFD reporting

Authors
Maple

Navigating #TCFD Reporting: Lessons & Insights Key Takeaways:

  • Start early, work as a team, understand the journey.
  • Incremental improvement seen, but innovation still scarce.
  • Focus on explaining the materiality of climate change risks.

Further Insights

  1. Mandatory Reporting: California's legislation requires TCFD-aligned climate risk disclosures, emphasizing the framework's growing importance in the US and UK.

  2. Year 2 Observations: PwC's review of Year 2 TCFD reports shows progress, yet substantial challenges remain in fully embedding these insights into corporate strategies.

  3. Materiality & Complexity: Companies struggle to articulate the financial significance of climate change risks, facing difficulties in aligning TCFD disclosures with financial realities.

Closing Thoughts: As ESG reporting evolves, how can businesses better streamline their TCFD disclosures to reflect true climate risk impacts and strategies effectively?

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