Global advisory, broking, and solutions company WTW announced today the addition of Task Force on Climate-Related Financial Disclosures (TCFD) reporting capabilities within its climate scenario modelling tool, Climate Diagnostic.
Launched last year, Climate Diagnostic aims to help organizations meet climate-related disclosure requirements and develop a strategic response to the climate transition. It uses data and analytics to demonstrate the impact of potential changes in acute hazards and chronic stress factors including extreme wind, flood, rising sea levels and heat stress under combinations of climate scenarios and time horizons.
The TCFD was established by the Financial Stability Board in 2015, with the goal of developing consistent disclosure standards for companies, in order to enable investors and other stakeholders to assess the companies’ climate-related financial risk. The recommendations were published in June 2017. The TCFD recommendations have been used to inform several major regulatory sustainability disclosure systems including the UK’s mandatory reporting rules and the SEC’s climate reporting proposals.
WTW stated that the new capabilities will provide clients with the ability to generate tailored, instantaneous, and in-depth TCFD reports using their own collected data, with the updated Climate Diagnostic tool aimed at addressing “the growing call for a consistent framework and set of standards for climate-related reporting alongside comparable metrics.”
Andy Smyth, Head of GB Risk and Analytics, WTW, said:
“As companies seek to better understand their climate exposure and develop risk management strategies, WTW has developed a comprehensive visual representation of a businesses’ risk, powered by the client’s own data and analytics. With unmatched precision and based on individual requirements, WTW will provide clients with an essential integrated tool as they look to bolster their climate resilience.”