Policy Brief

PB 3/2022: Raising transparency through TCFD-aligned climate reporting

  • The availability of consistent and comparable climate-related information is a decisive factor in considering the effects of climate change for business and investment decisions.
  • The recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) have emerged as a global reference for climate reporting and enjoy widespread support from private and public organizations around the world.
  • While the number of official TCFD supporters is considerable, voluntary disclosure has not yet achieved the intended level of transparency.
  • The biggest reporting gaps exist in the use of climate scenarios and the integration of climate risks into overall risk management.
  • Recently, few governments have announced mandatory disclosure obligations to foster more standardized and comprehensive climate reporting.
  • Germany and other countries should intensify efforts – notably, in the Corporate Sustainability Reporting Directive (CSRD) context – towards mandatory climate disclosure requirements in order to raise transparency on the impacts of climate risks and opportunities.
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