January 2018 | @CDSBGlobal
Translating the TCFD recommendations
into practical next steps
16 January 2018
Simon Messenger, Managing Director, CDSB

January 2018 | @CDSBGlobal
To provide decision-useful environmental
information to markets via the mainstream
corporate report
Climate Disclosure Standards Board

January 2018 | @CDSBGlobal
TCFD: Global Action and
Readiness

January 2018 | @CDSBGlobal
Global Regulatory Action 4
Canada
• Canadian Securities
Administrators
taskforce for TCFD
France
• Article 173
• Pushing for
mandatory
implementation of
TCFD
China
• CSRC & People’s Bank of
China released climate
disclosure roadmap to 2020
• CSRC announcement to pilot
TCFD recommendations
Australia
• Australia Prudential
Regulatory Authority
demanding information
• Australian Senate
Economics Committee
recommended adoption of
TCFD
Stock exchanges reference
CDSB Framework
European
Union
• EU High Level Expert Group
(HLEG) on Sustainable
Finance
• EU Non-Financial Reporting
Directive Review
Germany
• Assessing the feasibility
of regulation similar to
Article 173
United Kingdom
• Recently endorsed the TCFD
recommendation
• BEIS ‘Green Finance Task Force’

January 2018 | @CDSBGlobal
Investment Community Engagement
5Investment Community Engagement - TCFD
Aegon
Aviva
Axa
Barclays
BlackRock
Boston Common Asset Management
Bradesco
Brunel Pension Partnership
Caisse Inter-Entreprises de Prévoyance
Professionnelle
Canada Pension Plan
Candriam Investors Group
Church Commissioners for England
Church of England Pensions Board
Elo Mutual Pension Insurance
Environment Agency Pension Fund
Folksam
Generation
Greater Manchester Pension Fund
Hermes EOS
HSBC
HSBC UK Pension Fund
Industrial and Commercial Bank of China
Industrial and Commercial Bank of China
JP Morgan
Jupiter Asset Management
Legal & General
LGPS Central
Local Pensions Partnership
London Pensions Fund Authority
M&G
Merchant Navy Officers Pension Fund
National Employment Savings Trust
Nest Sammelstiftung
PGGM
PKA
Royal London
Schroders
Storebrand
Swiss RE
Tokio Marine
TPT Retirement Solutions
UBS
Unilever UK Pension Fund
Vanguard
List is non-exhaustive and illustrative only

January 2018 | @CDSBGlobal
Are companies ready for TCFD?
TCFD – Company Readiness 6
CDSB analysis conducted on CDP 2017 responses across 15 countries (January 2018)
Governance
Strategy
Risk
Management
Metrics /
Targets
➢ 8 in 10 companies have Board-level oversight of climate change,
with lower amounts in North America.
➢ 9 in 10 companies include climate-related risks and opportunities
into their company-wide processes, but only half consider these in
the medium-term.
➢ Fewer than 2 in 10 companies provide incentives to their Board
members to manage climate change.
➢ Almost all companies currently disclose Scope 1, though only 7 in
10 do in China.

January 2018 | @CDSBGlobal
TCFD: What can companies
do?

January 2018 | @CDSBGlobal
Practical Next Steps Checklist
8Practical steps for reporting climate risks and opportunities
cdsb.net/checklist

January 2018 | @CDSBGlobal
9TCFD overview and practical steps for implementation

January 2018 | @CDSBGlobal
10TCFD overview and practical steps for implementation

January 2018 | @CDSBGlobal
11TCFD overview and practical steps for implementation

January 2018 | @CDSBGlobal
TCFD Sources 12
Companies needn’t reinvent the wheel

January 2018 | @CDSBGlobal
13TCFD overview and practical steps for implementation

January 2018 | @CDSBGlobal
TCFD Knowledge Hub
TCFD Knowledge Hub 14
An online ‘encyclopaedia’ platform for the
TCFD Recommendations.
• Announced by Mike Bloomberg at One Planet Summit on 12
December 2017
• Structured and easily searchable by country, industry or role
• Content will include technical guidance, tools, templates, frameworks,
methodologies, case studies, examples, FAQs, practice networks and
interactive functions
• Launching in Spring 2018
• www.tcfdhub.org

January 2018 | @CDSBGlobal
Simon Messenger
Managing Director, CDSB
simon.messenger@cdsb.net