On 14th December, the FSB Task Force on Climate-related Financial Disclosures (TCFD) published its draft recommendations which included disclosure requirements for the financial industry (as preparers of disclosures). While these recommendations do provide the broad areas and topics that should be covered in disclosures, as well as some level of granularity on more technical aspects to be considered, the full implementation of TCFD-aligned disclosures will require considerable additional work; particularly when it comes to the development of the required – and to the extent possible, harmonized – scenarios, models, methods, and metrics. In order to aid the delivery of disclosures in a timely and cost-efficient manner, UNEP FI has decided to establish collaborative working group of first mover FIs to work together towards the piloting of TCFD-aligned climate-related disclosures.

We recently held webinars with members to gauge interest, and provide information on the project, and a recording can be found here. A project note can be found here, with terms of reference detailing the expected commitments from participating banks.
Next Steps:
1. Between 3rd April and 15th May we will conduct one-on-one calls with banks who have expressed interest in this project. Therefore, please let us know, latest by 10th April, if your organisation is tentatively interested in participating in this project (please do so by sending an email to remco.fischer@unep.org and/or simone.dettling@unep.org)
2. Following the one on one calls, we would ask the organisations who decide to participate in the project to send a binding expression of interest by 15th May
3. The constitution of the Working Group will then take place in the second half of May.


For more information please contact your regional coordinator, Remco Fischer or Simone Dettling.