2017 TO 2021 TCFD
IMPLEMENTING GUIDANCE(ANNEX)
Summary of Changes

October 2021

Summary of Changes: 2017 to 2021 TCFD Annex

Updates to Implementing the Recommendations of the Task Forceon Climate-related Financial Disclosures (TCFD annex) (1/3)
Section of Annex

Key Changes

A Introduction• Updated Section A.3. Application of Recommendations to encourage all organizations to disclose Scope 1
and Scope 2 GHG emissions independent of an assessment of materiality. The disclosure of Scope 3
GHG emissions is subject to materiality; however, the Task Force encourages organizations to disclosesuch emissions.

B Recommendations• No changes• Removed tables on alignment of the recommendations with other frameworks as they wereoriginally included primarily to demonstrate the Task Force’s use of existing disclosure frameworks indeveloping its recommendations. Since 2017, many climate-related disclosure regimes have aligned withthe TCFD recommendations and generally indicate within their frameworks where such alignment exists.
Strategy• Revised to more explicitly address disclosure of actual financial impacts on organizations as well as key
information from organizations’ plans for transitioning to a low-carbon economy (transition plans).
• Revised to more explicitly address disclosure of potential financial impacts on organizations.

for allC Guidance
Sectors

Metrics and Targets• Revised to more explicitly address disclosure of metrics consistent with cross-industry, climate-related
metric categories for current, historical, and future periods, where appropriate.
• Revised disclosure of Scope 1 and Scope 2 GHG emissions to be independent of a materiality
assessment.
• Revised to encourage disclosure of Scope 3 GHG emissions.
• Added disclosure of targets consistent with cross-industry, climate-related metric categories, whererelevant.
• Added disclosure of interim targets, where available, for organizations disclosing medium-term orlong-term targets.

The 2021 annex is available at:
assets.bbhub.io/company/sites/60/2021/07/2021-TCFD-Implementing_Guidance.pdf
A summary of the consultation responses that informed these updates is available at:
assets.bbhub.io/company/sites/60/2021/08/Summary-of-June-2021-Public-Consultation.pdf

2Summary of Changes: 2017 to 2021 TCFD Annex

Updates to Implementing the Recommendations of the Task Forceon Climate-related Financial Disclosures (TCFD annex) (2/3)
Section of Annex

Key Changes
Strategy

SupplementalGuidance for theFinancial SectorBanks• For purposes of reporting on exposure to carbon-related assets, expanded the suggested definition ofassets to include all non-financial groups identified by the TCFD in its 2017 report.
Metrics and Targets• Added disclosure of the extent to which lending and other financial intermediary business activities
are aligned with a well below 2°C scenario.
• Added disclosure of GHG emissions for lending and other financial intermediary business activities,
where data and methodologies allow.
Metrics and Targets

DSupplemental• Added disclosure of the extent to which insurance underwriting activities are aligned with a well
Guidance for thebelow 2°C scenario.
Financial Sector
Insurance Companies • Added disclosure of weighted average carbon intensity or GHG emissions associated withcommercial property and specialty lines of business, where data and methodologies allow.

Supplemental
Guidance for theFinancial Sector
Asset Owners
SupplementalGuidance for theFinancial Sector
Asset Managers

Metrics and Targets• Added disclosure of the extent to which assets they own and funds and investment strategies,
where relevant, are aligned with a well below 2°C scenario.
• Added disclosure of GHG emissions for assets they own, where data and methodologies allow.
Metrics and Targets• Added disclosure of the extent to which assets under management and products and investment
strategies, where relevant, are aligned with a well below 2°C scenario.
• Added disclosure of GHG emissions for assets under management, where data and methodologies
allow.

The 2021 annex is available at:
assets.bbhub.io/company/sites/60/2021/07/2021-TCFD-Implementing_Guidance.pdf
A summary of the consultation responses that informed these updates is available at:
assets.bbhub.io/company/sites/60/2021/08/Summary-of-June-2021-Public-Consultation.pdf

3Summary of Changes: 2017 to 2021 TCFD Annex

Updates to Implementing the Recommendations of the Task Forceon Climate-related Financial Disclosures (TCFD annex) (3/3)
Section of Annex

Key Changes

ESupplementalGuidance for NonFinancial Groups• Removed the illustrative examples of metrics for the four non-financial groups, as work by otherframeworks and standard setters provide more detailed guidance on sector-specific metrics and are
updated on a regular basis.

F

Fundamental
Principles for
Effective Disclosure• No changes

Appendices• Added new appendix on cross-industry, climate-related metric categories to provide more informationon the rationale for inclusion of each metric category

The 2021 annex is available at:
assets.bbhub.io/company/sites/60/2021/07/2021-TCFD-Implementing_Guidance.pdf
A summary of the consultation responses that informed these updates is available at:
assets.bbhub.io/company/sites/60/2021/08/Summary-of-June-2021-Public-Consultation.pdf

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