Task Force on Climate-related Financial Disclosures (TCFD)

DEFINITION: The Financial Stability Board Task Force on Climate-related Financial Disclosures (TCFD) is a market-driven initiative, set up by Mark Carney, Bank of England and Michael Bloomberg, former Mayor of New York, to help investors understand their financial exposure to climate risk and help companies disclose this information in a clear and consistent way.

TCFD provides a set of recommendations for voluntary and consistent climate-related financial risk disclosures in mainstream filings. Companies are therefore be better guided in providing information to investors, lenders, insurers, and other stakeholders. 

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