TCFD 2019 Status Report: Positive Money response

Responding to the second Task Force on Climate-related Financial Disclosures (TCFD) second status report, which reports that the average number of recommended disclosures per company has increased by 29% from 2.8 in 2016 to 3.6 in 2018, David Clarke, head of policy at Positive Money, said:

“With a small window of time to decarbonise the economy, there is an urgent need to improve the quality and consistency of corporate disclosures on climate risk. While the progress in today’s status report is welcome, uptake remains much too slow.

“At 3.6, the average number of recommended disclosures per company is just a third of the 11 the TCFD recommends, while nearly a quarter of large companies have made no TCFD-aligned disclosures whatsoever. If the current rate of progress continues, the number of disclosures per company won’t reach the necessary level until 2028, which is clearly far too late.

“For investors and regulators to act on the risks posed by climate change, disclosures must be consistent and comprehensive. The only way to ensure blanket coverage is to move rapidly towards mandatory enforcement of the TCFD recommendations.”

Notes to editors 

1. Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. https://positivemoney.org/

2. For more information or to arrange a briefing/interview with a spokesperson please contact simon.youel@positivemoney.org.uk or on 07908 037569

3. The TCFD’s 2019 Status Report can be viewed from 1pm BST at: https://www.fsb-tcfd.org/publications/tcfd-2019-status-report/