Section · TCFD
TCFD
TCFD disbanded in 2023, while its disclosure framework remains relevant through standards and specific reporting requirements.
Status board
Every TCFD-based rule, and where it stands
TCFD disbanded in 2023, while its disclosure framework remains relevant through standards and specific reporting requirements.
Module 01 / 03
Task Force
Its published work is retained as an archive.
Module 02 / 03
Rules
Identify instruments that still reference the framework.
Module 03 / 03
Successor
Read IFRS S2 and the UK-endorsed route.
Read the detailed guidance and evidence
TCFD is the climate reporting framework the UK built its first mandatory disclosure rules on, and in the last week of September 2026 two of those rules changed.
On 25 September the FCA’s product-level TCFD reports were removed, and on 30 September its final rules replaced the TCFD listing rule with UK SRS from 2027.
This is the section front: the status of every TCFD-based rule, and the guides behind it.
The board lists every UK rule and guidance document that asks for climate reporting in the TCFD’s shape, and the Task Force itself.
Five carry on unaffected by September’s changes: the Companies Act and LLP disclosures, the FCA entity report, the pension scheme regulations, and HM Treasury’s guidance for government.
One now has an end: the listing-rule statement under UKLR 6.6.6R(8) governs accounting periods beginning before 1 January 2027 and no later ones.
The FCA’s guidance on it, Technical Note 802.3, is proposed for deletion, with comments due by 28 October 2026 under PS26/19 ¶1.9.
One has gone: the FCA’s five-metric product report for funds and policies, removed on 25 September 2026.
And one is made but not yet in force: the UK Listing Rules instrument that brings in UK SRS on a comply-or-explain basis from 1 January 2027.
Filter the board by status; each row names the provision that decides it.
TCFD in the UK · status on 1 October 2026
- Replaced from 2027Listed companies (UKLR 6, 14, 15, 16 and 22)A statement in the annual financial report on whether disclosures are consistent with the TCFD recommendations, with gaps explained.Accounting periods beginning before 1 January 2027UKLR 6.6.6R(8); FCA PS26/19 ¶¶1.10, 3.19
- Made, not yet in forceThe same listed companiesReport against UK SRS S2 and S1 or explain what is missing, why and the steps planned; one-year Scope 3 and two-year S1 reliefs.Accounting periods beginning on or after 1 January 2027UK Listing Rules (Sustainability Reporting Standards Disclosure) Instrument 2026; PS26/19 ¶¶3.12, 3.14
- Replaced from 2027FCA guidance on the listing ruleTechnical Note 802.3, the FCA’s guidance on the TCFD-aligned rule, is proposed for deletion.Comments on Primary Market Bulletin 66 by 28 October 2026FCA PS26/19 ¶1.9
- In forceCompanies with more than 500 employees in a qualifying classEight climate-related financial disclosures in the non-financial and sustainability information statement.Financial years beginning on or after 6 April 2022; review report due before 6 April 2027CA 2006 s.414CB(A1), (2A); SI 2022/31 regs 1(2), 5(2)
- In forceLLPs with more than 500 employeesThe same eight disclosures, in the strategic report (traded and banking LLPs) or the energy and carbon report (other LLPs with turnover over £500m).Financial years beginning on or after 6 April 2022SI 2022/46 regs 1(2), 2, 4
- In forceAsset managers and asset owners with £5bn or more in scopeAn annual TCFD entity report on the assets managed or administered.Largest firms from 1 January 2022; others from 1 January 2023FCA ESG 1A.1.2R, ESG 2.2.1R
- RemovedThe same firms, product by productThe five-metric TCFD product report is gone; climate risks go into retail communications and Scope 1–3 data is given on request.Since 25 September 2026FCA 2026/59; ESG 2.3.1BR, 2.3.5AR
- In forceOccupational pension scheme trustees (£1bn or more; authorised master trusts and CDC schemes)Climate governance, scenario analysis, four metrics and a report published within seven months of the scheme year end.From 1 October 2021 (£5bn) and 1 October 2022 (£1bn)SI 2021/839 regs 3–6
- GuidanceCentral government departments and larger arm’s-length bodiesTCFD-aligned disclosure in the annual report and accounts, comply or explain, built up over three phases.Phase 1 2023-24, phase 2 2024-25, phase 3 2025-26HM Treasury, TCFD-aligned disclosure guidance for public sector annual reports
- GuidanceCompanies and LLPs using the 2022 regulationsNon-binding guidance on the eight disclosures; the government has said it intends to update it now UK SRS S2 can discharge them.Published 21 February 2022, not yet revisedDESNZ/BEIS, Climate-related financial disclosures for companies and LLPs
- DisbandedThe Task Force itselfDisbanded with its 2023 status report; its website stopped being updated from November 2023. The recommendations stand as written in June 2017.12 October 2023fsb-tcfd.org notice
A register, not advice: each row names the provision that decides it.
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The guides
TCFD on this site, question by question
The TCFD hub routes readers to meaning, disclosure structure, UK requirements and successor standards.
Module 01 / 03
Meaning
Understand the body and recommendations.
Module 02 / 03
Disclosures
Read the four pillars and eleven disclosures.
Module 03 / 03
UK duties
Identify the applicable reporting route.
Read the detailed guidance and evidence
| Your question | The page |
|---|---|
| What does TCFD mean, and what happened to the Task Force? | What is TCFD? |
| What are the four pillars, and are they the same in every framework? | The 4 pillars of sustainability reporting |
| Who in the UK must report, and on what basis? | TCFD reporting requirements |
| What exactly does the Companies Act require? | TCFD UK requirements |
| What goes in each of the eleven disclosures, and where? | TCFD disclosures |
| What does UK SRS S2 ask for that TCFD did not? | UK SRS vs TCFD |
| How do I run the scenario analysis? | Climate scenario analysis under UK SRS |
| How is Scope 3 treated after TCFD? | Scope 3 under UK SRS |
| Do I need a transition plan? | Transition plans under UK SRS |
| What are the FCA’s fund labels and anti-greenwashing rule? | FCA sustainability disclosure requirements |
The successor standards have their own sections: UK SRS, UK SRS S2 and the ISSB baseline under IFRS sustainability standards, with IFRS S2 read paragraph by paragraph.
For listed companies the dates that matter now are on the UK SRS deadline and the UK SRS timeline, and what compliance involves on UK SRS compliance.
Every other section on the site is listed on the sections index.
Look-alike one
CFD vs TCFD: the law’s words and the Task Force’s
The Companies Act climate disclosures use eight statutory limbs, while TCFD's framework has eleven recommended disclosures.
Module 01 / 03
Company law
Read the eight climate-disclosure requirements.
Module 02 / 03
TCFD
Read each lettered recommended disclosure.
Module 03 / 03
Mapping
Identify overlap without asserting equivalence.
Read the detailed guidance and evidence
CFD stands for climate-related financial disclosures, the defined term in section 414CB(2A) of the Companies Act.
The government wrote its own eight disclosures rather than copying the eleven, and the Act never mentions the Task Force.
The eight follow the four pillars, and the government’s guidance explains them, but they differ in places that matter: no emissions, no named 2°C scenario, and “principal” risks rather than all material ones.
The two are compared limb by limb on TCFD UK requirements.
| TCFD | CFD | |
|---|---|---|
| What it is | Recommendations, June 2017 | Duties in the Companies Act 2006, from April 2022 |
| Disclosures | Eleven | Eight, (a) to (h) |
| Emissions | Metrics and targets b) | None |
| Can a disclosure be left out? | Only by explaining, where a rule asks | (e) to (h), with a reasoned explanation |
Look-alike two
SECR and TCFD: side by side, not the same
Energy and carbon data can inform climate analysis without replacing disclosure about risks and business resilience.
Module 01 / 03
SECR
Annual energy and carbon information.
Module 02 / 03
TCFD-shaped reporting
Climate-related financial risks and opportunities.
Module 03 / 03
Management system
Processes for managing environmental performance.
Read the detailed guidance and evidence
SECR, streamlined energy and carbon reporting, asks large companies and LLPs to report their energy use and greenhouse gas emissions in the annual report.
TCFD-shaped duties ask how climate change affects the business, its strategy and its risk management.
A large company can be caught by both, and in practice SECR is where its emissions appear, because the Companies Act climate disclosures do not ask for them.
SECR has its own test, a company exceeding at least two of three size thresholds, set out on the SECR thresholds.
An environmental management system certified to ISO 14001 is a third thing again: a management standard, not a disclosure rule.
The wider environmental, social and governance picture is on ESG.
SECR: how much energy did you use, and what did it emit?
TCFD and CFD: how do climate-related risks and opportunities affect the business?
ISO 14001: how does the organisation manage its environmental performance?
The vocabulary
Physical risk and transition risk, as the standards define them
Climate-related financial exposures arise from climatic events and patterns or from the transition to a lower-carbon economy.
Module 01 / 03
Acute physical
Event-driven exposure such as flooding.
Module 02 / 03
Chronic physical
Long-term changes such as temperature or rainfall.
Module 03 / 03
Transition
Policy, technology, market and other transition effects.
Read the detailed guidance and evidence
The Task Force sorted climate-related risks into two families, and the ISSB kept the split.
In IFRS S2 a physical risk is one that comes from the climate itself, either event-driven (acute) or from longer-term shifts in climatic patterns (chronic).
A transition risk arises from efforts to move to a lower-carbon economy: policy, legal, technological, market and reputational risks.
IFRS S2 paragraph 10(b) turns the split into a duty: for each climate-related risk it identifies, the entity explains whether it considers it physical or transition.
The same classification feeds the scenario analysis that IFRS S2 paragraph 22 asks for; the method is on climate scenario analysis.
Worked answer
Why does an emissions total not answer a retailer’s climate-risk question?
An emissions total describes one metric; a climate-risk disclosure also needs to explain the exposure, possible business effect and response relevant to the reporting framework.
| Fictional heat-exposed retailer | Transmission to the business | Evidence and limits |
|---|---|---|
| Exposure | Some stores and chilled-storage operations may face more frequent high temperatures. | Identify the affected operations, time horizons and supported assumptions. |
| Cost and continuity | Cooling demand, equipment stress or spoilage could affect operating cost and sales. | Distinguish observed records from estimates or scenario assumptions. |
| Response | Management considers cooling efficiency, maintenance and continuity options. | Explain the response and resilience judgement without presenting a scenario as a forecast. |
This fictional case does not impose TCFD reporting on every retailer or replace the company’s applicable Companies Act, listing or other reporting rules.
Module 01 / 03
Exposure
Module 02 / 03
Effect
Module 03 / 03
Response
Getting help
TCFD reporting help: the official sources first
A useful reporting brief starts with the duty, disclosure gap and evidence needed rather than a generic TCFD services label.
- 1
Route
Identify the actual reporting instrument.
- 2
Gap
Identify missing data, analysis or drafting capacity.
- 3
Deliverable
Specify a supported report and editable evidence trail.
Read the detailed guidance and evidence
People searching for TCFD reporting services usually need an answer to one question first: which duty applies, and what does it actually require?
The regulators publish that answer themselves, and it is free.
Listed companies have the FCA’s Technical Note 802.3; companies and LLPs have the government’s 2022 guidance; public bodies have HM Treasury’s guidance.
The recommendations themselves are still on the Task Force’s frozen website, and the standards that follow them are published by the Department for Business and Trade.
This site is an independent reference: it does not prepare reports, and it is not a consultancy.
For products that claim to support TCFD-aligned reporting, the TCFD reporting software guide checks what the tool can output and how the UK transition changes the question.
If you want to talk through which duty applies to your organisation, you can book a free 15-minute call.
| If you are | Start with |
|---|---|
| A listed company | FCA Technical Note 802.3, until the FCA finalises its replacement |
| A company or LLP under the 2022 regulations | The government’s guidance of 21 February 2022 |
| A government body | HM Treasury’s TCFD-aligned disclosure guidance |
| A pension scheme trustee | SI 2021/839, the regulations themselves |
| Moving to UK SRS | UK SRS S1 and S2 and the FCA’s PS26/19 |
What comes next
After TCFD: the dates to watch
The FCA's final rules set the transition while other climate-reporting routes need separate checks.
- 28 Oct 202601
Draft guidance consultation closes.
- 1 Jan 202702
The listed UK SRS instrument comes into force.
- 202803
First ordinary reports for 2027 periods appear.
Read the detailed guidance and evidence
28 October 2026: comments close on the FCA’s draft guidance for the new rules and the deletion of Technical Note 802.3, under PS26/19 ¶1.9.
1 January 2027: the UK Listing Rules instrument comes into force, for accounting periods beginning on or after that date.
Before 6 April 2027: the government’s first review report on the Companies Act climate regulations is due.
2028: the first annual reports against UK SRS under the listing rules, as the FCA’s landing page puts it, “with first reporting in 2028”.
The consultation that led here is CP26/5, and the standards were issued by the ISSB as IFRS S1 and IFRS S2 in June 2023.
Frequently asked
TCFD: questions people ask
Is TCFD still relevant in 2026?
Yes, though its role is shrinking.
The Task Force disbanded in October 2023, but UK listed companies still report against its recommendations for accounting periods beginning before 1 January 2027, FCA asset managers above £5bn still publish a TCFD entity report, and the Companies Act and pension scheme duties built on its pillars remain in force.
What is the difference between CFD and TCFD?
TCFD is the Task Force and its 2017 recommendations.
CFD, climate-related financial disclosures, is the term the Companies Act 2006 uses for its own eight required disclosures.
The CFD limbs follow the TCFD’s four pillars but are worded by the government, never mention the Task Force, and ask for no emissions figures.
Is there a TCFD certification?
The Task Force published recommendations and has not existed since October 2023, so a report described as TCFD-aligned is describing its own structure, not an award.
What UK rules require is a statement: a listed company says whether its disclosures are consistent with the recommendations and explains any gaps.
Do SECR and TCFD overlap?
They sit side by side in the annual report but answer different questions.
SECR reports energy use and emissions under Schedule 7 to the Large and Medium-sized Companies Regulations; the TCFD-shaped duties report how climate-related risks and opportunities affect the business.
A large company can be caught by both, and the Companies Act climate disclosures carry no emissions limb, so SECR is usually where emissions appear.
What are physical and transition risks in TCFD?
Physical risks come from the climate itself, either events (acute) or longer-term shifts (chronic).
Transition risks come from the move to a lower-carbon economy: policy, legal, technology, market and reputation.
IFRS S2 requires an entity to classify each climate-related risk it identifies as one or the other.
Who can help with TCFD reporting?
The official help is the FCA’s Technical Note 802.3 for listed companies, the government’s 2022 guidance for companies and LLPs, and HM Treasury’s guidance for public bodies.
This site is an independent reference and does not prepare reports; if you want to talk through which duty applies, you can book a free 15-minute call.
When does TCFD reporting end in the UK?
For listed companies, with accounting periods beginning before 1 January 2027: after that they report against UK SRS on a comply-or-explain basis.
The Companies Act disclosures, the FCA entity report and the pension scheme regulations have no end date, although the government must publish a review of the Companies Act regulations before 6 April 2027.
Editorial preparation
Read the source's job
An editorial review identifies whether a document is a recommendation, standard, reporting rule or implementation guide.
- 1
Framework
Read the disclosure architecture.
- 2
Rule
Identify what makes reporting obligatory.
- 3
Guidance
Use implementation support without changing the duty.
Read the detailed guidance and evidence
An editorial review identifies whether a document is a recommendation, standard, reporting rule or implementation guide.
Prepare the evidence
TCFD: from a requirement to a reporting pack
Use this preparation sequence alongside the detailed requirements on this page.
An editorial workflow, not a statutory schedule.
- Stage 0101
Current route
Identify the current legal or voluntary route rather than assuming the TCFD still regulates it.
- Stage 0202
Governance
Document oversight of climate-related risks and opportunities.
- Stage 0303
Strategy
Connect climate issues and resilience analysis to the organisation’s strategy.
- Stage 0404
Risk management
Explain how climate risks enter the existing risk process.
- Stage 0505
Metrics and targets
Trace emissions, targets and performance measures to their methods.
- Stage 0606
Transition mapping
Compare the disclosure with the applicable successor requirements.
Read the applicable instrument: Recommendations
A practical brief
An evidence pack, with a clear review trail
Ask for a pack that lets the next reviewer retrace the scope decision, follow the evidence and understand the limitations.
This describes a useful handover; it does not certify compliance or establish that a vendor or adviser delivers it.
Module 01 / 04
Applicability record
Write down the entity, reporting route and relevant period, including why the route applies.
Module 02 / 04
Evidence register
Attach each reported figure or statement to its source, method, version and limitations.
Module 03 / 04
Review trail
Name the preparer, reviewer, open questions and decisions taken before publication.
Module 04 / 04
Usable handover
Retain the working files and unresolved actions so the next reporting cycle can reuse the evidence.
View the preparation diagram
- Prepare01
Create the traceable pack
Keep the input records, calculation files and narrative together.
- Challenge02
Resolve questions before publication
Record the assumptions challenged and any limitations still unresolved.
- Retain03
Make the next cycle reproducible
Keep the approved version and the actions carried forward.
Continue your research
Related guides, one question at a time
Sources
Primary sources
Every figure, date and status on this page traces to the instrument’s owner.
Secondary commentary is never the source for a number.
- Task Force on Climate-related Financial DisclosuresRecommendations
The four recommendations and eleven disclosures every UK route refers to.
- Task Force on Climate-related Financial DisclosuresThe disbanding notice (fsb-tcfd.org)
Disbanded 12 October 2023; site frozen from November 2023.
- Financial Conduct AuthorityPS26/19 — Aligning listed issuers’ sustainability disclosures with international standards
Published 30 September 2026: UK SRS replaces the TCFD listing rule from 2027.
- Financial Conduct AuthorityPS26/19 (PDF), ¶¶1.9, 1.10, 3.12, 3.19
The replacement, the start date, early adoption and the TN 802.3 consultation.
- Financial Conduct AuthorityCP26/5 — Sustainability disclosures (consultation page)
The consultation the final rules answer.
- Financial Conduct AuthorityHandbook Notice 144 — FCA 2026/59
Product-level TCFD reporting removed, in force 25 September 2026.
- Financial Conduct AuthorityFCA Handbook, UKLR 6.6
The TCFD statement for periods beginning before 1 January 2027.
- legislation.gov.ukCompanies Act 2006, section 414CB
The “climate-related financial disclosures” — the CFD in “CFD vs TCFD”.
- Department for Energy Security and Net Zero / BEISClimate-related financial disclosures for companies and LLPs
The government’s guidance on the Companies Act route, 21 February 2022.
- HM TreasuryTCFD-aligned disclosure guidance for public sector annual reports
The central government route.
- legislation.gov.ukSI 2021/839 — occupational pension scheme climate regulations
The trustees’ route.
- IFRS FoundationISSB issues inaugural global sustainability disclosure standards (June 2023)
IFRS S1 and S2 issued.
- IFRS FoundationIFRS S2 Climate-related Disclosures (December 2025), ¶10(b) and Appendix A
Physical and transition risk, as defined terms.
- Department for Business and TradeUK Sustainability Reporting Standards: UK SRS S1 and UK SRS S2
Published 25 February 2026.