The Plight of the Washing Machine
By: Carmen SnowdonRead more
It'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.
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Technical Director (Management Consulting)
Andrew has extensive experience with business change and transformation, with a technical focus in asset management. He has successfully supported numerous clients across the water, transport and energy sectors to improve their asset management maturity, allowing them to balance cost, risk and performance parameters and the delivery of risk and evidence-based investment plans. This includes the identification and delivery of performance improvements to strategy, plans, process and procedure – across the asset lifecycle - so that assets are managed in alignment with organisational objectives.