The Task Force on Climate-related Financial Disclosures (TCFD) was founded in 2015 by the Financial Stability Board (FSB).
The aim of TCFD is to provide uniform climate reporting that companies can use to provide information to lenders, insurers, investors and other stakeholders.
To achieve this objective the TCFD has developed a reporting framework based on a set of consistent disclosure recommendations for companies to provide transparency about their climate-related risk exposures to investors, lenders and insurance underwriters. Improving the quality, consistency and transparency of climate-related financial disclosures will allow economies to have the necessary information to better assess the impact and effects of an organisation on climate change. Around 2’300+ organisations worldwide, in the public and private sectors, as well as government entities, support the TCFD.
On 18 August 2021, the Federal Council decided on parameters for future mandatory climate reporting by Swiss companies. The Federal Department of Finance is to prepare a consultation draft by summer 2022.
The communication comprises the following:
The double materiality approach applies and corresponds to the European Union approach