The framework at a glance
The TCFD's 2017 final recommendations1 are organised around four core recommendations — one for each pillar — applicable to financial and non-financial companies across industries and jurisdictions.
The Task Force was established by the Financial Stability Board in 20152 to develop consistent climate-related financial disclosures for companies, banks, and investors.
Beneath the four pillars sit 11 recommended disclosures, the specific pieces of information a company is asked to provide1.
The pillars are deliberately broad so they apply to any sector; the disclosures make them concrete.
Pillar 1 — Governance
Governance covers how the organisation oversees climate-related risks and opportunities1.
It asks for two disclosures: the board's oversight of climate-related risks and opportunities, and management's role in assessing and managing them.
The TCFD viewed governance as foundational — without clear board accountability1, the other three pillars cannot function effectively.
Pillar 2 — Strategy
Strategy addresses the actual and potential impacts of climate-related risks and opportunities on the business, strategy and financial planning1.
It includes three disclosures: the risks and opportunities identified over the short, medium and long term; their impact on the business and strategy; and the resilience of the strategy under different climate scenarios, including a 2°C-or-lower scenario1.
Scenario analysis is the most demanding part of this pillar, and the area UK SRS S25 firms up most — see scenario analysis under UK SRS.
IFRS S23made scenario analysis a firmer requirement, building on TCFD's recommendation.
Pillar 3 — Risk Management
Risk Management covers how the organisation identifies, assesses and manages climate-related risks, and how those processes are integrated into overall risk management1.
It carries three disclosures spanning identification and assessment, management, and integration into the organisation's broader risk management approach1.
TCFD identified that climate risks need to be integrated into enterprise risk management, not treated as a separate reporting exercise2.
Pillar 4 — Metrics & Targets
Metrics & Targets covers the measures used to assess and manage climate risk1.
Its three disclosures are: the metrics used; Scope 1, 2 and 3 greenhouse-gas emissions4 and the related risks; and the targets used and performance against them1.
The GHG Protocol Corporate Value Chain (Scope 3) Standard4 defines the categories of value chain emissions that TCFD recommends disclosing.
The 11 recommended disclosures
The full set, grouped by pillar1:
How it maps to UK SRS S2
The ISSB's IFRS S23 fully incorporates the TCFD recommendations, and the UK's UK SRS S1 and S2 (published 25 February 2026)5 are the UK endorsement.
IFRS S2 was published in June 20233, following the TCFD's own disbandment in October 2023 after concluding its mission was complete.
For a side-by-side of what changes, see UK SRS vs TCFD; for the successor standard itself, see UK SRS S25.
Frequently asked questions
What are the four pillars of TCFD?
The four TCFD pillars are Governance, Strategy, Risk Management, and Metrics & Targets. They describe how an organisation oversees, plans for, manages and measures climate-related risks and opportunities.
How many TCFD recommendations are there?
There are four core recommendations — one per pillar — supported by 11 recommended disclosures that set out the specific information companies should provide under each pillar.
Are the TCFD pillars still used?
Yes. The four pillars were carried forward almost unchanged into IFRS S2 and the UK Sustainability Reporting Standards, so they remain the structure of climate disclosure even though the task force has disbanded.
Does TCFD require scenario analysis?
The Strategy pillar recommends that organisations describe the resilience of their strategy under different climate-related scenarios, including a 2°C-or-lower scenario. Under UK SRS S2 this becomes a firmer requirement.
