Two TCFD disclosures sit here: the board’s oversight and management’s role (IFRS S2 ¶¶5–7).
Framework · the four pillars
What are the 4 pillars of sustainability reporting? Governance, strategy, risk management, metrics and targets
The four pillars of sustainability reporting are the structure the Task Force on Climate-related Financial Disclosures published in its Final Report of June 2017.
Beneath them sit eleven recommended disclosures, and every framework that has adopted them since, from IFRS S2 to UK SRS, has kept the four in the same order.
This page takes the pillars apart one framework at a time, and shows what each asks for.
- Pillar 1Governance2 disclosures
- Pillar 2Strategy3 disclosures
- Pillar 3Risk management3 disclosures
- Pillar 4Metrics and targets3 disclosures
- StatusTask Force disbanded12 Oct 2023
- UK listing rulesUK SRS replaces TCFD-aligned disclosures from1 Jan 2027
- ISSBIFRS S2 is consistent with the four and asks for more
- TNFDKeeps four pillars; fourteen disclosures
- LawNot mandatory as a general law
The short answer
The four pillars, in the order every framework keeps
The four pillars are governance, strategy, risk management, and metrics and targets.
Governance asks who is accountable for climate-related risks and opportunities.
Strategy asks what those risks and opportunities do to the business, its strategy and its financial planning.
Risk management asks how they are found, assessed and managed, and whether that process is part of the organisation’s ordinary risk management.
Metrics and targets asks what is measured, including greenhouse gas emissions, and what the organisation is aiming for.
The order runs from accountability to evidence, and it is the order in the TCFD recommendations, in IFRS S2 and in the UK standards.
Four pillars is the architecture, not the subject matter: the same four headings organise climate reporting under IFRS S2 and all sustainability reporting under IFRS S1.
What the Task Force was, and what became of it, is on what is TCFD.
Status
Is the TCFD framework still a thing? An organisation that ended, a structure that stayed
The Task Force is gone, its recommendations are not, and the dates below show where each one stands.
- 29 June 2017Final recommendations publishedFour recommendations and eleven recommended disclosures.
- October 2021Annex and metrics guidance updatedThe guidance changed; the recommendations did not.
- 12 October 2023The Task Force disbandsThe FSB announces that its work is complete.
- 30 September 2026The FCA publishes its final rulesUK SRS will replace the existing TCFD-aligned disclosures.
- 1 January 2027UK SRS applies, on comply or explainFor accounting periods beginning on or after this date.
The IFRS Foundation’s own words are that companies applying IFRS S1 and IFRS S2 “will meet the TCFD recommendations as the recommendations are fully incorporated into the ISSB Standards” (IFRS Foundation, ISSB and TCFD).
The same page says companies can continue to use the TCFD recommendations, and that some may still be required to.
The Task Force’s own website is frozen at fsb-tcfd.org, and the four pillars live on in the standards that replaced it.
Is it mandatory?
Is TCFD mandatory in the UK? It depends which rule you are under
No general law requires TCFD reporting; a company is bound only through the rule that applies to its category.
Pillar by pillar
What each pillar asks for, framework by framework
Each pillar is one core recommendation, and each carries two or three recommended disclosures.
Governance is the only pillar with two.
The pillars are deliberately broad, so that a bank, a manufacturer and a retailer can all report under them.
The disclosures beneath them are what make the pillars concrete.
Governance
The board’s oversight of climate-related risks and opportunities, and management’s role in assessing and managing them.
UK SRS S2 paragraphs 5 to 7 ask the same two questions in more detail, including how the governance body is informed and how it oversees targets.
Strategy
The risks and opportunities identified over the short, medium and long term; their impact on the business, strategy and financial planning; and the resilience of the strategy under different scenarios.
In IFRS S2 the strategy pillar runs from paragraph 8 to paragraph 23, and it is where the standard asks for the current and anticipated financial effects of climate-related risks.
Risk management
The processes for identifying and assessing climate-related risks, for managing them, and for integrating both into the organisation’s overall risk management.
The Task Force’s point was that climate risk belongs in the enterprise risk register, not in a separate reporting exercise.
Metrics and targets
The metrics used, Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas emissions, and the targets used with performance against them.
The categories of value-chain emissions come from the GHG Protocol Scope 3 Standard, and how UK SRS treats them is on Scope 3 under UK SRS.
The four pillars · pick a pillar, then a framework
Disclose the organization’s governance around climate-related risks and opportunities.
- a) Describe the board’s oversight of climate-related risks and opportunities.
- b) Describe management’s role in assessing and managing climate-related risks and opportunities.
No materiality qualifier: governance is disclosed whatever the assessment says.
TCFD Final Report, Figure 4, p.
14
TCFD text verbatim from the Final Report; IFRS S2, UK SRS S1 and S2 and the Companies Act summarised at the paragraphs named.
Read the instrument before relying on a summary.
Pillar to paragraph
The four pillars, paragraph by paragraph in IFRS S2
Four pillars, eleven disclosures, and one paragraph range each in the standards that replaced the Task Force.
- Pillar one
Governance: paragraphs 5 to 7
2 TCFD disclosures under Governance
- Pillar two
Strategy: paragraphs 8 to 23
Three TCFD disclosures sit here, and paragraph 22 is where scenario analysis becomes a “shall use”.
3 TCFD disclosures under Strategy
- Pillar three
Risk management: paragraphs 24 to 26
The shortest range holds the three disclosures on identifying, assessing and integrating risk.
3 TCFD disclosures under Risk management
- Pillar four
Metrics and targets: paragraphs 27 to 37
Paragraph 29 names the seven cross-industry metric categories that fill the fourth pillar.
7 Cross-industry metric categories, ¶29
Sources: TCFD Final Report, Figure 4; IFRS S2 ¶¶5–37.
The eleven
The 11 recommended disclosures, grouped by pillar
Eleven is the number people mean when they say a report is “TCFD-aligned”.
They are lettered within each pillar, which is why a disclosure is cited as “Strategy c)” rather than as a number out of eleven.
| Pillar | Recommended disclosure (TCFD wording) | Materiality qualifier |
|---|---|---|
| Governance a) | Describe the board’s oversight of climate-related risks and opportunities. | None |
| Governance b) | Describe management’s role in assessing and managing climate-related risks and opportunities. | None |
| Strategy a) | Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term. | Where material |
| Strategy b) | Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning. | Where material |
| Strategy c) | Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. | Where material |
| Risk management a) | Describe the organization’s processes for identifying and assessing climate-related risks. | None |
| Risk management b) | Describe the organization’s processes for managing climate-related risks. | None |
| Risk management c) | Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s overall risk management. | None |
| Metrics and targets a) | Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process. | Where material |
| Metrics and targets b) | Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks. | Guidance since 2021: disclose regardless |
| Metrics and targets c) | Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets. | Where material |
The wording above is the Final Report’s, and it has not changed since June 2017.
A consultation draft of December 2016 circulates widely and reads differently: its Strategy c) had no “resilience” and no “or lower”.
A quotation that lacks those two words has been taken from the draft.
How each disclosure is written in practice, and where it sits in an annual report, is on TCFD disclosures.
Guidance and methodology
TCFD guidance, guidelines and methodology: what was actually published
The Task Force published one report of recommendations and then supported it with guidance, never with a separate rulebook.
- then guidance on scenarios
- then updated annex
- then metrics guidance
- then the work is declared complete
Stage 1 of 5
Final Report
Four recommendations and eleven recommended disclosures, with the seven principles for effective disclosure.
So the “TCFD methodology” people search for is the Final Report’s structure plus this guidance, not a separate calculation method.
The seven principles for effective disclosure are covered on the 7 principles of sustainability reporting.
The detail most summaries miss
Two pillars are material-gated, two are not
The Task Force wrote a materiality qualifier into two of its four recommendations, and left it out of the other two.
An organisation that decides climate is not material still describes its governance of climate-related risks, and how its risk processes handle them.
In October 2021 the Task Force updated its guidance and asked organisations to disclose greenhouse gas emissions independent of a materiality assessment.
It did so without amending the Metrics and Targets recommendation, which still carries the qualifier.
That tension, inside the framework itself, is where the question “are Scope 1 and 2 material-gated under TCFD?” comes from.
IFRS S2 settles it differently: paragraph 29(a) requires absolute gross Scope 1, 2 and 3 emissions, and materiality works through the standard as a whole rather than recommendation by recommendation.
The uneven qualifier
Strategy and Metrics and Targets end “where such information is material”.
Governance and Risk Management have no such words.
So “TCFD applies where material” describes half the framework.
Whose four?
Four frameworks, one architecture
Ask for “the four pillars” and the answer is the same four headings in every case.
What changes is the scope they are applied to, whether a disclosure is recommended or required, and who makes it binding.
| Framework | Applies the four pillars to | Status | Where the pillars sit |
|---|---|---|---|
| TCFD recommendations | Climate | Recommendations; the Task Force disbanded on 12 October 2023 | Figure 4 |
| IFRS S2 | Climate | Requirements for jurisdictions that adopt them | ¶¶5–37 |
| IFRS S1 | Every material sustainability-related risk and opportunity | Requirements for jurisdictions that adopt them | Core content, ¶25 |
| UK SRS S1 and S2 | The same, as endorsed in the UK on 25 February 2026 | Voluntary; comply or explain for listed companies in five categories from 2027 | S1 ¶¶25–53; S2 ¶¶5–37 |
| Companies Act 2006 s.414CB(2A) | Climate, in eight disclosures of its own | Law for companies with more than 500 employees in a qualifying class | (a) to (h) |
The IFRS Foundation’s own word for how IFRS S2 relates to the TCFD is “consistent with” the four recommendations and eleven disclosures.
IFRS S2 then asks for more: industry-based metrics, the planned use of carbon credits, and financed emissions for banks, insurers and asset managers.
UK SRS S2 is IFRS S2 as endorsed for the UK, with a small set of differences, one of which is stricter than IFRS on financed emissions.
A side-by-side of what changes when a TCFD reporter moves to UK SRS S2 is on UK SRS vs TCFD, and the four pillars as the UK standards use them on the UK SRS four pillars.
TCFD and the ISSB
TCFD vs ISSB: consistent with, and asks for more
TCFD recommendations, 2017
Four recommendations and eleven recommended disclosures, issued by a task force that has since disbanded.
IFRS S2, 2023
The IFRS Foundation calls IFRS S2 consistent with the four recommendations and eleven disclosures, and it adds requirements beyond them.
Our diagram of the relationship, from the IFRS Foundation’s description.
The TCFD published recommendations; the ISSB publishes standards, and the ISSB was formed on 3 November 2021.
Responsibility for monitoring companies’ progress moved to the IFRS Foundation from 2024, as the FSB’s July 2023 announcement set out.
No UK law makes the ISSB’s standards mandatory as such: the UK endorsed them as UK SRS S1 and S2 on 25 February 2026, and they are voluntary for any entity.
For listed companies the FCA’s final rules apply UK SRS on a comply-or-explain basis from periods beginning on or after 1 January 2027.
The family of frameworks
TCFD vs TNFD, and the frameworks that kept the four pillars
Every framework in the orbit below reuses the same four headings, and each applies them to a different subject.
Four pillarsgovernance · strategy · risk · metrics
Select a node
Tap or focus any regime to stop the orbit and read what it asks of the company at the centre.
The TNFD describes itself as built on the TCFD and as retaining all four of its pillars.
It also notes that the ISSB signalled in December 2022 that it intends to draw on the TNFD’s work if it develops nature-related standards (TNFD Recommendations).
Evidence from the first rule
What the FCA found when it reviewed the first TCFD reports
The FCA and the FRC reviewed the first disclosures under the premium-listing rule, which asked companies to state whether they were consistent with the TCFD recommendations or explain why not (PS20/17).
Over 90% of the 171 companies in the FCA’s quantitative review included a recognisable statement, and well over 90% said they were consistent on Governance and Risk Management.
The proportion dropped below 90% for Strategy and for Metrics and Targets.
The most common gaps were in the quantitative elements, such as scenario analysis and metrics and targets.
The FRC’s companion review noted instances where companies said they were consistent when it appeared they had not.
That pattern is why Strategy c) is the expensive pillar, taken up below.
The ambiguity
Two different “four pillars”, and only one is about reporting
Search for the four pillars of sustainability and two incompatible answers come back.
They are not competing definitions of one thing: they answer different questions, and the word that separates them is “reporting”.
The three-pillar framing of sustainable development — social, economic and environmental — traces to the Brundtland Report, Our Common Future, of 1987.
Some authors add a fourth pillar, human or cultural, but it is not part of the Brundtland framing and has no single agreed definition, which is why this page does not state one.
ESG is a third grouping again, and it is set out on the ESG pillars.
The “seven principles” people also ask about are the Task Force’s principles for effective disclosure, covered on the 7 principles of sustainability reporting.
| Question | The four (or three) pillars |
|---|---|
| How should an organisation report on climate and sustainability? | Governance · strategy · risk management · metrics and targets |
| What is sustainable development? | Social · economic · environmental (Brundtland, 1987), with a fourth sometimes added |
| What does ESG cover? | Environmental · social · governance |
The hard one
Strategy c) is where the four pillars get expensive
Ten of the eleven disclosures describe things an organisation already knows or already measures.
The eleventh asks it to model futures it has not had to model before.
Under the TCFD this was a recommendation, material-gated, naming a 2°C or lower scenario.
Under IFRS S2 paragraph 22 the entity “shall use” climate-related scenario analysis to assess its resilience.
What scales with the entity’s circumstances is the depth of the analysis, not the duty, and the proportionality test sits at paragraph B8.
Quantification is never mandatory: UK SRS S2 accepts qualitative information, including scenario narratives, as a reasonable basis for the resilience assessment.
No scenario is prescribed, and sets such as the NGFS scenarios are common choices rather than requirements.
The method is on climate scenario analysis under UK SRS.
| Text | What it says about scenarios |
|---|---|
| TCFD Strategy c) | Describe resilience, taking into consideration different scenarios, including a 2°C or lower scenario — where material |
| IFRS S2 / UK SRS S2 ¶22 | The entity shall use climate-related scenario analysis, commensurate with its circumstances; no scenario prescribed |
| IFRS S2 ¶B8 | The approach must use all reasonable and supportable information available without undue cost or effort |
| CA 2006 s.414CB(2A)(f) | An analysis of resilience, taking into consideration different climate-related scenarios; may be omitted with a reasoned explanation |
The fourth pillar, filled in
Metrics and targets in IFRS S2
The TCFD’s fourth pillar asked for “the metrics used”.
IFRS S2 names seven cross-industry categories every entity reports against, and adds industry-based metrics and targets.
| ¶29 category | What is disclosed |
|---|---|
| (a) Greenhouse gases | Absolute gross Scope 1, 2 and 3 emissions; Scope 2 location-based; the Scope 3 categories included; financed emissions for asset management, commercial banking and insurance |
| (b) Transition risks | The amount and percentage of assets or business activities vulnerable to transition risks |
| (c) Physical risks | The amount and percentage vulnerable to physical risks |
| (d) Opportunities | The amount and percentage aligned with climate-related opportunities |
| (e) Capital deployment | Capital expenditure, financing or investment deployed towards climate-related risks and opportunities |
| (f) Internal carbon prices | Whether and how a carbon price is applied in decisions, and the price per tonne |
| (g) Remuneration | How climate factors into executive remuneration, and the percentage of pay linked to it |
For a UK company that uses the standard voluntarily, the UK SRS S2 Scope 3 relief has no time limit in the standard itself.
For listed companies, the FCA’s final rules set it at one year from initial application, and a company using it states that it is doing so.
The emissions categories themselves are set out on IFRS S2 and UK SRS S2.
Self-check
Which of your four pillars is thinnest?
Four questions, one per pillar.
The check returns a reading order, not a score.
There is no scored maturity model in TCFD, IFRS S2 or UK SRS, and inventing one would be inventing a fact.
What it does do is point at the pillar you can evidence least, and at the paragraphs that describe it.
Each question maps to the disclosures under one pillar, and each answer names the IFRS S2 paragraphs that ask for it.
If the answer is that every pillar is evidenced, the next step is the depth IFRS S2 adds, set out on UK SRS vs TCFD.
Four questions · one per pillar
Answer all four to see a reading order (0 of 4 answered).
A reading order, not a score.
No maturity model exists in TCFD, IFRS S2 or UK SRS, and this is not an assessment against any of them.
Nothing you enter leaves your browser.
Where the pillars bind
The four pillars in UK reporting today
The FCA’s final rules of 30 September 2026 replace the TCFD-aligned listing rule with UK SRS, on a comply-or-explain basis, for accounting periods beginning on or after 1 January 2027.
The pillars do not change when that happens; the text that fills them does.
The Companies Act disclosures keep their own eight limbs, and the government has confirmed that UK SRS S2 can discharge them.
Asset managers and asset owners above £5bn keep a TCFD entity report, and trustees of the largest occupational pension schemes report under their own regulations.
Who must report under each route, and when, is on TCFD reporting requirements; the Companies Act text limb by limb on TCFD UK requirements.
| Route | Pillar text used | Until |
|---|---|---|
| UK listing rules | TCFD recommendations | Periods beginning before 1 Jan 2027 |
| UK listing rules | UK SRS S1 and S2, comply or explain | Periods beginning on or after 1 Jan 2027 |
| Companies Act 2006 | s.414CB(2A)(a)–(h) | In force; under review |
| FCA asset managers and owners | TCFD entity report | In force |
| Occupational pension schemes | DWP climate regulations | In force |
Further reading
Where else to read
The sister reference covers the climate standard itself on its UK SRS S2 guide.
The Task Force’s own account of its work is frozen but still available, and so is the IFRS Foundation’s note on taking over its monitoring role.
The pillars as the IFRS standards phrase them are on IFRS S2, and the successor comparison on UK SRS vs TCFD.
Frequently asked
The four pillars: questions people ask
What are the 4 pillars of sustainability reporting?
Governance, strategy, risk management, and metrics and targets.
They are the four thematic areas of the TCFD’s 2017 recommendations, and IFRS S1, IFRS S2, UK SRS S1 and UK SRS S2 all organise their core content under the same four headings, in the same order.
What are the four pillars of TCFD?
Governance, Strategy, Risk Management, and Metrics and Targets.
Each pillar is one recommendation, and beneath the four recommendations sit eleven recommended disclosures: two under Governance and three under each of the other three pillars.
How many TCFD recommendations are there?
Four recommendations, one per pillar, and eleven recommended disclosures beneath them.
The recommendations and the eleven have not changed since the Final Report of June 2017; the October 2021 update revised the guidance only.
Are the four pillars the same as the pillars of sustainability?
No. The four pillars of sustainability reporting describe how an organisation reports: governance, strategy, risk management, and metrics and targets.
The pillars of sustainability — social, economic and environmental, with a fourth sometimes added — describe what sustainable development is.
They answer different questions.
Are the TCFD pillars still used now the Task Force has disbanded?
Yes.
The Task Force disbanded on 12 October 2023, but IFRS S2 is consistent with its four recommendations and eleven disclosures and asks for more, and UK SRS S1 and S2 keep the same four-pillar structure.
UK listed companies report against the TCFD recommendations for accounting periods beginning before 1 January 2027 and against UK SRS after that.
Does TCFD require scenario analysis?
Strategy c) recommends describing the resilience of the strategy under different climate-related scenarios, including a 2°C or lower scenario, where the information is material.
IFRS S2 and UK SRS S2 paragraph 22 go further: the entity shall use climate-related scenario analysis, with an approach commensurate with its circumstances, and no particular scenario is prescribed.
Which pillars carry the materiality qualifier?
Only Strategy and Metrics and Targets.
Their recommendations end “where such information is material”.
Governance and Risk Management carry no materiality gate, so they are disclosed whatever a materiality assessment concludes.
What are the 7 principles of sustainability reporting?
The TCFD’s seven principles for effective disclosure say disclosures should be relevant; specific and complete; clear, balanced and understandable; consistent over time; comparable within a sector, industry or portfolio; reliable, verifiable and objective; and timely.
They describe the quality of disclosure, not its structure, which is what the four pillars give.
Does UK law use the four pillars?
The Companies Act 2006 does, in its own words.
Section 414CB(2A) lists eight climate-related financial disclosures that fall under the same four headings, and a company with more than 500 employees in a qualifying class has given them in its strategic report for financial years beginning on or after 6 April 2022.
Is TCFD still a thing?
Yes, as a structure, and no, as an organisation.
The Task Force disbanded on 12 October 2023 and its website is frozen, but IFRS S1 and S2 and UK SRS S1 and S2 keep its four pillars, and the IFRS Foundation says companies can continue to use the TCFD recommendations.
In the UK listing rules, UK SRS replaces the TCFD-aligned disclosures from 1 January 2027.
Is TCFD mandatory in the UK?
Not as a general law.
Listed companies have had a listing-rule duty to state whether their disclosures are consistent with the TCFD recommendations, or to explain why not, and that gives way to UK SRS on a comply-or-explain basis for periods beginning on or after 1 January 2027.
Large companies and LLPs in scope of section 414CB of the Companies Act, FCA-regulated asset managers and asset owners, and trustees of the largest occupational pension schemes each have their own rules.
What is the difference between TCFD and ISSB?
The TCFD published recommendations, and the ISSB publishes standards.
The IFRS Foundation describes IFRS S2 as consistent with the TCFD’s four recommendations and eleven recommended disclosures, and it asks for more, including industry-based metrics.
The ISSB’s standards are requirements for jurisdictions that adopt them, while the TCFD’s were recommendations from the start.
Is ISSB mandatory in the UK?
No UK law makes the ISSB’s standards mandatory as such.
The UK endorsed them as UK SRS S1 and UK SRS S2 on 25 February 2026, and they are voluntary for any entity.
The FCA’s final rules apply UK SRS on a comply-or-explain basis to listed companies for periods beginning on or after 1 January 2027.
What is the difference between TCFD and TNFD?
The TCFD covers climate and the TNFD covers nature.
The TNFD keeps the TCFD’s four pillars, replicates all eleven TCFD recommended disclosures for nature, and recommends fourteen in all.
It names the third pillar risk and impact management rather than risk management.
It is a recommendations framework, not a standard and not a law.
What is the full form of TCFD?
Task Force on Climate-related Financial Disclosures.
The Financial Stability Board established it in December 2015, and it published its final recommendations in June 2017.
What are the TCFD recommendations in summary?
Four recommendations, one per pillar, and eleven recommended disclosures beneath them.
Governance has two disclosures, and strategy, risk management and metrics and targets have three each.
Only strategy and metrics and targets carry a “where such information is material” qualifier.
What are the TCFD guidelines?
The recommendations are supported by guidance rather than by separate guidelines.
The Task Force published its Final Report in June 2017, guidance on scenario analysis in October 2020, and an updated Annex with guidance on metrics, targets and transition plans in October 2021.
The recommendations themselves were not amended in 2021.
Who set up the TCFD and when?
The Financial Stability Board established the Task Force in December 2015, and it reported its final recommendations on 29 June 2017.
The FSB announced on 12 October 2023 that the Task Force’s work was complete.
What did the FCA find when it reviewed TCFD reports?
In July 2022 the FCA and FRC reviewed the first disclosures under the premium-listing rule.
Over 90% of the 171 companies in the quantitative review included a recognisable TCFD statement, and the most common gaps were in the quantitative elements, such as scenario analysis and metrics and targets.
What replaces the TCFD-aligned listing rule?
UK SRS, on a comply-or-explain basis.
The FCA’s final rules of 30 September 2026 say they will replace the existing TCFD-aligned disclosures, and they apply for accounting periods beginning on or after 1 January 2027.
What is TCFD governance?
The governance pillar has two recommended disclosures: the board’s oversight of climate-related risks and opportunities, and management’s role in assessing and managing them.
Neither carries a materiality qualifier.
What are TCFD metrics and targets?
The fourth pillar has three recommended disclosures: the metrics used to assess climate-related risks and opportunities, Scope 1, Scope 2 and if appropriate Scope 3 emissions, and the targets used and performance against them.
IFRS S2 paragraph 29 sets out seven cross-industry metric categories that fill the pillar in more detail.
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.
Checked against 34 sources fromTask Force on Climate-related Financial DisclosuresFinancial Stability BoardIFRS FoundationDepartment for Business and Tradelegislation.gov.ukFinancial Conduct Authority
- Task Force on Climate-related Financial DisclosuresFinal Report, June 2017 — Figure 4, the recommendations and recommended disclosures
The four pillars and the eleven disclosures, verbatim, and the materiality qualifier on Strategy and Metrics and Targets.
- Task Force on Climate-related Financial DisclosuresRecommendations (the frozen TCFD website)
The eleven in full, the seven principles for effective disclosure, and the disbanding notice.
- Task Force on Climate-related Financial DisclosuresAbout the Task Force
Who convened it and why.
- Financial Stability BoardPress release, 29 June 2017 — the Task Force established in December 2015
The establishment date and the four pillars.
- Task Force on Climate-related Financial DisclosuresImplementing the Recommendations — October 2021 Annex, §A.1
The guidance changed in 2021; the four recommendations and eleven disclosures did not.
- IFRS FoundationISSB and TCFD
IFRS S2 is “consistent with” the four recommendations and eleven disclosures, and adds more.
- IFRS FoundationIFRS Foundation welcomes TCFD responsibilities from 2024 (July 2023)
The monitoring role that moved when the Task Force disbanded.
- IFRS FoundationIFRS S1 General Requirements
The four core-content areas applied to every sustainability-related risk and opportunity.
- IFRS FoundationIFRS S2 Climate-related Disclosures — ¶¶5–37, ¶22, ¶29, ¶B8
The pillar paragraph ranges, the scenario-analysis duty and the seven metric categories.
- Department for Business and TradeUK Sustainability Reporting Standards: UK SRS S1 and UK SRS S2
Published 25 February 2026; the UK’s endorsement of IFRS S1 and S2, voluntary for any entity.
- Department for Business and TradeUK SRS S2 — Climate-related Disclosures (PDF), ¶¶5–37, ¶C4
The UK text of the four climate pillars and the untimed Scope 3 relief.
- legislation.gov.ukCompanies Act 2006, section 414CB(2A)
The eight climate-related financial disclosures, grouped here by pillar.
- Financial Conduct AuthorityPS26/19 — Aligning listed issuers’ sustainability disclosures with international standards, ¶1.10
The final rules replace the TCFD-aligned listing rule with UK SRS on a comply-or-explain basis from 2027.
- GHG ProtocolCorporate Value Chain (Scope 3) Standard
The fifteen Scope 3 categories behind Metrics and targets b).
- United NationsOur Common Future — World Commission on Environment and Development, 1987
The origin of the three-pillar idea of sustainable development, which is a different question.
- Network for Greening the Financial SystemNGFS Scenarios Portal
A widely used scenario set for Strategy c); none is prescribed.
- Financial Stability BoardPress release, 12 October 2023 — the Task Force’s disbanding
The FSB’s own announcement that the Task Force’s work was complete.
- Financial Stability BoardPress release, 13 July 2023 — next steps on the climate roadmap
Monitoring of company progress moves to the IFRS Foundation from 2024.
- Task Force on Climate-related Financial DisclosuresGuidance on Scenario Analysis for Non-Financial Companies (October 2020)
The guidance behind Strategy c).
- Task Force on Climate-related Financial DisclosuresGuidance on Metrics, Targets, and Transition Plans (October 2021)
Published with the 2021 Annex; the recommendations themselves were not amended.
- Financial Conduct AuthorityPS20/17 — climate-related disclosures for premium listed commercial companies
A statement on consistency with the TCFD recommendations, or an explanation why not.
- Financial Conduct AuthorityPS21/23 — extending the TCFD-aligned rule to standard listed issuers
- Financial Conduct AuthorityReview of TCFD-aligned disclosures by premium listed commercial companies (July 2022)
171 companies in the quantitative review; 31 in the qualitative sample.
- Financial Reporting CouncilThe FRC and FCA find significant progress, but further improvement needed (29 July 2022)
The FRC’s complementary review of 25 larger companies.
- Financial Conduct AuthorityTechnical Note 802.3 — TCFD-aligned disclosures under the listing rules
The January 2026 version.
- Financial Conduct AuthorityPS26/19 (PDF) — the final rules, ¶1.10
“These rules will replace the existing TCFD aligned disclosures.”
- FCA HandbookESG 2.2 — content of a TCFD entity report
Asset managers and FCA-regulated asset owners.
- legislation.gov.ukThe Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021
- legislation.gov.ukSI 2022/31 — the Regulations that inserted s.414CB(2A)
An amending instrument: the live duty is in the Companies Act.
- Department for Business, Energy and Industrial StrategyClimate-related financial disclosures for companies and LLPs (guidance, 21 February 2022)
Known-stale: the government has said it will be updated.
- IFRS FoundationIFRS S2 Climate-related Disclosures (HTML text) — ¶¶22, 29
- IFRS FoundationInternational Sustainability Standards Board
Formed 3 November 2021.
- Taskforce on Nature-related Financial DisclosuresRecommendations of the TNFD (September 2023)
Fourteen recommended disclosures on the four pillars; the third pillar is “risk and impact management”.
- TCFD Knowledge HubNotice of closure
The Hub and its learning platform closed on 31 December 2025.
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Origins
What is TCFD?
The Task Force that wrote the four pillars, from December 2015 to its disbanding on 12 October 2023.
Practice
TCFD disclosures
The eleven, one by one: what each asks for, where it goes, and what good looks like.
Successor
UK SRS vs TCFD
What changes, pillar by pillar, when a TCFD reporter moves to UK SRS S2.