The Corporate Reporting Dialogue participants have released a report showing high levels of alignment between their reporting frameworks on the basis of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
As part of the Dialogue’s Better Alignment Project, CDP, the Climate Disclosure Standards Board (CDSB), the Global Reporting Initiative (GRI), the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) collaborated intensively to assess alignment on the TCFD’s disclosure principles, recommended disclosures and illustrative example metrics.
Entitled “Driving Alignment in Climate-related Reporting”, the publication maps the Better Alignment Project participants’ standards and frameworks against the seven principles for effective disclosure, the 11 recommended disclosures and 50 illustrative example metrics detailed in the TCFD recommendations. It also documents the commonalities and differences between the Dialogue participants within the parameters of the TCFD recommendations’ example metrics.
The results of the technical mapping provide a practical guide to assist organizations in understanding and implementing the TCFD recommendations when using the participants’ well-established and globally applicable frameworks and standards.
The mapping showed strong alignment between the participants’ frameworks and standards and the TCFD recommendations, specifically:
• The TCFD’s seven principles for effective disclosure are harmonious and complementary with those of the participants’ frameworks and standards, with the mapping showing no sources of conflict.
• The participants are well-aligned with the TCFD’s 11 recommended disclosures, each of which is comprehensively covered by the frameworks and standards.
• Overall, 80% of the TCFD’s 50 illustrative metrics are fully or reasonably covered by CDP, GRI and SASB indicators.
• There are high levels of alignment between CDP, GRI and SASB for the TCFD’s illustrative example metrics, with 70% of the TCFD’s 50 metrics showing no substantive difference between the participants’ indicators. For the remaining 15 indicators, substantive differences are limited.