Published September 2020
UNEP FI and the Institute of International Finance (IIF) have developed a TCFD Playbook to serve as a resource for firms at different stages of their TCFD journey, with support from EY.
The organisations conducted a joint initiative to assist banks and other financial institutions in their efforts to strengthen climate risk disclosures by convening a group of global banks that are members of the IIF’s Sustainable Finance Working Group (SFWG) and UNEP FI’s TCFD pilot program to share their perspectives on leading practices for developing, designing and delivering climate disclosures, and to identify areas where industry consensus needs to develop.
The TCFD Playbook provides guidance and insight for each of the 11 recommended TCFD disclosures in order to help firms enhance their TCFD reports and climate risk disclosures. For each of the TCFD disclosures, the TCFD Playbook provides a perspective on baseline disclosures, advanced considerations, and remaining open questions. These materials are complemented by examples from leading 2019 financial sector TCFD reports. While focused primarily on the banking sector, this document contains information that is relevant for all financial institutions, including asset managers and insurers. The TCFD Playbook aspires to be a desk-reference for TCFD practitioners seeking to understand and implement good practices in climate risk disclosure.
This document is the first step toward the development of standardized templates for TCFD disclosures by financial institutions. Based on the insights we have gathered, it is evident that such templates are necessary to guide the alignment of disclosures. Our future work will focus on finding ways to better align disclosures in areas where broad divergence in practices, approaches and metrics persist — with a core aim of harmonizing delivery of quantitative data in a consistent format. By bringing greater transparency on the approaches, data inputs, and variables used to quantify and measure such risks, we hope that financial institutions will be able to collaboratively raise the bar for what good disclosure looks like.