Convened by UNCTAD in cooperation with the CDSB and SASB
In June 2017, the Task Force on Climate-related Financial Disclosures (TCFD) issued its recommendations for producing consistent, comparable, clear, and reliable corporate disclosures of climate-related information to support informed decision-making and capital allocation by investors, lenders, and insurance underwriters.
More than a year and a half later, though almost 800 organizations have publicly expressed support for the recommendations, many market participants have cited a need for practical guidance for companies to use in attempting to fulfill the principles-based recommendations. The Sustainability Accounting Standards Board (SASB) and the Climate Disclosure Standards Board (CDSB) joined forces to develop the TCFD Implementation Guide using SASB Standards and the CDSB Framework to enhance climate-related financial disclosures in mainstream reporting.
These developments provide an opportunity to advance the agenda on accounting and reporting on environmental issues that has been addressed by UNCTAD for more than two decades. UNCTAD is the host for the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (‘ISAR’), a focal point on enterprise accounting and reporting in the United Nations that focuses on international harmonization of enterprise reporting based on international standards, codes and best practices to facilitate sustainable development.
Since adoption of the 2030 Agenda for Sustainable Development by the UN member States, UNCTAD/ISAR has been considering environmental accounting and reporting issues in the broader context of implementation of Sustainable Development Goals (SDGs) and developed its Guidance on Core indicators for entity reporting on the contribution towards implementation of the Sustainable Development Goals (GCI). This work is based on a close cooperation with key initiatives on enterprise reporting on sustainability issues, of which climate -related financial disclosures play a central role.
The workshop is organized by UNCTAD jointly with the Climate Disclosure Standards Board (CDSB) and Sustainability Accounting Standards Board (SASB) to discuss issues of practical implementation of climate-related financial disclosures, including the corporate perspective as well as the role of regulation as a driver for implementing the TCFD recommendations in the context of attainment of the SDGs.
The workshop will highlight current good practice in TCFD aligned disclosures, offering real-world examples from annual reports across multiple sectors and industries, as well as explore complementarities between this work and the core SDG indicators for entity reporting, developed by UNCTAD.
Further on, the workshop will provide training on implementation of practical guidance for TCFD implementation released by the CDSB and SASB with aim to help companies enhance the robustness, consistency, comparability, and utility of TCFD implementation and reporting.