The Task Force on Climate-related Financial Disclosures (TCFD), established by the Financial Stability Board (FSB), is an industry-led organization set up to develop and promulgate climate-related financial disclosures. The disclosures are designed to solicit consistent, decision-useful information on the material financial impacts of climate-related risks and opportunities allowing companies to better inform investors, lenders, insurers, and other stakeholders.

Selected by the FSB, the original Task Force consisted of 32-members from various global organizations, including large banks, insurance companies, asset managers, pension funds, large non-financial companies, accounting and consulting firms, and credit rating agencies. Its recommendations are now supported by more than 1,000 organizations worldwide with trillions of dollars of assets under management.

The TCFD structured its recommendations into four thematic areas that represent core elements of how organizations operate: governance, strategy, risk management, and metrics and targets. These thematic areas are designed to inform one another.


The organization’s governance and climate-related risks and opportunities.


The actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning.

Risk Management

The processes used by the organization to identify, assess, and manage climate-related risks.

Metrics and Targets

The metrics and targets used to assess and manage relevant climate-related risks and opportunities.

TCFD Overview

The work and recommendations of the Task Force will help firms measure and manage the risks they face from climate change and will help inform investors and prepare financial markets for what is to come.

To learn more on the Task Force on Climate-related Financial Disclosures, click here.

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