TCFD Disclosure
The Brief:
The Client: A premium LSE listed company required assistance developing a mandatory section in their Annual Financial Report following the Task Force on Climate Related Financial Disclosure (TCFD) framework, as required by the Financial Conduct Authority (‘FCA’) Listing Rules for major listed companies. The framework discloses information to investors and other stakeholders about how companies are mitigating the risks of climate change and taking advantage of opportunities that may arise from the changing climate. The Challenge: The client had a relatively tight deadline to ensure the required amount of in depth work required was completed in time for auditing and publication.
The Work:
The team included 3 sustainability consultants, the designated internal contact from our client, and their PR Agency manager. Working over a period of four months through weekly progress meetings, we established an effective oversight of the timeline of action points to complete the report within the time frame and parameters required.
During the first phase we conducted initial research, compiled a Climate Risks & Opportunities questionnaire, advised on Board engagement and gave recommendations for the report structure.
During the second Phase we assisted the client with strengthening their Risk & Opportunity framework to align with the TCFD recommendations and began to draft content for the report. As the project progressed, we also recommended the client conduct an initial Greenhouse Gas assessment, which was beyond the initial project scope, to strengthen their disclosure. This was incorporated into the project and the initial carbon footprint calculation was completed engaging their subsidiaries to collect all relevant data.
We completed the TCFD disclosure within the deadline and exceeded the client’s initial expectations.
The Result:
The TCFD disclosure was completed within the deadline and published in the Annual Financial Report as scheduled, providing a robust structure for delivering on the required commitments and TCFD reporting in the coming years, following the guidelines from the FCA. A set of recommendations based on the gap analysis allowed the client to start building a Roadmap and action plan for 2023 disclosure and beyond, with clear next steps to improve the TCFD disclosure in each subsequent year. The client is very satisfied with the report and the strong pragmatic working relationship established. Currently, the client is determining next steps and the support required in the completion of their Roadmap, engagement and proficiency building within the team, plan activation/delivery and the development of subsequent TCFD reports.
Project Info:
Company name:
A premium LSE listed multinational group operating across several industries
Project duration:
3 Months
Consultants:
Categories:
Assessment & Reporting, Developing Knowledge & Proficiency in Sustainability
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