TCFD officially disbanded at COP28
TCFD officially disbanded at COP28
The TCFD has fulfilled its remit and has officially been disbanded at COP28.
The website will remain available to serve as a resource for materials developed by the Task Force but will no longer be updated or monitored. The FSB has asked the ISSB to take over the monitoring of the progress of companies’ climate-related disclosures as of next year.
It should be noted that the TCFD Listing Rules 2022 are still mandatory for in-scope companies in the UK. Both IFRS S1 and IFRS S2 integrate the four core recommendations of TCFD reporting (governance, strategy, risk management, and metrics & targets). The UK will incorporate the ISSB standards into the UK Sustainable Disclosure Standards (UK SDS), only diverting from the ISSB standards where necessary for UK-specific matters.
For further information on how the TCFD recommendations and IFRS S1 and S2 compare please see here.
The website will remain available to serve as a resource for materials developed by the Task Force but will no longer be updated or monitored. The FSB has asked the ISSB to take over the monitoring of the progress of companies’ climate-related disclosures as of next year.
It should be noted that the TCFD Listing Rules 2022 are still mandatory for in-scope companies in the UK. Both IFRS S1 and IFRS S2 integrate the four core recommendations of TCFD reporting (governance, strategy, risk management, and metrics & targets). The UK will incorporate the ISSB standards into the UK Sustainable Disclosure Standards (UK SDS), only diverting from the ISSB standards where necessary for UK-specific matters.
For further information on how the TCFD recommendations and IFRS S1 and S2 compare please see here.