How to build (or refresh) your knowledge of environmental water quality
Published on: 23 Oct 2024
Read moreIt's #DirectorsThoughtsThursday and this month Andrew McArthur, Technical Director of Management Consulting, is discussing how the new TCFD framework could benefit all businesses.
In April 2022, it became mandatory for UK companies with 500+ employees and >£500m turnover to report climate-related financial data in line with the Task Force for Climate-related Financial Disclosures (TCFD) recommendations. The TCFD’s 11 disclosure recommendations centre around four pillars - governance, strategy, risk management, and metrics and targets.
The goal of the TCFD framework is to drive companies to incorporate climate-related risks and opportunities into their risk management, planning and decision-making processes in a consistent, comparable and transparent form. In so doing, companies and investors are better able to understand the financial impacts of climate change and drive investment to the most sustainable and resilient solutions.
Of course, the benefits of the TCFD framework and reporting requirements are not limited to large blue-chip companies; all organisations can benefit. Indeed, such is the drive of the UK government for activities that support the net-zero pledge, it is quite likely that the scope of mandatory reporting will be expanded to a wider group of organisations in the near future. Those who adopt and adapt fastest are likely to realise a competitive advantage, whilst the activities that help transition to net zero become more tangible. A win-win.
Learn about WRc's approach to climate change adaption here.