Jane Thostrup Jagd, Senior Finance Lead at Orsted, shared these slides as part of the Climate Week 2020 event hosted by IFAC and ACCA, Creating Value in a Climate Emergency.

1. TCFD = IFRS + climate risks
• TCFD is different from all the other non-
financial frameworks in at least these 3 points:
• Focus is moved 180 °. It's not about how the
company affects the environment - but about
how the environment affects the company and
its economy.
• Reporting should not be given in a separate
report - but should be incorporated into the
existing financial reporting - as a minimum in
the annual report; but more often will be
appreciated.
• There is a forward-looking element with
scenarios / risk assessments / stress tests that
TCFD wants to be incorporated into the current
risk statements.
See also ACCA (2017) The Sustainable
Development Goals: Redefining context, risk and
opportunity, chapter 6
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2. TCFD in praxis
• Per September 2020, have 1,440+
organizations expressed support for TCFD
• Clear dominance of financial companies (e.g.
Bloomberg, BlackRock, Barclays, Industrial &
Commercial Bank of China, Swiss Re, JP
Morgan, etc. - but non-financials are also
signing up now.
• At the beginning only historical reporting -
but now the scenario reporting also emerges.
See e.g. AXA, Scor or Aviva
• But the the reporting is still often not useful
for the investors: It is not quantified or
monetised, often reported in illustrations and
not in user-friendly tables, and often still
detached from the remaining annual report.
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Examples from AXA’s TCFD reporting 2018, https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-
com%2F334f7447-30fe-4f81-a8e5-90c1975e2563_2018+tcfd+full+report+-+final.pdf

3. How can your company do investor-friendly
climate scenario reporting?
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See more in: Jagd , J.T. (2018) How to make TCFD scenarios useful for investors – a short guide, Center for ESG Research &
CDSB, https://www.cdsb.net/sites/default/files/how_to_make_tcfd_scenarios_useful_for_investors_a_short_guide.pdf - or
MIT (2019) Climate-Related Financial Disclosures – The Use of Scenarios, p 32,
https://climate.mit.edu/sites/default/files/2020-02/Climate%20Finance%20Disclosures%20-%20Scenarios.pdf