MONDAY 26 APR 2021 12:11 PM


TCFD reporting will be mandatory for companies in the UK from 2022. Luminous, a strategic comms partner, has created a briefing guide for companies embarking on the TCFD journey, with industry insights and practical recommendations.

The Financial Stability Board established the Task force on Climate-related Financial Disclosures (TCFD) in 2015. Two years later, the TCFD published a set of recommendations for reporting companies to include in their reports.

In November 2020, the Financial Conduct Authority announced that reporting on these recommendations would become mandatory in the UK from 2022, with disclosures to be included in annual reports.

As many companies prepare to report on TCFD for the first time, Luminous has released a briefing guide for UK-listed companies beginning the TCFD reporting journey.

Led by senior investor engagement consultant, Harriet Rumball, the Luminous briefing guide includes valuable contributions from Berkeley Group, Britvic, Severn Trent, KMPG and the FRC’s Financial Reporting Lab.

It offers guidance to organisations regarding the level of detail initially required to comply with standards, what new information is likely to be required and what ‘good’ reporting looks like. It also includes summary recommendations and proposed next steps.

As part of the latest ‘Luminous Spotlight’ podcast, Rumball interviewed Simon Weaver, co-head of climate risk and decarbonisation strategy at KMPG, on the TCFD journey.

Weaver shared recommendations on the application of TCFD reporting, with insight into how companies should think about approaching the framework. He discussed the importance of looking through a strategic rather than disclosure lens, and how to identify climate risks and opportunities.

The Luminous briefing guide and podcast, ‘Embarking on the TCFD Journey’, are available for download here.