PRESS RELEASE
Embargoed until:
12pm GMT, 14 December 2016
The Task Force on Climate-related Financial Disclosures announces publication ofRecommendations Report (#TCFDRecs)
The Task Force on Climate-related Financial Disclosures (TCFD) in London today announced
the publication of its report - Recommendations of the Task Force on Climate-related FinancialDisclosures (report). The Report outlines a set of recommendations for voluntary, decisionuseful, climate-related disclosures to be made as part of mainstream financial filings. The
recommendations will help organizations identify and disclose information needed byinvestors, lenders, and insurance underwriters to appropriately assess and price climaterelated risks and opportunities. They are issued today for public consultation.
The Financial Stability Board established the TCFD in December 2015. The Task Force’s
recommendations are the result of the first global, industry-led effort to create
recommendations for climate-related financial disclosures. In developing its
recommendations, the Task Force has benefited from extensive global outreach acrossregions, industries and expertise. The recommendations focus on four thematic areas thatgenerally reflect how organizations operate: governance; strategy; risk management; andmetrics and targets.
The Task Force’s recommendations offer a number of key features, including:o Adoptable by companies of all types, across sectors and jurisdictionso Designed for inclusion in mainstream financial filingso Elicit decision-useful, forward-looking information on climate-related financial
impacts,o Include describing the potential impact of different scenarios (including a 2°C
scenario) on the organization’s businesses, strategy, and financial planningo Increase focus on risks and opportunities related to a transition to a lowercarbon economy
The Task Force members are experts from private sector preparers and users of corporate
financial disclosures from around the world. The Task Force focuses on disclosures related
to the financial impacts of climate change on a company; rather than a company’s impact
on climate change.

The Task Force’s recommendations benefit organizations in the following ways:
o Provide a foundation for immediate adoption and are flexible enough to evolveas climate-related disclosure practices matureo Promote board and senior management engagement on climate-related issueso Bring the “future” state of climate-related financial issues into the present
through scenario analysis
o Support understanding of the financial and non-financial sectors’ financial
exposure to climate-related issues
Michael R. Bloomberg, Chairman of the Task Force said, “The Recommendations of the Task
Force on Climate-related Financial Disclosures report represents an important effort by theprivate sector to improve transparency around climate-related financial risks andopportunities. Climate change is not only an environmental problem, but a business one aswell. We need business leaders to join us to help spread these recommendations acrosstheir industries in order to help make markets more efficient and economies more stable,resilient, and sustainable.”
Speaking about the draft recommendations, FSB Chair Mark Carney said: “The disclosure
recommendations will give financial markets the information they need to manage risks,and seize opportunities, stemming from climate change. As a private sector solution to amarket issue, the Task Force has focused on the practical, material disclosures investors
want and which all capital-raising companies can compile.”
The release of the report launches a 60-day public consultation period to solicit feedbackon the TCFD report and recommendations until 12 February 2017. The Task Forceencourages the public to participate in the public consultation survey at www.fsb-tcfd.org.
For additional information, please contact:
Jaycee Pribulsky
Veronika Henze+1.212.617.0503+1.646.324.1596
jpribulsky@bloomberg.net
vhenze@bloomberg.net
About the Task Force on Climate-related Financial Disclosures
On December 4, 2015, the Financial Stability Board (FSB) established the Task Force on
Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair and withfour Vice Chairs, Denise Pavarina, Executive Director, Banco Bradesco; Graeme Pitkethly,
Chief Financial Officer, Unilever; Christian Thimann, Group Head of Strategy, Sustainability
and Public Affairs, AXA; and Yeo Lian Sim, Special Advisor, Singapore Exchange. Moreinformation on the TCFD membership can be found at www.fsb-tcfd.org.