What is needed is comprehensive disclosure of consistent, comparable and reliable climate-related information. The Task Force for Climate-related Financial Disclosures (TCFD) already offers a framework for companies to disclose important climate-related information voluntarily. And it may be encouraging to see that support for the TCFD recommendations has grown substantially in recent years. But unfortunately, the disclosure of aligned information is still low.
Last year’s Status Report found that, in each category, only a minority of the reviewed companies disclosed information consistent with TCFD recommendations. [7] Moreover, having analysed reports from TCFD-supporting ﬁrms, researchers concluded that “ﬁrms cherrypick to report primarily nonmaterial climate risk information.” [8] This sobering ﬁnding should not come as a surprise.