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March 29, 2023

Why TCFD reporting is meaningless without context

By Nicola Stopps
People watch smoke and steam billow from Belchatow Power Station
The TCFD is a vital tool for managing the global impact of climate change. (Photo: Kuba Stezycki/Reuters)

The framework does not exempt companies that disclose to it from continuing to contribute to climate change, as a recent case involving one of Europe’s largest financial institutions shows.

As the urgency of the climate crisis increases daily, pressure continues to mount on the corporate world to decarbonise and transition to a low-carbon economy. As a result, the role of reporting climate risks has become one of high importance, with businesses now considering non-financial reporting as an integral part of corporate governance.

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