What TCFD reporting is
TCFD reporting is the disclosure of climate-related risks and opportunities against the task force's four-pillar framework2: Governance, Strategy, Risk Management, and Metrics & Targets.
The Task Force published its final recommendations in June 20172, establishing a voluntary framework that the UK subsequently made mandatory.
The framework was voluntary when published in 20172, but the UK was among the first economies to make it mandatory.
The pillars themselves are explained in the TCFD framework guide.
Who had to report
In the UK, two regimes applied.
Listed companies reported under FCA listing rules, and from 6 April 2022 large companies and LLPs reported under the Companies Act and LLP climate-disclosure regulations1.
The full UK breakdown is in TCFD UK requirements.
The Government published non-binding guidance to support entities in meeting the regulations1.
What to disclose
In-scope organisations disclose across all four pillars2, covering the 11 recommended disclosures — from board oversight through to Scope 1, 2 and 3 emissions and targets.
- Governance — board oversight and management’s role
- Strategy — risks, opportunities, business impact and scenario resilience
- Risk Management — identification, assessment, management and integration
- Metrics & Targets — metrics used, Scope 1–3 emissions, and targets
For companies and LLPs the disclosures sit in the strategic report, within a non-financial and sustainability information statement under section 414CB of the Companies Act 20063.
The non-financial and sustainability information statement requirement was introduced into the Companies Act 2006 by the 2022 regulations1.
UK timeline
The UK phased TCFD-aligned requirements in by company type, then set a path to UK SRS4.
Premium-listed commercial companies were first in scope from 1 January 20214, followed by standard-listed issuers from 1 January 20224.
The Companies Act and LLP regulations1 extended TCFD-aligned disclosure to large non-listed entities from 6 April 2022.
Replaced by UK SRS S2
Because UK SRS S25 retains the TCFD pillars2, existing TCFD reporters have a head start. The FCA's CP26/54 (paragraph 3.7) proposes UK SRS S2 becomes mandatory for accounting periods beginning on or after 1 January 2027.
See the differences in UK SRS vs TCFD.
Frequently asked questions
Who has to do TCFD reporting?
In the UK, TCFD-aligned reporting applied to listed companies under FCA rules and, from 6 April 2022, to large companies (broadly over 500 employees and £500m turnover) and large LLPs under the Companies Act regulations. Elsewhere TCFD reporting was largely voluntary or routed through other frameworks.
What are the TCFD reporting requirements?
Reporting requires disclosure against the four TCFD pillars — Governance, Strategy, Risk Management, and Metrics & Targets — covering the 11 recommended disclosures. UK listed companies report on a comply-or-explain basis.
Is TCFD reporting still required in the UK?
TCFD-aligned rules remain in force pending the move to the UK Sustainability Reporting Standards. The FCA has consulted (CP26/5) on requiring UK SRS S2, proposed from 1 January 2027, which would supersede the TCFD-aligned listing rules.
Where do TCFD disclosures go?
In the annual financial report — for in-scope companies and LLPs, within the strategic report (in a non-financial and sustainability information statement).
