The Task Force for Climate Related Financial Disclosures (TCFD) framework underpins each of the “big 3" sustainability disclosure proposals issued in 2022. But before it was incorporated in any of these proposals, TCFD was a heavyweight in its own right in terms of the breadth of its adoption. How did TCFD become what it is today?

Heather Horn was joined by Jon Williams, PwC partner and TCFD member, to unpack the history of the TCFD and look ahead to how the framework may continue to shape sustainability reporting in the future.

In this episode, you’ll hear discussion of:

• 2:40 - The TCFD’s history and why it was initially formed
• 12:07 - How the TCFD works to achieve stakeholder consensus on its framework recommendations
• 16:10 - Updates on where adoption of the TCFD framework stands at five years from its founding
• 20:43 - Perspectives on how regulators are raising the bar on TCFD disclosures
• 24:35 - How the TCFD was designed to interact with other existing frameworks, including the Climate Disclosure Project (CDP)
• 29:53 - Updates on the TCFD’s work plan for 2023
• 36:55 - Advice for companies who will be subject to mandatory TCFD disclosures in the future

Looking for more information on TCFD reporting and scenario analysis? Check out our previous podcast on Leveraging TCFD for climate-related disclosures.

Jon Williams is a member of the TCFD and co-leads the PwC UK’s Sustainability & Climate Change practice. With over three decades of experience in sustainable finance and strategy, Jon focuses on issues relating to climate change, biodiversity, water, and poverty alleviation. His clients include financial institutions in both developed and developing economies as well as companies in the retail, consumer goods, healthcare, energy, and mining sectors.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.