TCFD in 2024: broad adoption, thin depth

82% of companies disclosed at least one TCFD recommended disclosure in fiscal 2023, but only about 2% to 3% disclosed all 11. That is a wide gap between partial reporting and full climate transparency^[1].

🧵 1/5

The middle of the pack is not small either: 44% disclosed at least five of the 11 recommendations. So many companies are moving, but most are still not telling the full TCFD story^[2].

🧵 2/5

The weakest point was scenario-resilience disclosure. Only 11% said how their strategy holds up under different climate-related scenarios, up from 9% in 2022^[3].

🧵 3/5

That matters because climate-related financial information should show how climate change affects governance, strategy, risk management, and metrics and targets. Without scenario analysis, investors, lenders, and other creditors may struggle to assess and price climate-related risks and opportunities^[4].

🧵 4/5

The report also found companies were about twice as likely to place TCFD-aligned information in climate or sustainability reports as in financial filings, and it does not give a separate causal explanation for that difference^[5].

🧵 5/5

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