Member Call on TCFD Consultation to Revise its 2017 Guidance -- 22 June at 16:00 BST/11:00 a.m. EDT

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June 15, 2021

TO: ESG Task Force
EU ESG Disclosure Regulation Working Group RE: Member Call on TCFD Consultation to Revise its 2017 Guidance -- 22 June at 16:00 BST/11:00 a.m. EDT

 

On 22 June at 16:00 BST/11:00 a.m. EDT, we will host a call to discuss the TCFD's consultation[1] on two documents: Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans and Measuring Portfolio Alignment [with the Paris Agreement]: Technical Supplement.[2] 

This consultation closes on 7 July.  Note that most of the questions are in a multiple-choice format, and the TCFD anticipates that the response should take about 30 minutes to complete (the response time assumes understanding of the existing framework and the proposed changes outlined in the two documents). 

For our call, it would be really great to get input from your teams that are familiar with the TCFD metrics - what works, what doesn't and what they/you think of the proposed changes.  Input from the consultation will feed into the TCFD's final guidance, due in the fall of 2021. This work is particularly important because other stakeholders will look to the TCFD standards as a baseline for their work.   

Members of the EU ESG Disclosure Regulation Working Group received a calendar invitation with the call information automatically.  If you did not receive this information, please send me an email at adriggs@ici.org, and I will provide you with the call details.

The consultation

Metrics.  TCFD is proposing to revise its 2017 guidance to reflect the changes in disclosure practices and the use of disclosures by financial and non-financial organizations since 2017, and in recognition of various stakeholders' interest in using the TCFD standards as the global baseline.  The purpose of the first document is --

• to provide general guidance for organizations seeking to establish relevant metrics, targets, and transition plans around their climate-related risks and opportunities, similar to the TCFD's 2020 guidance documents on scenario analysis and risk management, and
• to propose specific changes to the Guidance for All Sectors and Supplemental Guidance in the 2017 TCFD Final Report.

Portfolio Alignment with the Goals of the Paris Agreement.  The second document, Portfolio Alignment Supplement, is technical guidance on building portfolio alignment tools and producing forward-looking measurements of financial portfolio alignment with the goals of the Paris Agreement.

Consultation Questions.[3]  The consultation questions are directed to users, preparers, and financial organizations.    

We will circulate a more detailed memo on the consultation and the proposed documents closer to the call.  In the meantime, please do not hesitate to reach out with your comments and questions (adriggs@ici.org).

 

Anna Driggs
Director and Associate Chief Counsel
ICI Global

 

endnotes

[1] See https://assets.bbhub.io/company/sites/60/2021/06/TCFD-MTT-Survey-Reference.pdf.

[2] See https://assets.bbhub.io/company/sites/60/2021/05/2021-TCFD-Metrics_Targets_Guidance.pdf and  https://assets.bbhub.io/company/sites/60/2021/05/2021-TCFD-Portfolio_Alignment_Technical_Supplement.pdf.

[3] See https://assets.bbhub.io/company/sites/60/2021/06/TCFD-MTT-Survey-Reference.pdf.