——-CLICK HERE TO READ THE WATER EFFICIENCY GUIDE——-

With water resources under increasing pressure from climate change, population growth and nature loss, it’s clear that water efficiency has an essential role to play in ensuring we have enough water for people, the economy and the environment  – now, and in the future.

So, what exactly does this mean in the context of corporate sustainability, and – crucially – how can businesses reduce water use and increase efficiencies in ways which cut costs and carbon?
edie’s Business Guide to Water Efficiency, produced in association with Waterscan, provides a much-needed breakdown of how organisations can embed water efficiency into their sustainability strategy and minimise water use across the business and value chain.

The report will provide this insight through the lens of four key enablers of water efficiency for business: supply and re-use, measurement and reduction, staff engagement and water advocacy. Each of these sections will break down current progress and provide specific tips for businesses to take action. The guide will include some best-practice case studies and will conclude with a selection of water innovations as picked by edie’s Innovation Partner, Springwise.

The report features a foreword  The Retail Wholesale Group – Water Efficiency Subgroup’s chair Barry Millar and a viewpoint from Waterscan’s managing director Neil Pendle.

The report arrives at a crucial time for water stewardship. The UK Government is expected to shortly launch a coalition of nations and non-state actors, including cities, regions and states, called the ‘Reducing Water Footprint Coalition’. They will make commitments on accelerating research in how water consumption can be reduced, and other actions taken across the water system to champion replenishment and resilience.

A ‘Resilient Water Accelerator’ will also be announced, with an aim to improve water security in 30 of the world’s most affected locations by 2030. 

Click here to download the business guide to water efficiency.

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Tideway’s core commitment is to improve water quality in the River Thames, which will allow biodiversity to thrive and provide a healthier environment for river users. In addition, the company hopes to leave a wider Legacy of social and economic benefits relating to the employment of underrepresented groups, quality education, training and engagement with SMEs and charities through the implementation of its legacy plan.

Population growth and urbanisation has led to the capital’s existing Victorian sewer system being overloaded, resulting in an average of 60 million cubed metres of untreated sewage overflow into the River Thames annually. Sewage has the effect of decreasing dissolved oxygen levels, harming aquatic ecology. It is also detrimental to the river economy and restricts its recreational use. The Thames Tideway Tunnel will capture 94% of these discharges and take them to the improved sewerage treatment works for treatment.

Tideway has an ambitious overall vision to reconnect Londoners with the River Thames, whether it is by demonstrating the economic and environmental business case for using the river for the transportation of more than million tonnes of material, or allowing recreational activities to flourish in a cleaner and safer river environment. Tideway has set out 54 commitments in its legacy strategy under the themes of environment, health, safety & welfare, economy, people and place.

Responsibility for protecting and enhancing the environment is embedded within the contractual conditions and commercial arrangements. Each commitment has a measurable target which is reported either on a monthly or quarterly basis to the company’s board, investors and Tideway’s Government sponsor, the Department for Food, the Environment and Rural Affairs (Defra). Tideway’s treasury and sustainability teams worked together to align its financing with its ambitious sustainability agenda through the development of its Green Bonds Framework, which has so far raised £1.7bn in green financing, including

£1.5bn in green bonds and £75m in green USPP. In November 2019, Tideway moved 10 bonds which had been issued prior to the approval of its green bond strategy in 2017 to the Green segment of the London Stock Exchange. This greening of its past bond issuance was conducted in collaboration with S&P Global Ratings and the London Stock Exchange Group. S&P’s updated green evaluation confirmed that its original assessment score of 95%, its joint-highest global score, was still valid.

The framework links the company’s 54 legacy commitments to seven UN Sustainable Development Goals (SDGs) the project contributes to, including gender equality; using the river to transport 90% of materials, thereby creating less air pollution and alleviating the pressure on the road network; employing people from areas that the company works in and setting targets to employ apprentices and ex-offenders. The river strategy has cost an additional £54m, however it was agreed that this investment would be worthwhile if it reduced the burden on the communities, assisted in rejuvenating the river community and reduced the likelihood of collisions.

To ensure that other projects can learn from the work on Tideway, the business is a founding partner of I3P – a coalition of infrastructure organisations and providers which finance and share innovation in a transparent manner. Not only does this portal contain examples of best practice, it also includes case studies of where the business feels greater benefits could have been achieved if it had adopted a different approach. The business also shares knowledge on a regular basis with projects such as the Heathrow expansion, HS2, Lower Thames Crossing and stakeholders such as the Mayor’s Office and the London Low Emission Construction Partnership, and with its peer organisations through the edie Sustainability Leaders Club and various conferences.

Tideway has conducted an initial social return on investment study which has concluded that for every £1 spent on the project there is a social benefit of £3.19 through improved natural environment, rejuvenated river economy, employment of under-represented groups and community investment.

What edie’s judges said: “Despite the scale of this project, Tideway has integrated considerations of environmental and social impacts into its core approach from day one, championing a number of innovative approaches which really push the boundaries and show a positive way forward for future infrastructure projects.”

Are you our next winner?

After a tough and extraordinary year, edie’s RSA-accredited Sustainability Leaders Awards are back for 2022, bigger and better than ever – celebrating the incredible people, projects and partnerships that are accelerating climate action and transforming business, for good. 

Entries are now OPEN. The submission deadline for the 2022 Sustainability Leaders Awards is Friday 1 October 2021. The Awards is then set to take place as a live ceremony on the night of Wednesday 2 February 2022 at the Park Plaza London, Westminster. 

Our ‘Sustainability Leader of the Year’ category is among the 23 categories to choose from. Make sure you get the recognition you, and your team, deserve. ENTER THE SUSTAINABILITY LEADERS AWARDS 2022 HERE.

edie Staff 

Inspired by edie’s award-winning Mission Possible: Net-Zero Carbon campaign, The Business Guide to Net-Zero Carbon Reporting provides a much-needed breakdown of how organisations can measure and report their impacts on the climate, along with the potential impacts of the climate emergency on their own operations, now and in the future.

—————-CLICK HERE TO READ THE BUSINESS REPORT————–

With the G7 recently agreeing to introduce a mandate on non-financial climate disclosure and more businesses now raising ambitions to set net-zero targets, the corporate reporting sphere is changing yet again.

Produced in association with Carbon Intelligence, the report will provide this insight through the lens of the Task Force on Climate-Related Financial Disclosures (TCFD) and science-based targets – two business-critical enablers of the net-zero carbon transition.

On TCFD, commitments to support its recommendations have skyrocketed by 85% within a year. Some 1,500 organisations, including banks, pension funds, reinsurers, end-user businesses and government departments have vowed to implement the framework.

In the private sector, 60% of the world’s largest 100 companies have now made TCFD-related commitments on measuring, disclosing and responding to climate risk. As such, this document is a timely piece of advice on how this movement will impact carbon reporting.

The document also features real-life case studies on either enabler, from Britvic and Burger King respectively.

Read the report here.

edie staff

The two upcoming events form an integral part of the six-month Festival, which is uniting thousands of business leaders, sustainability and energy professionals, policymakers, academics and green groups in the run-up to the COP26 climate talks.

Sustainable Investment Conference

Taking place on 12-13 of July 2021, this virtual mega-event will bring together key stakeholders from across the institutional investment community – including corporates, asset owners, regulators and policymakers – for an immersive two-day experience.

The 2021 programme builds on the success of last year’s conference with an enhanced focus on the climate finance opportunities of COP26 along with the latest ESG developments. The event will feature a combination of strategic guidance and practical insights – from high-level panel discussions about the “new normal of climate finance” and never-before-heard insights into the green bonds market, through to best-practice case studies on TCFD implementation and a climate risk workshop.

Speakers confirmed so far include Aviva Investors’ chief responsible investment officer Steve Waygood; FAIRR Initiative’s director of research & engagements Aarti Ramachandran; Former MP and current Managing Director & Head of EMEA ESG at JP Morgan, Chuka Umunna; and Rolls-Royce’s head of sustainability Rachel Everard.

VIEW THE FULL SUSTAINABLE INVESTMENT CONFERENCE AGENDA AND REGISTER HERE.

Clean Energy & Transport Forum

Taking place on Thursday 15 July, this brand-new event will connect energy and sustainability leaders from all major industries with policymakers, industry bodies, NGOs and net-zero carbon experts, to discuss what it will take to fully decarbonise our energy and transport systems.  

The full-day event will include high-level keynote talks about how governments and businesses can advance the transition to clean power and zero-emission mobility; interactive panel discussions focused on the opportunities presented by COP26 to accelerate change in these areas; and a choice of expertly facilitated workshops to spark new business ideas and actions on the road to net-zero.

Speakers confirmed so far include Transport Minister Rachel Maclean MP, Energy Institute chief executive Nick Wayth, The Climate Group chief executive Helen Clarkson, and Innovate UK’s senior innovation lead for energy Harsh Pershad.

VIEW THE FULL CLEAN ENERGY & TRANSPORT FORUM AGENDA AND REGISTER HERE.

Commenting on the launch of the two events, edie’s content director Luke Nicholls said: “As the world emerges from the shadow of Covid-19, governments, businesses and investors are re-focusing on the most urgent global challenge of our time: the escalating climate crisis. The need to decarbonise our energy and transport systems has never been greater, and the investment community must enact an ambitious green recovery plan to support this net-zero transition.

“Our two July events will unite business leaders, policymakers, investors, and civil society – they are a must-attend for the sustainability and energy changemakers who are working to lay the foundations for a successful climate summit in November.”

Countdown to COP26 Festival

Supported by headline partner O2, the Countdown to COP26 Festival kicked off last week with a successful first event which took an overarching look at what a successful climate summit looks like.

The event – which is now available to watch back on-demand – incorporated high-level keynote talks about how governments and businesses can elevate their climate ambition, action and advocacy; interactive panel discussions focused on key COP26 themes across energy, transportation and land use.

The Festival events programme will be supported by a plethora of articles, interviews, blogs, reports and guides delivered by edie’s award-winning editorial team.

Bookmark this page to stay up-to-date with the latest COP26 news, and click here to view edie’s full Countdown to COP26 Festival line-up.

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ENGAGE online event

Expert speakers from the likes of Clear Channel, Toast Ale, Reconomy and JRP Solutions have already been confirmed for the online event, which is taking place on the Thursday (6 May) from 1pm, with more speakers and partners to be announced over the coming days.

The event – dubbed the Sustainability Reporting and Communications Sessions – offers up an afternoon of live, interactive webinar presentations and discussions, dedicated to helping sustainability and CSR professionals drive stakeholder engagement through robust reporting and captivating communications.

Please note: You must pay to access this online event. Tickets purchased before Thursday 22 April will cost £39+VAT. Tickets purchased thereafter will cost £49+VAT. 

The online event effectively combines three edie webinars into a single afternoon, with each webinar session taking a particular format. The first session (45 mins) will be a Q&A-style debate; the second session (one hour) will be a series of quick-fire case studies; and the third session (45 mins) will take a ‘masterclass’ format.

Other Engagement Week content

Additionally, edie will be publishing a mini-series of downloadable Handbooks focused on driving best-practice on communications, reporting and engagement. Exclusive op-eds from the likes of British American Tobacco and Neighbourly, meanwhile, will offer expert insight into improving reporting and engaging as we approach the next normal.

On top of that, edie’s popular #SustyTalk video interview series will take an engagement focus during the Week, with a range of diverse stakeholders from across the sustainability spectrum set to provide updates on how they’ve been working during the various lockdowns.

• BOOKMARK THIS PAGE TO STAY UP-TO-DATE WITH OUR ENGAGEMENT WEEK CONTENT

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These trends have had a knock-on effect on businesses. A recent Accumulate Capital survey of 500 UK firms found that 73% are expected to finalise downsizing plans by September 2021.  

— DOWNLOAD THE EDIE EXPLAINS REPORT FOR FREE HERE —

But, as we begin to think about returning to offices in the UK – at least part of the time – in the coming months, what can businesses do to create workplaces that are more energy-efficient and lower carbon; that produce less waste; that consume less water; that are more financially sustainable; that benefit the health and wellbeing of staff and the wider community? 

edie’s new edie Explains report,  in association with Rio ESG, answers this crucially important question – and provides answers to many other frequently asked questions on sustainable offices. 

Designed to inform and empower businesses of all sizes and sectors, regardless of where they are on their journey to make workplaces more sustainable, the report includes top tips for best practice; case studies from leading businesses; information about shared tools and an exclusive viewpoint from Rio ESG’s founder and chief executive Daniel Botterill. 

“For many businesses, operational expenses will have been greatly reduced as a result of the Covid-19 restrictions,” Botterill writes.

“Financial savings may also have been realised as a result of early lease termination of buildings or company transport options. As such, there is no better time to be deploying this capital to develop and occupy sustainable solutions such as office spaces that meet the needs of current and future generations by aligning with decarbonisation and wider sustainability targets.”

The publication of the guide comes as edie celebrates its Circular Economy Week – an exclusive editorial campaign dedicated to accelerating the shift to closed-loop models of production and consumption. Read more about the full schedule and find out how to get involved here.

— DOWNLOAD THE EDIE EXPLAINS REPORT FOR FREE HERE —

edie Staff

Featuring an exclusive foreword from The Climate Coalition’s campaigns director Clara Goldsmith, the report provides a snapshot of global progress towards SDG 13 so far and best-practice advice for businesses looking to advance climate action through net-zero strategies, supplier engagement and advocacy and lobbying. 

—-CLICK HERE TO READ THE REPORT—-

Specifically, the report combines an array of real-life case studies with expert viewpoints, key facts and stats. There is also an analysis of how SDG 13 intersects with other Global Goals, inspiring businesses to avoid unintended negative consequences and generate positive outcomes across the sustainability agenda. 

“The global community is at a turning point. Our best chance of building a resilient economy goes hand in hand with tackling climate change,” Goldsmith writes in the report. “In many ways, Sustainable Development Goal (SDG) 13: Climate Action is the goal that underpins the rest. To achieve all of the SDGs, we need a safe world for future generations, protected from the worst impacts of climate change. The time for urgent action is now.”

With less than 10 years to meet the SDGs, action is still not happening at the speed or scale required – despite a groundswell of ambition and action from organisations of all sectors and sizes. These reports are, therefore, designed to empower you with the insight, inspiration and motivation needed to achieve what are undeniably business-critical goals.

edie will publish more SDG Spotlight reports, focussing on different goals, in the coming months.

Click here to download the report.

edie Staff

——————WATCH THE WEBINAR ON DEMAND HERE——————

With businesses under pressure to minimise energy costs and improve resilience, this one-hour webinar heard from the organisations that are utilising carbon-cutting technologies and systems on the road to net-zero emissions.

Energy costs are rising, clean technology costs are tumbling, and new off-grid energy opportunities are becoming more viable. What’s more, the UK Government recently unveiled its 10-Point Plan to push the UK towards net-zero carbon emissions.

Using real-experience case studies, this hour-long webinar heard from some of the businesses that are deploying new technologies and solutions to accelerate their net-zero transition – from solar and wind to combined heat and power (CHP), ground-source heat pumps and carbon capture and storage (CCS) technology.

Brought to you in association with Carbon Clean, this webinar also included a series of presentations followed by a live Q&A with our speakers.

Discussion points

• Assessing the viability of rooftop solar for your business
• Switching to low-carbon heat and electricity for listed buildings
• Delivering the net-zero factory of the future, today
• How carbon capture and storage can support your net-zero transition

Webinar chair:

Sarah George, Senior Reporter, edie 

Webinar presenters:

Wayne Hitchings, Head of Sustainability, The Natural History Museum

Wayne is the Head of Sustainability at The Natural History Museum, a position he had held for six years. He leads the strategic sustainability drive within the Museum as well as the projects and initiatives to support the delivery of the strategy. During his tenure the NHM has committed to achieving net-zero carbon by 2035, stopped selling single-use plastic water bottles and installed their first solar PV system. He had previously spent seven years as an energy manager in the higher education sector.

Michael McGowan, Group Sustainability Manager, Ibstock

Michael is a highly accomplished, results-driven management professional with special expertise in environmental, energy, sustainability and quality systems. He is experienced at group and program management, including direction of national-level operations. Michael is also chair of the British Ceramic Confederation’s Heavy Clay Energy & Emissions Working Group.

Lara Young, Group Carbon Manager, Costain Group

Lara Young, Group Carbon Manager for Costain Group, and Highway UK 2020 Associate Laureate, is the instigator and driving force behind establishing and implementing Costain’s Climate Change Action Plan to transition to a net-zero organisation. Challenging existing business models and processes, her role is to embed carbon management and drive the design and delivery of whole life low carbon solutions across the Costain Group. In January 2019 Lara joined the Mayor of London’s Infrastructure Young Professionals Professional Panel to help address this challenge across the capital and is also a member of the Institution of Civil Engineers net-zero taskforce working to incorporate systems thinking to help articulate a future vision for UK infrastructure.

Aniruddha Sharma, Co-founder and CEO, Carbon Clean

An engineer by practice, the company’s chief executive officer, Aniruddha has been instrumental in building and developing Carbon Clean into a global leader in low-cost carbon dioxide (CO2) separation technology for industrial and gas treating applications. Currently more than 38 facilities have used Carbon Clean’s proven technology or solvents. He is responsible for the day-to-day operations and leads the company’s product and customer development strategy. While pursuing his Masters Degree in Statistics at the prestigious Indian Institute of Technology (IIT) Kharagpur, Aniruddha co-founded Carbon Clean in 2009. Selected as one of the Top 50 Brightest Young Climate Leaders, he was a part of the youth delegation to COP15 and COP/MOP 5 (Kyoto Protocol) and awarded a ‘Technology Pioneer’ award by the World Economic Forum in 2015. As of 2020, Aniruddha has secured multiple strategic partnerships with global players to develop and invest in carbon capture projects. He is a member of the Institute of Directors and represents Carbon Clean on industry groups such as the CCSA and the Global CCS Institute.

——————WATCH THE WEBINAR ON DEMAND HERE——————

In fact, Morgan Stanley notes that it is the first time that this type of funding has exceeded green bond issuance – predominantly used to finance low-carbon projects – in a single calendar month.

—DOWNLOAD THE ESG HANDBOOK—

As more investors align to net-zero pathways and pivot their product offerings to account for growing green markets, businesses can gain a competitive advantage by strengthening ties with financial organisations through ESG.

This report, sponsored by UL and created in association with edie’s Sustainable Investment
Virtual Conference, will explain the complexities of ESG and outline best practice applications for businesses.

The report examines all the key considerations across all three ESG pillars and explores where the data fits into the current reporting landscape. Expert viewpoints are also provided by UL and CDP, outlining the importance of ESG to the investor community. Case studies linking through to in-depth stories also feature.

Writing in the report, UL’s ESG Advisory and Solutions Global Lead Chris Cattermole noted: “A central principle for many mainstream investors is financial materiality. That is, investors want ESG data which enables them to understand how a company’s sustainability performance affects its financial performance which will in-turn affect an investor’s portfolio performance.

“This financial focus has driven sustainability to the top of company management’s agenda across functions, empowering the sustainability function as key subject matter experts. For example, finance need to estimate the physical impacts of climate change or marketing need to understand environmental product certifications to make consumer claims.”

Download edie’s ESG Handbook here.

Join edie’s Sustainable Investment Digital Conference

edie is launching its first bespoke sustainability conference focused on green finance, with experts from ING, BlackRock, BNP Paribas and more set to discuss investment and the green recovery at the Sustainable Investment Digital Conference on 7-8 September 2020.

The two-day digital event will feature a myriad of expert panel discussions, breakouts and deep dives into key green finance themes – plus opportunities to network virtually with delegates.

For further information, sponsorship inquiries and registration, click here. 

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Pledge To Net Zero is itself a collaboration, with knowledge and practice exchange being central to the scheme. Participants, who in some other situations are competitors, are now actively sharing their learnings and carbon reduction approaches. Examples include one participant’s approach to develop internal carbon pricing, successfully reducing carbon-intensive travel and promoting working from home and remote conferencing. Covid-19 has escalated this but having made the pledge, participants have an increased reason to capture some learning points. There is a clear and wide intent to not drift backwards or to completely return to business as usual (post-crisis).  

Energy and fuel use within offices and fleets is an important area for progress. Science-based reductions do allow ‘zero-carbon’ GHG accounting for so-called green electricity and consequently reviewing contracts and power purchasing is important. However, there are many things to watch for. 

Avoiding and reducing consumption and greenhouse gas (GHG) emissions should remain top of the GHG management hierarchy. There are many well-known efficiency measures and, importantly, new and emerging technology options. On power tariffs, many will also point to the importance of ensuring credible ‘green’ purchases, perhaps citing the use of PPAs or even direct connections ahead of tariffs with little additionality and unbundled green energy certificates.  Energy use is far more than an exercise in tariff switching, with many efficiency and cost savings to pursue. 

Although carbon offsetting and other compensation measures do not contribute to science-based reductions, they can make an important contribution within net-zero.

In an extension of the ‘polluter pays’ principle, carbon offsets can be used to support an internal carbon pricing approach.  They can also help in programmes of communication and engagement and in messaging benefits beyond carbon.   They certainly will have an important ‘net-zero’ role in addressing residual emissions following science-based reductions.  

The Pledge webpage will be collecting a range of information that can support participants on their journey and indeed, one of the three pledges itself encourages ‘mentoring and support for smaller signatory companies’. Important recent resources include webinars; 1) a guide to pledging, with reduction examples from WSP’s early experiences; and 2) a guide to setting a science-based target with three case studies across different sized organisations and businesses.  

Net-zero is a powerful challenge but is in no-way unobtainable. As we emerge post-Covid-19, we face a real opportunity to #BuildBackBetter, learning from others and to step-change our own business transitions.

Nick Blyth, FIEMA, CEnv, is Policy Lead at IEMA, the largest professional body for environmental practitioners in the United Kingdom and worldwide. Pledge To Net Zero is an initiative led by the Society for the Environment (SocEnv), the Association for Consultancy and Engineering (ACE), the Institute of Environmental Management and Assessment (IEMA) and the Environmental Industries Commission (EIC), together with leading environmental consultancies, WSP and AECOM.

The guide’s release comes at a critical time for the circular economy, with key resource efficiency challenges such as plastic packaging, fast-fashion and food waste all rapidly rising up the corporate agenda, with the Waste and Resources Strategy outlining the circular economy approach in the UK.

— READ THE CIRCULAR ECONOMY GUIDE HERE —

A circular economy seeks to optimise the resources we use and keep them in productive loops for as long as possible. In practice, a circular economy replaces traditional linear ‘take, make, dispose’ models of production and consumption. To meet society’s future consumption needs, businesses will need to engage in greater resource productivity, and a circular economy offers a practical way to achieve this.

But what does this look like in practice? Which organisations are most suited to going circular? And what are the business benefits of doing so? This latest edie explains guide answers all of these questions and more to help sustainability and resource professionals understand exactly how they can accelerate the circular economy transition.

The guide also incorporates a number of ‘top tips’ on achieving a circular economy, and concludes with an industry viewpoint and two case studies provided by Reconomy.

In his Industry Viewpoint, Reconomy’s business and industry divisional director Harvey Laud states: “The global response to Covid-19 has shown what the human race is capable of achieving in short space of time when faced with disaster. Globally, governments have intervened at a pace and scale previously thought impossible.

“Maybe this decisive action should provide hope in our ability to address the challenges of climate change and resource scarcity. Is it possible that the environment may become one of the few beneficiaries of this tragic human disaster? And has our response to the pandemic triggered changes in behaviour that, if maintained, will help create a more sustainable planet?

Download and read the full edie explains: The circular economy guide for free, here.

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Organisations in this cohort, TCFD chair Michael Bloomberg said in a statement, hail from 55 nations. Bodies represented include seven national governments, including the UK and France; 473 private financial firms collectively responsible for assets valued at $138.8trn (£107trn); central banks; regulators; stock exchanges; and corporates with a combined market cap of $12trn (£9.25trn).

From the business side, the TCFD says that the chemicals, energy, insurance, metals and mining, fossil fuel and transport sectors are best-represented in the cohort.

The TCFD recommendations urge organisations to achieve board-level governance of climate risk and opportunity assessments; develop strategies aligned with global climate targets; disclose risk management processes and metrics and report annually on greenhouse gas (GHG) emissions. The strategy piece notably includes a recommendation for firms to conduct scenario analysis, mapping how different global temperature increases, including the Paris Agreement’s 2C trajectory, would impact their financial standing.

Mary Schapiro, who heads the TCFD Secretariat, said the increased support for the recommendations serves as evidence that “companies and global organisations are accepting that climate risk is financial risk”.

“Today’s announcement also underscores the significant investor demand for information that will help them mitigate potential risks and evaluate opportunities in the transition to the low-carbon economy,” Schapiro added.

Disclosure boons and barriers

Schaprio’s comments come after the TCFD concluded, in its latest annual status report, that the investor community is demanding more climate-related information from corporates than current TCFD efforts have bred.

While noting that pledges to support the TCFD recommendations had increased by 50% between 2018 and 2019, the status report highlighted the fact that disclosure efforts had resulted in a mix of full and partial information, with some sectors more advanced in completing disclosures than others.

PwC said at the time that scenario analysis was proving a particular challenge for businesses, in terms of data availability and due to the lack of standardised metrics and requirements.

Since then, the TCFD itself has not set recommendations on which scenarios businesses should analyse, how they should do so, and how many scenario analyses would be considered sufficient. But is has created an online knowledge hub where companies can access case studies and e-learning.

The UK Government, meanwhile, has said it will mandate TCFD-aligned disclosures for certain large organisations within three years, under its Green Finance Strategy. Calls are now growing for more Government clarity ahead of the TCFD mandate to help businesses determine how to meet its scenario analysis requirements.

“Only two years after the final TCFD recommendations were published, demand for climate-related financial disclosures has skyrocketed and the supply is responding,” Bank of England Governor, TCFD architect and Boris Johnson’s COP26 finance advisor Mark Carney said.

“In this year of climate action, let’s build on this momentum to improve the quality and quantity of disclosure and build a market in the transition to net-zero.”

Sarah George