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G20 approaches to implementing the recommendations of the Task Force on Climate-related Financial Disclosures

May 2018 – This report; Sailing from different harbours: G20 approaches to implementing the recommendations of the Task Force on Climate-related Financial Disclosures, reviews the progress made by the national regulatory agencies of G20 members in making the TCFD recommendations relevant to their national contexts. It considers actions taken by the national (and international in the case of the EU) regulatory authorities in underlining the relevance, and taking steps towards potential implementation, of the TCFD recommendations.

 

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TCFD Report 2018CISL, through its Centre for Sustainable Finance, has conducted comparative analysis on the various approaches that the G20 members are taking towards TCFD implementation. This kind of comparative analysis of market practices is a key part of CISL’s role in developing customised capacity building and advisory support for sustainability leadership.

The audience for this research is twofold: (i) multinational firms (financial and non-financial) operating in different jurisdictions and needing to understand the evolving regulatory contexts in which they operate; and (ii) national regulatory authorities who may benefit from understanding what their counterparts are doing to inform their journey towards TCFD implementation.

This analysis reviews the progress made by the national regulatory agencies of G20 members in making the recommendations relevant to their national contexts. It considers actions taken by the national (and international in the case of the EU) regulatory authorities in underlining the relevance, and taking steps towards potential implementation, of the TCFD recommendations.

Key findings of the report include:

Two thirds of G20 countries have engaged with the TCFD

  • Australia, Canada, the EU, Italy, Japan, South Africa, Turkey and the United Kingdom have conducted (or are in the process of conducting) consultations with the private sector on sustainable finance generally and on disclosure requirements as an important building block of sustainable finance more specifically.
  • Based on these consultations, Japan has issued voluntary disclosure guidelines and the EU has put together a firm action plan on how to incorporate the recommendations into existing disclosure frameworks.
  • France’s Article 173 was not enacted in response to the TCFD, it is broadly aligned with the TCFD requirements and provides a mandatory disclosure framework.

Citing this report

Please refer to this publication as University of Cambridge Institute for Sustainability Leadership (CISL). (2018) Sailing from different harbours: G20 approaches to implementing

the recommendations of the Task Force on Climate-related Financial Disclosures. Cambridge, UK: the Cambridge Institute for Sustainability Leadership

Find out more about CISL's work on sustainable finance

Published: May 2018 

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Author and acknowledgements

This report was authored by Dr Nina Seega. The work benefited from invaluable contributions from Andrew Voysey, Rachel Austin as well as a number of policy experts in G20 member states. They are too many to name, but the author is indebted to them all.

Disclaimer

The opinions expressed here are those of the authors and do not represent an official position of their companies, CISL, the wider University of Cambridge or clients.