The recommendations of the Task Force for Climate-Related Financial Disclosure (TCFD) recommendations were launched in 2017 “to help identify the information needed by investors, lenders, and insurance underwriters to appropriately assess and price climate-related risks and opportunities.” The TCFD Recommendations comprise of four core elements:

• Governance
• Strategy
• Risk Management
• Metrics and Targets

More than 3,800 companies provided TCFD reports as of October 2022. The recommendations were intended for voluntary implementation, but they are increasingly becoming mandatory in markets such as Brazil, Japan, Singapore, Switzerland, the United Kingdom, and others. 

The climate-related and general sustainability-related disclosure standard of the International Sustainability Standards Board (ISSB) marked the culmination of the TCFD and the ISSB has now taken over responsibility for monitoring progress of companies’ climate-related disclosures from the TCFD.

For additional resources on TCFD, visit the TCFD Knowledge Hub, see the TCFD’s final status report and the TCFD publications web page.

The International Sustainability Standards Board (ISSB) is is an independent, private-sector body that develops —in the public interest— standards that will result in a high-quality, comprehensive global baseline of sustainability disclosures focused on the needs of investors and the financial markets.

International Financial Reporting Standard (IFRS) S1 General Requirements for Disclosure of Sustainability-Related Financial Information provide the conceptual foundations and core content for reporting all sustainability-related financial information, while IFRS S2 Climate-Related Disclosures provides climate specific requirements within the foundations of IFRS S1. The standards are to be applied as of January 1, 2024. The ISSB's standards focus on sustainability-relayed risks and opportunities that are material for investors and are largely build on the TCFD Recommendations and as such, implementing the IFRS Sustainability Disclosure Standards also fulfills means that a company has implemented the TCFD Recommendations.

A few major jurisdictions are expected to adopt the standards and that that will gradually replace the TCFD reporting. Until then, the ISSB encourages companies to apply the IFRS Sustainability Disclosure Standards on a voluntary basis.

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information  
IFRS S2 Climate-related Disclosures.

For additional resources on the IFRS Sustainability Disclosure Standards, visit the IFRS Sustainability Knowledge Hub.

On January 5, 2023, the European Union Corporate Sustainability Reporting Directive (CSRD) entered into force, affecting more than 50,000 companies in Europe and more than 10,000 outside of Europe. Companies subject to the CSRD must report according to the European Sustainability Reporting Standards (ESRS), including two cross-cutting standards on the general principles and requirements for reporting and detailed requirements on 10 topics across environment (five), social (four), and governance (one) to be applied to companies as of January 1, 2024.

Corporate Sustainability Reporting Directive (CSRD)

In March 2022, the US Securities and Exchange Commission (US SEC) proposed climate-related disclosure requirements that would require public companies to provide climate-related financial data and greenhouse gas emissions insights in public disclosure filings. As part of the draft rule, companies have to disclose emissions for which they are directly responsible and emissions from their supply chains and products. This aligns the US SEC approach more closely with the ISSB. Additionally, in May 2022, the US SEC proposed two new rules aiming to decrease unfounded claims by funds about their environmental, social, and governance (ESG) credentials and to create more standardization regarding ESG disclosures by certain investment advisors and investment companies.

US SEC Press Release regarding the draft Climate-Related Disclosure by the US SEC 

CDP, created in 2000, is a nonprofit organization that runs the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts. More than 20,000 companies worldwide complete CDP’s questionnaire on climate, water, and forests. The CDP questionnaire is aligned with TCFD. CDP will incorporate ISSB climate-related disclosure standards into global environmental disclosure platform.

Learn more about CDP

Comparison studies used for the table above:

• The Evolution of Sustainability Disclosure: Comparing the 2022 SEC, ESRS, and ISSB Proposals;
• Reconciliation tale Draft European Sustainability Reporting Standards, Appendix V: IFRS Sustainability Standards and ESRS Reconciliation Table (ESRS E1 versus IFRS S2, pages 54–73);
• Comparison ISSB IFRS S2 Climate-Related Disclosures with the TCFD Recommendations;
• GRI and the European Sustainability Reporting Standards (ESRS): Q&A.

战略

与气候相关的战略财务信息披露的目的是让通用财务报告的使用者了解一个实体管理与气候相关的风险和机遇的战略。

具体来说，企业应披露信息，使通用财务报告的使用者能够了解

1. 可合理预期会影响企业前景的气候相关风险和机遇（见第 10-12 段）；
2. 与气候相关的风险和机遇对企业业务模式和价值链的当前和预期影响（见第 13 段）；
3. 这些与气候相关的风险和机遇对实体战略和决策的影响，包括有关其与气候相关的过渡计划的信息（见第14段）；
4. 这些与气候相关的风险和机遇对报告期内实体的财务状况、财务业绩和现金流的影响，及其对实体的短期、中期和长期财务状况、财务业绩和现金流的预期影响，同时考虑到这些与气候相关的风险和机遇是如何被纳入实体的财务规划中的(见第15-21段)；以及
5. 实体的战略及其业务模式对气候相关变化、发展和不确定性的适应能力，同时考虑到实体已确定的气候相关风险和机遇（见第 22 段）。

来源：ISSB IFRS S2资料来源：ISSB IFRS S2 Climate-Related Disclosures。

ESRS 2 一般披露

12.本节的要求应与 ESRS 2 第 2 章 "治理"、第 3 章 "战略 "和第 4 章 "影响、风险和机遇管理 "所要求的披露一并阅读和应用。由此产生的披露信息应与 ESRS 2 要求的披露信息一起在可持续发展报告中列报，但 ESRS 2 SBM-3 重大影响、风险和机遇及其与战略和商业模式的相互作用除外，企业可根据 ESRS2 第 46 段的规定，将披露信息与本主题标准要求的其他披露信息一起列报。

披露要求 E1-1 - 缓解气候变化的过渡计划
14.企业应披露其减缓气候变化的过渡计划。
15.这一披露要求的目的是使人们能够了解企业过去、现在和未来的气候变化减缓过渡计划。
企业过去、现在和未来在减缓气候变化方面所做的努力，以确保其战略和商业模式与
企业的战略和商业模式符合向可持续经济过渡的要求，以及将全球升温控制在
根据《巴黎协定》将全球升温控制在 1.5 °C，以及到 2050 年实现气候中和的目标。
16.第14 段要求的信息应包括
(a) 參照溫室氣體減排目標(按披露要求E1-4 的規定)， 解釋企業的目標如何與按照《巴黎協定》將全球升溫 幅度限制在攝氏1.5 度的目標相符；
(b) 參照溫室氣體減排目標（披露要求 E1-4）及氣候變化減緩行動 （披露要求 E1-3），解釋已識別的去碳化槓桿，以及計劃採取的 主要行動，包括改變企業的產品及服務組合，以及在本身的營運 或上游及/或下游價值鏈採用新技術；
(c) 參照減緩氣候變化的行動（披露要求 E1-3
要求 E1-3），解释并量化企业为支持其实施过渡而进行的投资和筹资。
(c) 参照气候变化减缓行动（披露要求 E1-3），解释并量化企业为支持实施其过渡计划而进行的投资和提供的资金，并参照
企业根据欧盟委员会委托条例（EU）2021/2178 披露的与资本支出分类标准一致的关键绩效指标，以及相关的资本支出计划；
(d) 对企业主要资产和产品的潜在锁定温室气体排放的定性评估。这应包括解释这些排放是否以及如何可能危及企业温室气体减排目标的实现和驱动过渡风险，并在适用的情况下，解释企业管理其温室气体密集型和能源密集型资产和产品的计划；
(e) 如企業的經濟活動受以下分類下的氣候適應或減緩授權規例所 涵蓋
climate adaptation or mitigation under the Taxonomy Regulation, an explanation of any objective or plans (CapEX, CapEx plans, OpEX) that the undertaking has for aligning its economic activities (revenues, CapEx, OpEx) with the criteria established in Commission Delegated Regulation 2021/213936;
(f) 在适用情况下，披露报告期内与煤炭、石油和天然气相关的重大 CapEx 投资额； (g) 披露报告期内与煤炭、石油和天然气相关的重大 CapEx 投资额。
(f) 如果适用，披露报告期内与煤炭、石油和天然气相关的经济活动有关的重大资本支出投资额；
(g) 披露企业是否被排除在欧盟巴黎标准之外
基准；
(h) 说明过渡计划如何嵌入企业的整体业务战略和财务规划并与之保持一致；
(i) 过渡计划是否得到行政、管理和监督机构的批准；以及
(i) 過渡計劃是否已獲行政、管理及監督機構批准；及
(j) 業務實體實施過渡計劃的進度說明。
17.如果企业没有过渡计划，则应说明是否会采用过渡计划，以及何时采用。
与 ESRS 2 有关的披露要求 SBM-3 - 重大影响、风险和机遇及其与战略和业务模式的相互作用 
18.企业应就其已识别的每项与气候相关的重大风险作出解释，说明该实体是否认为该风险属于与气候相关的实际风险或与气候相关的过渡风险。 
19.企业应说明其战略和业务模式对气候变化的适应能力。该说明应包括
(a) 复原力分析的范围；
(b) 如何及何時進行抗逆力分析，包括使用《歐洲氣候變化評級 準則》第 2 號《稅務條例》第 1 條有關披露要求及相關應用 要求段落所提及的氣候假設分析；及 
(c) 复原力分析的结果，包括使用情景分析的结果。

资料来源资料来源：《欧洲可持续发展报告标准》：ESRS E1 - 气候变化