SUMMARY OF ASSET MANAGER
AND ASSET OWNERSURVEY RESULTS

November 2022

Table of Contents

Asset Manager and Asset Owner Survey

Background, Approach, and Respondent Demographics

4–7

Key Themes from Survey Results

8 – 11

Summary of TCFD-Aligned Reporting – Asset Managers

12 – 23

Timing of Climate-Related Reporting
Reasons for Climate-Related Reporting
Reporting Climate-Related Information to Clients
TCFD-Aligned Reporting
Challenges Reporting Climate-Related Information
Using Scenario Analysis and Reporting on Results
Status of Reporting on Climate-Related Metrics
Additional Detail on Metrics Currently Reported
Implementation of the TCFD Recommendations
Summary of TCFD-Aligned Reporting – Asset Owners
Timing of Climate-Related Reporting
Reasons for Climate-Related Reporting
Reporting Climate-Related Information to Beneficiaries
TCFD-Aligned Reporting
Challenges Reporting Climate-Related Information
Using Scenario Analysis and Reporting on Results
Status of Reporting on Climate-Related Metrics
Additional Detail on Metrics Currently Reported
Implementation of the TCFD Recommendations

13
14
15
16-18
19
20
21
22
23
24 – 35
25
26
27
28-30
31
32
33
34
35

2

1
BACKGROUND, APPROACH, ANDRESPONDENT DEMOGRAPHICS

Asset Manager and Asset Owner Survey

BackgroundAs part of its 2022 status report, the Task Force conducted a survey of asset managers and asset owners to gain
insight on their reporting of climate-related financial information to their clients and beneficiaries, respectively,
as well as to a broader range of stakeholders.

When the Task Force published its recommendations in 2017, it
highlighted the important role large asset managers and asset
owners play in the investment chain in terms of influencing thecompanies in which they invest to provide better climate-related
financial disclosures.
It also recognized reporting by asset managers and asset owners
is intended to satisfy the needs of clients, beneficiaries,
regulators, and oversight bodies and follows a format that is
generally different from corporate financial reporting.
For purposes of adopting the recommendations, the Task Forcerecommended these organizations use their existing channels offinancial reporting.

Note: In previous reports, the Task Force has used reporting by asset manager and asset owner signatories to the Principles for
Responsible Investment (PRI) as a proxy for their TCFD-aligned reporting. Results for the 2022 reporting period were not available forinclusion in this year’s report. As a result, the latest aggregate TCFD-aligned reporting to the PRI was for the 2021 reporting period,
which is summarized in the Task Force’s 2021 status report.

4

Asset Manager and Asset Owner Survey

Survey Purpose and Approach
In February 2022, the Task Force issued a survey to better understand the range of TCFD-aligned reporting
practices and challenges across asset managers and asset owners.

Approach

Survey Responses

 The survey asked asset managers and asset owners about
their reporting to clients and beneficiaries, respectively,
as well as their reporting practices in general on
information aligned with the Task Force’s 11
recommended disclosures along with associatedchallenges.

 The Task Force received 229 responses to the survey,
151 from asset managers and 78 from asset owners.

 In addition to GHG emissions and climate-related targets— which are part of the 11 recommended disclosures, thesurvey asked about five other specific metrics.
Seven Metrics Included in Survey
GHG emissions for assets under management (or in investment
portfolio)
Weighted average carbon intensity or WACI
Extent to which assets under management (or in investment
portfolio) are aligned with a well below 2°C scenario
Metrics used to assess climate-related physical risks
Metrics used to assess climate-related transition risks
Metrics used to assess climate-related opportunities
Targets used to manage climate-related risks and opportunities

 The survey was distributed to organizations andindividuals that signed up for updates on the Task
Force’s work and posted on the Task Force’s
website.1,2
 Given the survey’s distribution channels, the survey
results are subject to a self-selection bias towards
respondents who are more focused on climate-related
issues and the Task Force’s work.
 In fact, 93% of the survey respondents indicated they
had implemented the TCFD recommendations orplanned to in the future.
NOTE ON SURVEY RESULTS
Given the composition of respondents, the survey
results should not be extrapolated to a broader
population of asset managers and asset owners.

1. The TCFD Secretariat recognized many of the companies and organizations receiving the survey were not asset managers or asset owners
and included a gating question so that only organizations identifying as asset managers or asset owners received the survey questions.
2. In addition to distributing the survey to companies that signed up for updates on the Task Force’s website, the TCFD Secretariat also sent
the survey to the Principles for Responsible Investment and requested the survey be shared with its signatories.

5Asset Manager and Asset Owner Survey

Respondent Demographics (1 of 2)
Nearly two-thirds of survey respondents were asset managers. Of the asset owners responding to the survey,
31% were insurance companies. In addition, nearly 50% of respondents were based in Europe.
Composition of Survey Respondents

Services and Funds Offered by Asset Managers1

Percent of Respondents

Fund management

Organization Type
66%
Asset Managers (151)Types of Asset Owners

Fund of funds, manager ofmanagers, sub-advised products

34%

Asset Owners (78)

10%

8%

2%

31%

4%
4%
3%

14%

18%

27%
13%

Hedge fundBase size: 229

Insurance company (includes reinsurance)
Non-corporate pension, superannuation, retirement,
provident fund, or plan

6%

90%

Fund of hedge funds

3%

Other

1%
Base size: 151

1. Respondents were asked to select all options that apply.

Geographic Distribution of Respondents

Corporate pension, superannuation, retirement,
provident fund, or plan
Foundation

23%

Endowment

North
America48%
Middle2% East andAfricaDevelopment finance institution
Reserve-sovereign or government-controlled fund

1%

South
America

Family office

EuropeAsia
Pacific
26%

Real estate investment company
Other
Base size: 78

Legend:

1

2-3

4-9

10-19

20-39

40+

Number of respondents by country

6Asset Manager and Asset Owner Survey

Respondent Demographics (2 of 2)
The vast majority (85%) of asset manager respondents held $99 billion or less in assets under managementcompared to 67% of asset owner respondents. In addition, over 70% of asset owners held at least four types ofassets.
Distribution by Assets under Management1,2
Percent of Respondents

100%

94%

79%
51%

6%

22%

<$100M
Legend:Asset Managers (151)

23%

67%

44%

21%
<$999M<$9B

Asset Owners (78)

All Respondents (229)

|

12%

3%

85%

54%

95%

<$99B

92%

100%

100%

<$499BAll

1. The percentages in this chart are cumulative percentages.
2. The numbers in parentheses represent the number of respondents.

Types of Assets1,2

Percent of Respondents
65%
76%

Listed Equities
Legend:Asset Managers (151)

42%

73%

68%
33%

Fixed Income: Corporate
Asset Owners (78)

56%

45%

|

59%

53%

Fixed Income: Government

46%

49%
74%

Private Equity or Debt

72%
38%
Property or Infrastructure

All Respondents (229)

1. Respondents could select multiple asset types.
2. The numbers in parentheses represent the number of respondents.

7

2
KEY THEMES FROM SURVEY RESULTS

Asset Manager and Asset Owner Survey

Key Themes: Reporting to Clients and Beneficiaries
The most common and significant themes on climate-related reporting by asset managers and asset owners totheir clients and beneficiaries, respectively, are described below.
Nearly all asset managers and asset owners
indicated they report or plan to report to theirclients and beneficiaries, respectively
Report Climate-Related Information to Clients and Beneficiaries

Percent of Respondents1

All Respondents (229)
67%

31%

2%

Asset Managers (151)
62%

37%

1%

Asset Owners (78)
Legend:77%

Currently Report

20%
Plan to Report

3%

Do Not Plan to Report

1. The numbers in parentheses represent the number of respondents.

Over 60% of respondents indicated they
began reporting climate-related information
by fiscal year 2021
This includes 56% of asset manager respondents
and 75% of asset owner respondents
Base size: 229

Respondents cited multiple reasons they reportclimate-related information to clients/beneficiaries
Climate-related risks are material

84%

Senior management priority

73%

Requests from clients or beneficiaries

72%
Base size (those currently reporting): 154

Over 60% of asset managers that indicatedthey report to their clients do so publicly
at an entity or aggregate portfolio level
or directly to clients at a fund level

Base size: 94

Nearly 90% of asset owners that indicatedthey report to their beneficiaries do so publicly
at an entity or aggregate portfolio level

Base size: 60

9Asset Manager and Asset Owner Survey

Key Themes: Asset Managers’ TCFD-Aligned Reporting
The most common and significant themes from asset manager respondents on reporting TCFD-aligned
information are described below.1
Nearly 50% of asset manager respondents
indicated they report information aligned withat least five of the 11 recommended disclosures
The highest level of reporting was on climate-related
metrics at 53%.
The lowest level of reporting was on resilience of strategy
at 19%.

Most cited reason for reporting or planning toreport climate-related information is because
climate-related risks are material
Climate-Related Risks
are Material
Clients Request
Information
Senior Management
Priority

81%

76%

61%

One out of four asset managers indicated they
currently report climate-related targets
Nearly 40% indicated they are undecided or do not plan to report targets

Asset manager respondents most often reported insustainability reports in every year except 2017
Location of Reporting

Percent of Respondents
FY17 FY18 FY19 FY20 FY21

Sustainability reports

42% 48% 59% 66% 73%

Client reports

46% 39% 49% 56% 62%

Many cited multiple challenges onreporting climate-related information
Insufficient information from investee companies

65%

Lack of methodologies to calculate metrics

57%

Lack of resources

54%
Base size: 149

1. The summary of survey results is based on the 149 asset managers that indicated they currently report or plan to report climate-related
information to their clients.

10Asset Manager and Asset Owner Survey

Key Themes: Asset Owners’ TCFD-Aligned Reporting
The most common and significant themes from asset owner respondents on reporting TCFD-aligned
information are described below.1
The majority (75%) of asset owner respondents
indicated they report information aligned withat least five of the 11 recommended disclosures
Notably, 36% of asset owners indicated they currently report
information aligned with all 11 recommended disclosures

Seventy-one percent (71%) indicated they
currently report climate-related metrics
59%
58%
42%

GHG Emissions of AUM
Climate-Related Targets
Weighted Average Carbon Intensity

The majority (74%) of asset owners indicated they
conduct climate-related scenario analysis

Reporting climate-related information inclimate-specific reports grew by 34 percentage
points between fiscal years 2017 and 2021
Location of Reporting

Percent of Respondents
FY17
FY21

Climate-specific report

22%

56%

Annual report or integrated report

56%

66%

Sustainability report

67%

69%

Asset owner respondents cited multiple challenges% of Respondents
related to reporting climate-related information
71%
Lack of methodologies to calculate metrics
Insufficient
informationtofrom
investeecompanies
Lackof methodologies
calculatemetrics

63%
71%

Lack of resources
Insufficient information from investee companies

51%
63%

Lack of resources

51%
Base size: 76

Another 4% plan to conduct climate-related scenario analysis, and theremaining 22% do not conduct or use climate-related scenario analysis
1. The summary of survey results is based on the 76 asset owners that indicated they currently report or plan to report climate-related
information to their beneficiaries.

11

3
SUMMARY OF TCFD-ALIGNED REPORTINGASSET MANAGERS

Asset Manager Respondents

Timing of Climate-Related Reporting
Sixty-three percent (63%) of asset managers indicated they began reporting climate-related information by
March 2022, and 32% indicated they plan to begin reporting in the future.
Asset Managers: Year Reporting Began or Will Begin by Fiscal Year1
Percent of Respondents2

Currently Report

Plan to Report
95%
80%
56%

63%

42%

16%
2017 or
Earlier22%

By 2018

28%

By 2019

By 2020

By 2021

1. The percentages in this chart are cumulative.
2. Five percent (5%) of respondents indicated they were not sure when they would begin reporting.

By March
2022

By End of2022

By 2023or LaterBase size: 149

13

Asset Manager Respondents

Reasons for Climate-Related Reporting
The most often cited reason for reporting climate-related information—by asset manager respondents currently
reporting—was because of requests from clients. For those respondents planning to report, the most often
cited reason was because climate-related risks are material.
Asset Managers: Reasons for Reporting or Planning to Report1,2
Percent of Respondents
84%
76%
67%

80% 81%

82%
62%

69%
60% 58%

57%
48%
38%

Legend:Currently Report (94)

Climate-Related Risks
are Material
Plan to Report (55)|

Requests from Clients

Required by Regulators(or Will Be)

Peers Report Information

61%
53%

Senior Management Priority

All Respondents (149)

1. Respondents could select multiple reasons.
2. The numbers in parentheses represent the number of respondents.

14

Asset Manager Respondents

Reporting Climate-Related Information to Clients
Around 65% of asset manager respondents indicated they report climate-related information directly to clientsat the fund level; and 64% indicated they report to clients at an entity or aggregate portfolio level publicly.
Asset Managers: Reporting of Climate-Related Information to Clients
Percent of Respondents Currently Reporting

Level of Reporting Publicly and Directly to Clients1
Do Not Reportat Level

Publicly

Directly to
Clients

Total Portfolio

15%

64%

48%

Fund

10%

44%

66%

Asset Class

54%

28%

26%

Mandate

51%

10%

45%

Frequency of Reporting Directly to Clients2
48%

9%

7%
Annually

Base size: 94
Legend:34%

Semi-Annually

QuarterlyMonthly

Base size (respondents that report directly to clients): 58

Low to high percentage of reporting

1. On the level of reporting, respondents could select multiple levels under publicly and directly to clients.
2. The sum across reporting frequencies equals 98% because 2% of respondents indicated they report on an ad hoc basis.

15

Asset Manager Respondents

TCFD-Aligned Reporting
For asset manager respondents currently reporting climate-related information, the highest level of reporting
was on climate-related metrics at 53%, while the lowest level was on resilience of strategy at 19%.
Asset Managers: Status of TCFD-Aligned Reporting
Percent for Each Reporting Option

Currently
ReportPlan to Report

Do Not Plan
to Report

Undecideda. Board Oversight

44%

40%

4%

12%

b. Management's Role

51%

41%

3%

5%

a. Risks and Opportunities

45%

46%

2%

7%

b. Impact on Organization

36%

50%

5%

9%

c. Resilience of Strategy

19%

47%

11%

23%

a. Risk ID & Assessment Processes

50%

39%

2%

9%

b. Risk Management Processes

46%

42%

1%

11%

c. Integration into Risk Management

44%

44%

3%

9%

a. Climate-Related Metrics

53%

41%

1%

5%

b. Scope 1,2, 3 GHG Emissions

49%

39%

5%

7%

c. Climate-Related Targets

25%

37%

8%

30%

Recommendation

Recommended Disclosure

Governance

Strategy

Risk Management

Metrics and Targets

Base size: 149
Legend:Low to high percentage of reporting16

Asset Manager Respondents

TCFD-Aligned Reporting by Size
Based on their survey responses, the largest asset manager respondents (AUM>$100 billion) currently report at
higher levels than asset manager respondents with AUM<$100 billion. Notably, the smallest asset manager
respondents (AUM<$1B) currently report at higher levels for all 11 recommended disclosures than those with
between $1 and $9 billion.
Asset Managers: Currently Report TCFD-Aligned Information by Size (AUM)
Percent of Respondents
Recommendation
Governance
Strategy

Risk Management

Metrics and Targets≥ $100B(23)1$10-99B
(46)

$1-9B
(46)

< $1B
(34)

52%

48%

37%

44%

b. Management's Role

65%

52%

43%

50%

a. Risks and Opportunities

61%

43%

35%

50%

b. Impact on Organization

52%

35%

26%

41%

c. Resilience of Strategy

39%

15%

13%

18%

a. Risk ID & Assessment Proc.

65%

54%

41%

47%

b. Risk Management Processes

57%

48%

37%

47%

c. Integration into Risk Mgmt.

61%

43%

35%

47%

a. Climate-Related Metrics

70%

50%

50%

53%

b. Scope 1,2,3 GHG Emissions

65%

46%

43%

53%

c. Climate-Related Targets

39%

22%

17%

32%

Recommended Disclosure
a. Board Oversight

1. The numbers in parentheses represent the number of respondents.

Base size: 149
Legend:Low to high percentage of reporting17

Asset Manager Respondents

Location of TCFD-Aligned ReportingFor fiscal year 2017, a plurality of asset manager respondents indicated reporting in client reports. For fiscal
years 2018 through 2021, a plurality of respondents indicated they reported in sustainability reports, followed
by client reports and annual or integrated reports.
Asset Managers: Location of Reporting for Fiscal Years 2017-2021
Percent of Respondents

Report Type1FY2017(24)2FY2018(33)

FY2019(41)

FY2020(62)

FY2021(84)

Financial Filing

13%

12%

12%

8%

11%

Annual Report or Integrated Report

38%

36%

37%

39%

35%

Sustainability Report

42%

48%

59%

66%

73%

Climate-Specific Report

8%

9%

15%

26%

43%

Client Report

46%

39%

49%

56%

62%

Other

13%

12%

15%

15%

17%

Average # of Reports per Respondent

1.6

1.6

1.9

2.1

2.4

1. Respondents could select multiple report types.
2. The number in parentheses represent the number of respondents.

Legend:Low to high percentage of reporting18

Asset Manager Respondents

Challenges Reporting Climate-Related Information
Nearly two thirds of asset manager respondents identified insufficient information from investee companies asa challenge in reporting climate-related information; and over 50% of respondents indicated the lack ofmethodologies to calculate metrics and lack of resources as challenges.
Asset Managers: Challenges Reporting Climate-Related Information
Challenge (from highest to lowest)

Percent Responding1

Insufficient information from investee companies

65%

Lack of methodologies to calculate metrics

57%

Lack of resources

54%
45%

Insufficient information from other sources2
8%

No significant challenges
Issues related to data or analytical tools

4%

Other

3%

1. Respondents could select multiple options.
2. Insufficient information from sources other than investee companies.

Base size: 149

19

Asset Manager Respondents

Using Scenario Analysis and Reporting on Results
Nearly 30% of asset manager respondents indicated they conduct and use scenario analysis in decision-making
with another 23% indicating they conduct scenario analysis. Forty-four percent (44%) of respondents that
conduct scenario analysis responded that they report the results.
Asset Managers: Using Scenario Analysis and Reporting on Results
Percent of Respondents

Conduct Scenario Analysis and Use Results in Decision-Making
Planning to
Conduct
3%

Undecided
2%
Status of Reporting on Scenario Analysis Results
Conductand Use28%

Do NotConduct
44%

Report qualitative results 25%
Report quantitative results

7%

Report qualitative and quantitative results 12%

Conduct
Only
23%

Plan to report scenario analysis results 46%
Do no plan to report scenario analysis results 10%
Base size: 149

Base size (respondents that conduct scenario analysis): 76

The survey included a few additional questions related to Strategy c) to gain additional insight on whether asset managers
conduct climate-related scenario analysis and, if so, whether they use such analysis in their decision-making.

20

Asset Manager Respondents

Status of Reporting on Climate-Related Metrics
The most frequently reported metric—at 42%—asset manager respondents indicated they currently report was
GHG emissions of their assets under management. The least reported was the extent to which their assets
under management are aligned with a well below 2°C scenario. Over 30% of asset manager respondents
indicated they do not plan to report or are undecided on reporting WACI, which is the metric the Task Forcerecommends asset managers report to their clients.
Asset Managers: Status of Reporting Select Metrics
Metrics and Targetsa.

Percent for Each Reporting Option1

Alignment with <2oC Scenario

15%

Physical Risk

21%

Transition Risk

24%

b.

43%

42%

Legend:Currently Report

Plan to Report

Do Not Plan to Report

30%

3%

30%
34%
5%
13%

32%

26%
0%

8%

42%

35%

Climate-Related Targets

34%

7%

40%

GHG Emissions of AUM
Weighted Average Carbon Intensity

c.

41%

19%

Climate-Related Opportunities

8%

43%

20%
Undecided

40%

20%

8%

36%
60%

11%

30%
80%

100%
Base size: 149

1. The percentages for Metrics and Targets a) and b) in previous figures are higher than the percentages for specific metrics associated with Metrics and Targets a) and b) in this figure because
respondents were identified as currently reporting if they indicated reporting at least one of the metrics listed.

21

Asset Manager Respondents

Additional Detail on Metrics Currently Reported
Asset Managers: Currently Report on Select Metrics
Percent of Respondents
By Level of Aggregation
MetricAlignment with <2oC Scenario
Physical Risks
Transition Risks
GHG Emissions of AUM
Weighted Average Carbon Intensity
Climate-Related Targets

Total Portfolio
12%
18%
23%
50%
30%
11%

By Investment Strategy
MetricAlignment with <2oC Scenario
Physical Risks
Transition Risks
GHG Emissions of AUM
Weighted Average Carbon Intensity
Climate-Related Targets
By Asset Class
MetricAlignment with <2oC Scenario
Physical Risks
Transition Risks
GHG Emissions of AUM
Weighted Average Carbon Intensity
Climate-Related Targets

Active
21%
26%
32%
60%
46%
27%
Listed Equities
15%
16%
22%
36%
32%
17%

1. Refers to aggregation consistent with clients’ investment mandates.
2. PE refers to private equity; Prop or infra refers to property or infrastructure.

Fund
16%
18%
21%
45%
41%
15%

Asset Class
10%
7%
9%
18%
15%
5%
Passive
2%
5%
6%
11%
11%
2%

Fixed Income
8%
8%
13%
17%
20%
9%

Mandate1
2%
4%
9%
11%
12%
5%
Other
1%
2%
3%
3%
5%
4%

PE2 or Debt
6%
7%
7%
20%
12%
8%

Do Not Report
0%
3%
1%
0%
1%
9%
Do Not Report
1%
4%
2%
3%
1%
7%

Prop or Infra2
5%
12%
12%
23%
14%
9%

Do Not Report
0%
4%
2%
1%
0%
8%

Base size (respondents that currently report): 94
Legend:Low to high percentage of reporting22

Asset Manager Respondents

Implementation of the TCFD Recommendations
Of asset manager respondents that indicated they have implemented or plan to implement the TCFD
recommendations, 50% or more indicated they were in the process of implementing the recommendations.
Asset Managers: Implementing TCFD Recommendations or Planning To

Percent of Respondents1

93%
Legend:Yes (141)7%

No (10)1. The numbers in parentheses represent the number of respondents.

Asset Managers: Implementation of the TCFD Recommendations

Percent for Each Implementation Option

Recommendation
Governance1%
Strategy0%
Risk Management
0%

45%
4%

38%
7%

35%

6%

0%
Legend:Implemented

In Process

55%

59%

27%

Metrics and Targets
1%

50%

62%

10%
20%

Do Not Plan to Implement40%
Undecided

60%

80%

100%
Base size:1 141

1. The base size represents the number of asset managers implementing or planning to implement the TCFD recommendations.

23

4
SUMMARY OF TCFD-ALIGNED REPORTINGASSET OWNERS

Asset Owner Respondents

Timing of Climate-Related Reporting
Seventy-nine percent (79%) of asset owners indicated they began reporting climate-related information by
March 2022, and 20% indicated they plan to begin reporting in the future.
Asset Owners: Year Reporting Began or Will Begin by Fiscal Year
Percent of Respondents1

Currently Report

Plan to Report
99%
75%

57%

79%

86%

By March
2022

By End of
2022

63%

43%
33%

2017 or
Earlier

By 2018

By 2019

By 2020

By 2021

1. The percentages in this chart are cumulative.
2. One percent (1%) of respondents indicated they were not sure when they would begin reporting.

By 2023or LaterBase size: 76

25

Asset Owner Respondents

Reasons for Climate-Related Reporting
The most often cited reasons for reporting climate-related information by asset owner respondents was
because climate-related risks are material (80%) and senior management made it a priority (70%).
Asset Owners: Reasons for Reporting or Planning to Report1,2
Percent of Respondents

92%
78%

80%
69%

70%
60%

53%

52%
44%

39%

57%

70%
63%

44%

25%

Legend:Currently Report (60)

Climate-Related Risks
are Material
Plan to Report (16)|Requests from Beneficiaries

Required by Regulators(or Will Be)

Peers Report Information

Senior Management Priority

All Respondents (76)

1. Respondents could select multiple reasons.
2. The numbers in parentheses represent the number of respondents.

26

Asset Owner Respondents

Reporting Climate-Related Information to Beneficiaries
The majority of asset owner respondents indicated they report climate-related information to beneficiaries at
an entity or aggregate portfolio level and asset class level publicly. Only between 15-20% of respondents
indicated they report directly to beneficiaries at any level (i.e., total portfolio, fund, or asset class).
Asset Owners: Reporting of Climate-Related Information to Beneficiaries
Percent of Respondents Currently Reporting

Level of Reporting Publicly and Directly to Beneficiaries1
Do Not Reportat Level

Publicly

Directly to
Beneficiaries

Total Portfolio

5%

87%

17%

Fund

32%

32%

15%

Asset Class

12%

72%

20%

Frequency of Reporting Directly to Beneficiaries2
58%

Annually

17%

17%

QuarterlyMonthly

Base size (respondents that report directly to beneficiaries): 12
Base size: 60
Legend:Low to high percentage of reporting

1. On the level of reporting, respondents could select multiple levels under publicly and directly to beneficiaries.
2. The sum across reporting frequencies equals 92% because 8% of respondents indicated they report on an ad hoc basis.

27

Asset Owner Respondents

TCFD-Aligned Reporting
For asset owner respondents currently reporting climate-related information, the highest level of reporting was
on board oversight at 75%, while the lowest was on resilience of strategy at 45%.
Asset Owners: Status of TCFD-Aligned Reporting
Percent for Each Reporting Option

Currently
ReportPlan to Report

Do Not Plan toReportUndecideda. Board Oversight

75%

22%

0%

3%

b. Management's Role

71%

23%

3%

3%

a. Risks and Opportunities

71%

28%

0%

1%

b. Impact on Organization

63%

29%

0%

8%

c. Resilience of Strategy

45%

37%

1%

17%

a. Risk ID & Assessment Processes

69%

25%

1%

5%

b. Risk Management Processes

61%

30%

1%

8%

c. Integration into Risk Management

63%

29%

0%

8%

a. Climate-Related Metrics

71%

28%

0%

1%

b. Scope 1,2, 3 GHG Emissions

66%

26%

1%

7%

c. Climate-Related Targets

58%

32%

1%

9%

Recommendation

Recommended Disclosure

Governance

Strategy

Risk Management

Metrics and Targets

Base size: 76
Legend:Low to high percentage of reporting28

Asset Owner Respondents

TCFD-Aligned Reporting by Size
Based on their survey responses, the largest asset owner respondents (AUM>$100 billion currently report at
higher levels for all 11 recommended disclosures than asset owner respondents with AUM<$100 billion.
Asset Owners: Currently Report TCFD-Aligned Information by Size (AUM)

Percent of Respondents
Recommendation
Governance
Strategy

Risk Management

Metrics and Targets

Recommended Disclosure
a. Board Oversight≥ $100B(26)192%$1-99B
(35)
74%

< $1B
(15)
47%

b. Management's Role

88%

69%

47%

a. Risks and Opportunities

85%

69%

53%

b. Impact on Organization

81%

57%

47%

c. Resilience of Strategy

69%

34%

27%

a. Risk ID & Assessment Processes

92%

66%

33%

b. Risk Management Processes

81%

54%

40%

c. Integration into Risk Mgmt.

77%

57%

53%

a. Climate-Related Metrics

85%

69%

53%

b. Scope 1,2,3 GHG Emissions

81%

66%

40%

c. Climate-Related Targets

77%

51%

40%
Base size: 76

1. The numbers in parentheses represent the number of respondents.
Legend:Low to high percentage of reporting29

Asset Owner Respondents

Location of TCFD-Aligned ReportingFor fiscal years 2017 through 2021, a majority of asset owner respondents indicated reporting in sustainability
and annual or integrated reports. In addition, reporting TCFD-aligned information in climate-specific reports
grew by 34 percentage points over the five-year period.
Asset Owners: Location of Reporting for Fiscal Years 2017-2021

Percent of Respondents
Report Type1FY2017(25)2FY2018(33)

FY2019(43)

FY2020(48)

FY2021(57)

Financial Filing

22%

19%

15%

17%

15%

Annual Report or Integrated Report

56%

54%

57%

62%

66%

Sustainability Report

67%

73%

70%

75%

69%

Climate-Specific Report

22%

24%

40%

50%

56%

Beneficiaries Report

22%

19%

19%

17%

18%

Other

26%

24%

19%

17%

18%

Average # of Reports per Respondent

2.2

2.2

2.2

2.4

2.4

1. Respondents could select multiple report types.
2. The number in parentheses represent the number of respondents.

Legend:Low to high percentage of reporting30

Asset Owner Respondents

Challenges Reporting Climate-Related Information
Nearly three fourths of asset owners cited lack of methodologies for calculating climate-related metrics as achallenge in reporting climate-related information. Insufficient information from investee companies followed
as the second most cited challenge.
Asset Owners: Challenges Reporting Climate-Related Information
Challenge (from highest to lowest)

Percent Responding171%

Lack of methodologies to calculate metrics
63%

Insufficient information from investee companies
51%

Lack of resources

47%

Insufficient information from other sources2
8%

No significant challenges
Issues related to data or analytical tools
Other
1. Respondents could select multiple options.
2. Insufficient information from sources other than investee companies.

4%
1%
Base size: 76

31

Asset Owner Respondents

Using Scenario Analysis and Reporting on Results
Forty percent (40%) of asset owner respondents indicated they conduct and use scenario analysis in decisionmaking with another 34% indicating they conduct scenario analysis. Of respondents that indicated they conduct
scenario analysis, 68% responded that they report the results.
Asset Owners: Using Scenario Analysis and Reporting on Results
Percent of Respondents

Conduct Scenario Analysis and Use Results in Decision-Making
Planning to
Conduct
4%

Status of Reporting on Scenario Analysis Results

Do NotConduct
22%

Report qualitative results 38%

Conduct
Only
34%

Report quantitative results

9%

Report qualitative and quantitative results 21%
Conductand Use40%

Plan to report scenario analysis results 30%
Do no plan to report scenario analysis results
Base size: 76

2%

Base size (respondents that conduct scenario analysis): 56

The survey included a few additional questions related to Strategy c) to gain additional insight on whether asset owners
conduct climate-related scenario analysis and, if so, whether they use such analysis in their decision-making.

32

Asset Owner Respondents

Status of Reporting on Climate-Related Metrics
The most frequently reported metric—at 59%—asset owner respondents indicated they currently report was
GHG emissions of assets they own. The least reported—at 24%—was the extent to which the assets they own
are aligned with a well below 2°C scenario. A majority of asset owner respondents currently report or plan toreport on all seven metrics.
Asset Owners: Status of Reporting Select Metrics
Metrics and Targetsa.

b.

Percent for Each Reporting Option1

Alignment with <2oC Scenario

24%

Physical Risk

36%

Transition Risk

38%

Climate-Related Opportunities

36%
59%
42%

Currently Report

Plan to Report

Do Not Plan to Report20%
Undecided

1%

20%

1%

19%

2%

26%

26%

3%

32%
58%

0%

25%

42%
36%

Climate-Related Targets

Legend:6%43%

GHG Emissions of Assets Owned
Weighted Average Carbon Intensity

c.

45%

6%
32%

40%

60%

12%

20%
1% 9%

80%

100%
Base size: 76

1. The percentages for Metrics and Targets a) and b) in previous figures are higher than the percentages for specific metrics associated with Metrics and Targets a) and b) in this figure because
respondents were identified as currently reporting if they indicated reporting at least one of the metrics listed.

33

Asset Owner Respondents

Additional Detail on Metrics Currently Reported
Asset Owners: Currently Report on Select Metrics
Percent of Respondents
By Level of Aggregation
MetricAlignment with <2oC Scenario
Physical Risks
Transition Risks
GHG Emissions of Assets Owned
Weighted Average Carbon Intensity
Climate-Related Targets

By Investment Strategy
MetricAlignment with <2oC Scenario
Physical Risks
Transition Risks
GHG Emissions of Assets Owned
Weighted Average Carbon Intensity
Climate-Related Targets
By Asset Class
MetricAlignment with <2oC Scenario
Physical Risks
Transition Risks
GHG Emissions of Assets Owned
Weighted Average Carbon Intensity
Climate-Related Targets
1. PE refers to private equity.
2. Prop or infra refers to property or infrastructure.

Total Portfolio
20%
33%
41%
56%
33%
63%

Fund
5%
6%
5%
13%
13%
9%

Asset Class
9%
20%
17%
50%
39%
28%

Do Not Report
6%
5%
2%
2%
0%
0%

Active
22%
38%
44%
64%
45%
58%

Passive
11%
22%
23%
39%
34%
30%

Other
0%
0%
0%
3%
3%
5%

Do Not Report
9%
5%
3%
5%
3%
8%

Listed Equities
16%
31%
33%
59%
44%
45%

Fixed Income
16%
25%
27%
45%
36%
31%

PE1 or Debt
6%
11%
11%
17%
11%
17%

Prop or Infra2
13%
25%
27%
39%
25%
33%

Do Not Report
6%
3%
5%
2%
0%
6%

Base size (respondents that currently report): 60
Legend:Low to high percentage of reporting34

Asset Owner Respondents

Implementation of the TCFD Recommendations
Of asset owner respondents that indicated they have implemented or plan to implement the TCFD
recommendations, over 60% indicated they have already implemented them. In addition, very few asset ownerrespondents indicated they were undecided or do not plan to implement the recommendations.
Asset Owners: Implementing TCFD Recommendations or Planning To

Percent of Respondents1

91%
Legend:Yes (71)

9%

No (7)

1. The numbers in parentheses represent the number of respondents.

Asset Owners: Implementation of the TCFD Recommendations

Recommendation
Governance

Percent for Each Implementation Option
0%2%Strategy

Risk Management

Implemented

In Process

66%

32%

0%
2%
Legend:

64%

34%

1%
1%

0%

65%

35%

0%
0%

Metrics and Targets

73%

25%

20%

Do Not Plan to Implement40%
Undecided

60%

80%

100%
Base size:1 71

1. The base size represents the number of asset owners implementing or planning to implement the TCFD recommendations.

35