Climate change's impact on your business & leveraging TCFD reporting

In an inspiring recent member meeting, members discussed how to effectively use Task Force on Climate-Related Financial Disclosures (TCFD) reporting to bring climate change and sustainability risks into business strategy and opportunity discussions.

The conversation was grounded in the practical: how best to use your time with sustainability, strategy and upper management teams; how to run successful workshops on climate change across the organisation to arrive at risks and opportunities specific to your business’ needs; and how to create a top-down model that ensures all levels understand how they contribute to overall success.

Some food for thought on this topic:

• Climate change and sustainability risks are not simply about how your organisation impacts the world. Sometimes more importantly, for business, they are about how the changing world impacts your organisation. Framing TCFD reporting in this way is likely to get you more buy-in from decision-makers
• Workshops on climate change impact may feel depressing, but once you think about how your business can adapt, it is a positive and uplifting experience. It is an empowering exercise to make change happen
• Many risk managers use the same criteria and framework to assess climate change risk as they do for traditional risk and opportunity. People across the business are more likely to get on board with climate change risk assessments if they use the same frameworks familiar to them already
• Several attendees admitted they have now started considering climate change risks as principal rather than emerging ones, or have changed their perceptions of what emerging risks look like. Megatrends can be a useful way of developing action plans to handle emerging risks

This is an excerpt from an in-depth step-by-step guide on leveraging TCFD reporting available to our members. The full guide includes detailed steps on how to run TCFD workshops, as well as how to use their outputs to build a risk and opportunity profile that captures climate change-specific risks.

Click here to find out more about our upcoming member meetings. 

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