How Does TCFD Impact Emerging Disclosures?

In the first half of 2022, three major climate-related proposals were released for public comment: The U.S. SEC’s proposed climate disclosure rules, the EU’s European Sustainability Reporting Standards (ESRS), and the International Sustainability Standards Board’s global climate disclosure guidelines. Each of these climate policies are based in large part on the climate disclosure framework created by the Task Force on Climate-Related Financial Disclosures, and understanding the TCFD’s inclusion in these policies is key for companies looking to make climate-related disclosures aligned to one or more of these new rules.

A new Persefoni analysis compares these three proposed climate policies, particularly their alignment with and additions to the TCFD framework. Our analysis reveals several key insights and takeaways, including:

  • All three major policies, as well as other climate disclosure policies around the world, are based on the TCFD framework’s 11 disclosures. 

  • The SEC’s proposed climate rules differ from those of EFRAG ESRS and ISSB in disclosure of Scope 3 emissions, scenario analysis, and climate-related targets.

  • Companies should look to the TCFD framework to begin their disclosure preparation while recognizing the divergences that still exist between three policies. 




企業の脱炭素化が急務となっている背景として、地球温暖化が数十年来進行しており、このまま進行すると将来、災害の増加や生態系の変化によって、森林や生物資源の減少のほか、人類の健康や居住域に多大な影響を与えるとみられています。そのため、日本政府による2050 年までのカーボンニュートラル達成目標の設定や、東京証券取引所によるTCFD(気候関連財務情報開示タスクフォース)※の要請に即した上場企業の気候変動に関する情報開示基準の強化に伴い、企業や金融機関が 炭素排出量の削減への取り組みを進めています。