The standards
Does it apply to you
Reporting under it
Start here
Dates and penalties
Doing it
What you must file
Doing it
Start here
Setting targets
Who and where
The UK duty
Doing it
The baseline
Europe
Reporting more widely
Carbon markets and trade
Packaging and net zero
Carbon accounting
Choosing
Carbon
Compliance and offsets
Software
Templates
Careers
TCFD · meaning, the body and UK reporting
TCFD stands for the Task Force on Climate-related Financial Disclosures, which disbanded on 12 October 2023.
Its recommendations, set out on the TCFD framework page, still shape UK reporting through company law, FCA rules and pension trustee duties.
Which of those reaches you, and when the listing rule gives way to UK SRS, is on TCFD reporting requirements.
At a glance
Why it disbanded
The Task Force completed its remit. The IFRS Foundation now carries the monitoring responsibility; the recommendations remain available.
The Task Force finished its work and disbanded, and the standard built on its framework now exists.
The question people ask most about the Task Force is why it ended, and its owners answer it in two documents.
The Task Force’s own notice says that, with its 2023 status report on 12 October 2023, “the TCFD has fulfilled its remit and disbanded”, and that the FSB asked the IFRS Foundation to take over monitoring (fsb-tcfd.org).
The IFRS Foundation records that in July 2023 the FSB announced that the work of the TCFD “has been completed”, with the ISSB Standards marking the “culmination of the work of the TCFD” (ISSB and TCFD).
Read together, they describe a hand-over, not a repeal: the recommendations stay on the shelf, and IFRS S2 carries the four pillars forward.
Simplified diagram; sources: fsb-tcfd.org, About · IFRS Foundation, ISSB and TCFD
Nothing here says the framework stopped being used: the IFRS Foundation adds that companies can continue to use the recommendations and that “some companies may still be required to use” them.
In the UK that last clause is true of the Companies Act duty, the FCA’s entity report and the pension trustees’ report, which the sections below set out.
Connect climate to finance
Connect climate to finance
Connect climate to finance
Connect climate to finance
The body
The Task Force disbanded in October 2023. Its archived documents remain useful, while current legal duties must be checked with the relevant regulator.
The Task Force no longer exists, and its own website says so in a notice headed “IMPORTANT MESSAGE – PLEASE READ”.
The notice reads: “Concurrent with the release of its 2023 status report on October 12, 2023, the TCFD has fulfilled its remit and disbanded.”
It continues: “As of November 2023, this website will no longer be updated or monitored but will remain available to serve as a resource for materials developed by the Task Force.”
So every TCFD document you can download today is the version that stood in November 2023, and there is nobody left to answer an interpretation question.
The Financial Stability Board’s June 2017 release records that the Task Force “was established by the FSB in December 2015” and that its 32 members finalised the recommendations.
Its own history page describes members drawn from banks, insurers, asset managers, pension funds, large non-financial companies, accounting and consulting firms and credit rating agencies, supported by a secretariat.
After 2017 the FSB asked the Task Force to promote adoption and publish annual status reports through 2023, and the last of the six arrived on the day it disbanded.
The monitoring of climate-related disclosures passed on from 2024: the Task Force’s notice names the IFRS Foundation, while FSB statements name the ISSB, and the owners’ own documents use both nouns.
One more door has closed since: the TCFD Knowledge Hub and its learning platform shut on 31 December 2025.
The legacy remains
Who sat on it
The FSB convened the Task Force at the request of G20 finance ministers and central bank governors, with Michael R. Bloomberg as chair.
Its members came from large banks, insurance companies, asset managers, pension funds, large non-financial companies, accounting and consulting firms and credit rating agencies, and gave their time voluntarily.
The Task Force also thanks members of its Secretariat and observers, but its own pages do not list them by name, so this page does not either.
The supporter count is the number of organisations that said they backed the recommendations, not the number that reported under them.
A supporters list is not a verified register of reporting compliance: the IFRS Foundation says that, with the Task Force disbanded, the list of supporters “is no longer active”.
Read the Task Force’s own history page for the member description and the year-by-year record, and the IFRS Foundation’s note for the supporters list.
The framework
The June 2017 Final Report is the text.
Two nested layers: four recommendations, one per pillar, and eleven recommended disclosures beneath them.
| Pillar | The recommendation, in short | Disclosures | Materiality wording |
|---|---|---|---|
| Governance | The organisation’s governance around climate-related risks and opportunities | (a) board oversight · (b) management’s role | None |
| Strategy | Actual and potential impacts on businesses, strategy and financial planning | (a) risks and opportunities by horizon · (b) impact · (c) resilience under scenarios, including 2°C or lower | “where such information is material” |
| Risk management | How the organisation identifies, assesses and manages climate-related risks | (a) identifying and assessing · (b) managing · (c) integration into overall risk management | None |
| Metrics and targets | The metrics and targets used to assess and manage relevant risks and opportunities | (a) metrics · (b) Scope 1, 2 and, if appropriate, Scope 3 · (c) targets and performance | “where such information is material” |
Disclose the organisation’s governance around climate-related risks and opportunities.
2 recommended disclosures
Disclose the actual and potential impacts on the organisation’s businesses, strategy and financial planning, where such information is material.
3 recommended disclosures, gated by “where such information is material”
Disclose how the organisation identifies, assesses and manages climate-related risks.
3 recommended disclosures
Disclose the metrics and targets used to assess and manage relevant risks and opportunities, where such information is material.
3 recommended disclosures, gated by “where such information is material”
What October 2021 changed
The October 2021 Annex replaced the 2017 implementation guidance.
It says the Task Force “has not modified its four overarching recommendations … or the 11 associated recommended disclosures”, and now asks organisations to disclose GHG emissions “independent of a materiality assessment”.
So there is no 2021 version of the eleven.
Where to go deeper
The full recommendation text, the seven principles and the document trail are on the TCFD framework page.
How to write each of the eleven is on TCFD disclosures.
The 2021 metrics guidance added seven cross-industry metric categories and guidance on transition plans.
The June 2017 Final Report is the text.
Two nested layers: four recommendations, one per pillar, and eleven recommended disclosures beneath them.
Four linked pillars
Four linked pillars
Four linked pillars
Reading a TCFD-aligned report
Locate an answer and its evidence for each of the eleven recommended disclosures. Then check the separate requirements of the applicable legal route.
A report that says it is aligned with the TCFD should answer each of the eleven recommended disclosures, in the Task Force’s own words.
Step through them below and tick each one as you find it; nothing is stored or sent.
Look for the paragraph that names the board or committee that oversees climate.
Look for the management roles and how they report upwards.
Look for named risks and opportunities, each tied to a time horizon.
Look for effects on the business model and the financial plan, not a list of risks.
Look for the scenarios used and what they showed about the strategy.
Look for the process, not the output.
Look for what the organisation does once a risk is found.
Look for the link to the enterprise risk process.
Look for the metrics, with the method behind each.
Look for Scopes 1 and 2, and a stated position on Scope 3.
Look for targets, a base year and progress against them.
The wording is from the Task Force’s recommendations page, and the prompts are ours.
The listing rule asked for a statement of consistency with all eleven, and the Companies Act duty asks for eight disclosures shaped by the same pillars, so the checklist is a reading aid, not a test of either.
Eleven answers need evidence
Eleven answers need evidence
Principles for effective disclosure
The seven principles aim to make disclosures useful to readers. They support the eleven recommended answers rather than adding a separate legal reporting regime.
Beside the recommendations, the Task Force set out seven principles for effective disclosure and encouraged organisations to consider them when drafting.
They are the TCFD’s principles for climate disclosure, not a regulator’s list of principles of sustainability reporting.
Source: TCFD Final Report, June 2017, Figure 6, with the principles also summarised on the recommendations page.
The sixth, “reliable, verifiable, and objective”, is the one the scenario analysis section below leans on.
The UK
No UK instrument ever made “the TCFD recommendations” binding as such.
Each took the shape and wrote its own rule, and on 30 September 2026 only one of them changed.
| Rule | Who | What it asks | After PS26/19 |
|---|---|---|---|
| FCA listing rule, UKLR 6.6.6R(8) and twins | Listed companies in UKLR 6, 14, 15, 16 and 22 | A statement of consistency with the eleven, or an explanation with steps and a timeframe | Replaced by UK SRS for periods beginning on or after 1 January 2027 |
| Companies Act ss.414CA and 414CB | Companies and LLPs over 500 employees that are traded, banks, insurers, AIM, or over £500m turnover | Eight climate-related financial disclosures in the strategic report | Continues; UK SRS S2 can discharge it under s.414CB(6) |
| FCA ESG sourcebook, chapter 2 | Asset managers and asset owners with £5bn or more in scope | A TCFD entity report by 30 June each year | Continues; product reporting trimmed on 25 September 2026 |
| SI 2021/839 | Trustees of schemes with £1bn or more, and authorised master trusts and CDC schemes | Governance, scenario analysis, metrics, a target and a published report | Continues; untouched by PS26/19 |
| Public sector guidance | Central government bodies preparing annual reports | TCFD-aligned disclosure in annual reports and accounts | Guidance, not a PS26/19 matter |
Sources: fsb-tcfd.org · PS26/19 · CA 2006 s.414CB · PS21/24 · SI 2021/839
The Companies Act duty reaches large private companies that were never inside the listing rule.
It is not comply-or-explain for disclosures (a) to (d), and it is in force every year.
FCA 2026/59 came into force on 25 September 2026 and simplified product-level TCFD reporting for asset managers and asset owners.
PS26/19 followed on 30 September 2026 for listed companies.
They are different rulebooks.
No UK instrument ever made “the TCFD recommendations” binding as such.
Each took the shape and wrote its own rule, and on 30 September 2026 only one of them changed.
Which UK route?
Check
The finder applies each rule’s own scope test to what you enter and names the provision behind every answer.
It covers the four regimes in the table above; the public sector guidance is left out because it follows the body, not a size test.
Company figures matter only for the Companies Act duty, whose test is set out in full on climate-related financial disclosures.
For a listed company the date matters more than the size: the TCFD reporting requirements page works out which period falls under which rule and when each report is due.
A group can sit inside three of these at once — a listed parent with more than 500 employees, an asset-management subsidiary and a staff pension scheme each have their own duty and their own timetable.
Which TCFD-shaped rules reach you
The turnover threshold is £500 million for this period. Companies Act section 414CA(2B) adjusts the company threshold; the LLP provisions also adjust turnover for periods other than a year.
Applies to accounting periods beginning before 1 January 2027.
For periods beginning on or after that date it is replaced by UK SRS on a comply-or-explain basis.
UKLR 6.6.6R(8) and its twins; PS26/19 ¶¶1.10, 3.12, 3.19
Required: the eight disclosures in s.414CB(2A) go in the non-financial and sustainability information statement.
This duty continues after PS26/19; UK SRS S2 can support it as a national reporting framework if the statutory requirements and framework-reference conditions are met.
CA 2006 ss.414CA, 414CB(2A), 414CB(6)
A reading aid, not advice.
It applies one year’s figures; the Companies Act small and medium-sized tests and the pension thresholds each have their own timing rules.
Four scoping questions
Listed companies
PS26/19 settles the question the old coverage kept open, in one sentence at ¶1.10: “These rules will replace the existing TCFD aligned disclosures.
TCFD was set up in 2015 but disbanded in 2023.”
The replacement is UK SRS on a comply-or-explain basis across both standards — the FCA’s final rules do not make UK SRS S2 mandatory, which the consultation, CP26/5, had proposed.
The instrument, the UK Listing Rules (Sustainability Reporting Standards Disclosure) Instrument 2026, was made on 24 September 2026 and comes into force on 1 January 2027.
Until then, and for every accounting period that begins before that date, the TCFD statement in UKLR 6.6.6R(8) still governs, with the FCA’s technical note TN 802.3 as guidance.
The FCA is consulting on deleting that note in Primary Market Bulletin 66, with feedback due by 28 October 2026.
A company whose period begins before 2027 may instead adopt UK SRS early, and under ¶3.19 it keeps the same transitional reliefs — a reversal of the consultation’s position.
The rule and its guidance are set out provision by provision on FCA TCFD rule; the new limbs are on UK SRS and the FCA.
Your accounting periods
UK SRS on a comply-or-explain basis. Scope 3 may be omitted under UK SRS S2 ¶C4, and reporting may be climate-first under UK SRS S1 ¶E3 — each only if the report says it is relying on the transitional provision and the relief.
UK SRS on a comply-or-explain basis, Scope 3 included. The climate-first relief under UK SRS S1 ¶E3 is still available, stated in the same way.
Comply or explain across UK SRS S1 and S2. The reporting obligation continues; the transitional reliefs have ended.
Comply or explain across UK SRS S1 and S2. The reporting obligation continues; the transitional reliefs have ended.
The limbs: UKLR 6.6.6R(7A), (7B) and (8).
Location, assurance and transition-plan statements all apply.
Assumes twelve-month periods.
Source: FCA PS26/19 Appendix 1, UKLR TP 16.
| Accounting period begins | Rule |
|---|---|
| Before 1 January 2027 | TCFD statement under UKLR 6.6.6R(8), or early adoption of UK SRS |
| 1 January 2027 – 31 December 2027 | UK SRS, comply or explain; Scope 3 and non-climate reliefs |
| 1 January 2028 – 31 December 2028 | UK SRS, comply or explain; non-climate relief only |
| On or after 1 January 2029 | UK SRS, comply or explain; no FCA relief |
Check the TCFD-aligned rules and available early adoption.
Five UKLR categories report against UK SRS on comply or explain.
Apply the required locations, explanations, reliefs and assurance statements.
The successors
The IFRS Foundation’s account on ISSB and TCFD is careful with its words: the requirements in IFRS S2 “are consistent with the four core recommendations and eleven recommended disclosures published by the TCFD”.
In the same breath it lists what IFRS S2 adds: industry-based metrics, planned use of carbon credits and additional information on financed emissions.
IFRS S2 keeps the four pillars and turns recommendations into requirements; IFRS S1 sets the general requirements beside it.
UK SRS S2 is the UK version, published by the Department for Business and Trade on 25 February 2026 and available for voluntary use by any entity.
It is not stricter on scenario analysis in the way people assume: ¶22 asks for an approach “commensurate with the entity’s circumstances”, and ¶B15 accepts scenario narratives alone as a reasonable basis.
The Scope 3 relief at ¶C4 has no time limit in the standard; the FCA’s rules give listed companies one year from initial application.
The practical differences are worked through on TCFD and UK SRS and, disclosure by disclosure, in the step-by-step TCFD to UK SRS migration; the standard itself is on UK SRS S2 and the international one on IFRS S2.
A company that wants to test its readiness first can use the UK SRS readiness assessment.
The ISSB has since amended IFRS S2 itself: its December 2025 targeted amendments touch the greenhouse gas requirements, and this page does not say that UK SRS S2 has adopted them.
| Question | Answer |
|---|---|
| Status | Recommendations from a task force that disbanded on 12 October 2023. No legal force of its own. (fsb-tcfd.org) |
| Structure | Four recommendations and eleven recommended disclosures. (TCFD Final Report, Figure 4) |
| Scope 3 | Metrics and targets (b) asks for Scope 3 “if appropriate”. (TCFD recommendations) |
| Scenario analysis | Strategy (c): resilience under different scenarios, including a 2°C or lower scenario. (TCFD recommendations) |
| Question | Answer |
|---|---|
| Status | A standard issued by the ISSB in June 2023; applies only where a jurisdiction requires it. (IFRS Foundation) |
| Structure | The same four pillars. The IFRS Foundation calls IFRS S2 “consistent with” the four recommendations and eleven disclosures. (IFRS Foundation, ISSB and TCFD) |
| What it adds | Industry-based metrics, planned use of carbon credits and additional information on financed emissions. (IFRS Foundation, ISSB and TCFD) |
| December 2025 | Targeted amendments issued on 11 December 2025: Scope 3 Category 15 may be limited to financed emissions, other classification systems may replace GICS, a jurisdictional relief from GHG Protocol requirements where only part of an entity uses other methods, and a jurisdictional relief on global warming potential values. Effective for periods beginning on or after 1 January 2027. (IFRS Foundation news, 11 December 2025) |
| Question | Answer |
|---|---|
| Status | Published by the Department for Business and Trade on 25 February 2026; voluntary for any entity. (DBT; PS26/19 canon) |
| For listed companies | The FCA requires reporting against UK SRS on comply or explain for periods beginning on or after 1 January 2027, replacing the TCFD-aligned statement. (FCA PS26/19 ¶¶1.2, 1.10, 3.12) |
| Scenario analysis | An approach commensurate with the entity’s circumstances; scenario narratives alone can be a reasonable basis. (UK SRS S2 ¶22, ¶B15) |
| Scope 3 | Required, with an untimed relief at ¶C4. The FCA gives listed companies one year from initial application. (UK SRS S2 ¶29(a)(i)(3), ¶C4; PS26/19 ¶3.14) |
Sources: TCFD Final Report · IFRS Foundation, ISSB and TCFD · ISSB amendments, 11 December 2025 · UK SRS S2 · PS26/19
Build from existing work
Build from existing work
Build from existing work
Scope 3
Metrics and targets disclosure (b) asks for “Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks”.
The October 2021 guidance then asked for GHG emissions “independent of a materiality assessment”, while the recommendation above it still reads “where such information is material”.
The guidance moved one disclosure outside the materiality gate without amending the recommendation that contains it, which is why the question keeps coming back.
The measurement basis every one of these regimes borrows is the GHG Protocol Corporate Standard, with the Scope 3 Standard for the value chain; our GHG Protocol page explains both.
Under UK SRS S2 the category-by-category work is set out on Scope 3 under UK SRS, and the fifteen categories on Scope 3 emissions.
| Instrument | Scope 3 |
|---|---|
| TCFD metrics (b) | “if appropriate” |
| TCFD 2021 guidance | GHG emissions independent of materiality |
| Companies Act s.414CB(2A) | Not named; (h) asks for your own KPIs and calculations |
| UK SRS S2 ¶29(a)(i)(3) | Required, with an untimed ¶C4 relief |
| FCA rules | One-year relief from first application |
Check the scope and relief
Check the scope and relief
Check the scope and relief
Metrics, physical risk and transition risk
The TCFD’s October 2021 metrics guidance introduced the cross-industry categories that UK SRS S2 now carries in paragraph 29, as the DBT text sets them out.
Source: UK SRS S2 ¶29(a)–(g) · TCFD, Guidance on Metrics, Targets, and Transition Plans
| Category | What UK SRS S2 asks the entity to disclose |
|---|---|
| Greenhouse gases UK SRS S2 ¶29(a) | Absolute gross Scope 1, 2 and 3 emissions for the period in tCO2e, measured under the GHG Protocol Corporate Standard (2004) unless a jurisdiction requires otherwise. |
| Transition risks UK SRS S2 ¶29(b) | The amount and percentage of assets or business activities vulnerable to climate-related transition risks. |
| Physical risks UK SRS S2 ¶29(c) | The amount and percentage of assets or business activities vulnerable to climate-related physical risks. |
| Opportunities UK SRS S2 ¶29(d) | The amount and percentage of assets or business activities aligned with climate-related opportunities. |
| Capital deployment UK SRS S2 ¶29(e) | The amount of capital expenditure, financing or investment deployed towards climate-related risks and opportunities. |
| Internal carbon prices UK SRS S2 ¶29(f) | Whether and how a carbon price is applied in decision-making, and the price per tonne of greenhouse gas emissions the entity uses. |
| Remuneration UK SRS S2 ¶29(g) | Whether and how climate-related considerations are factored into executive remuneration, and the percentage of executive remuneration linked to them. |
IFRS S2 defines climate-related physical risk as risk that is event-driven, which it calls acute, or that comes from longer-term shifts in climatic patterns, which it calls chronic.
It defines climate-related transition risk as risk arising from efforts to transition to a lower-carbon economy, spanning policy, legal, technological, market and reputational risk.
Both definitions are in Appendix A of IFRS S2, and under paragraph 29(b) and (c) an entity discloses the amount and percentage of assets or business activities vulnerable to each.
The Task Force’s metrics-and-targets pillar now lives in UK SRS S2, which names seven cross-industry categories.
Two of them, physical and transition risk, are where most readers’ questions start.
Show what the metric means
Show what the metric means
Show what the metric means
Three acronyms
A search for “CFD disclosure requirements” is usually somebody looking for the Companies Act duty, and answering it with the TCFD framework points them at a document that is not their obligation.
TCFD
The Task Force and its framework: four pillars, eleven disclosures, no legal force of its own.
Disbanded 12 October 2023.
CFD
Climate-related financial disclosure: the UK company-law duty in s.414CB(2A), eight disclosures, in force since financial years beginning on or after 6 April 2022.
CfD
A Contract for Difference: the government’s support scheme for low-carbon electricity, and separately a leveraged trading product.
Neither is a reporting duty.
TCFD recommends climate-related disclosures.
ISSB and UK SRS specify reporting requirements.
The applicable jurisdiction and regulator set scope and compliance.
The hardest disclosure
Strategy (c) asks an organisation to “describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario”.
The word “resilience” and the words “or lower” are both missing from the December 2016 consultation draft, which still circulates at the top of search results — a quotation without them came from the draft.
The usual failure is not silence but a paragraph that names a scenario and asserts resilience without the horizons, parameters or assumptions that produced the conclusion.
The Task Force’s principles ask disclosures to be “reliable, verifiable, and objective”, and a conclusion with no stated inputs cannot meet that test.
The Companies Act asks for “an analysis of the resilience” in s.414CB(2A)(f), and UK SRS S2 ¶22 asks for scenario analysis commensurate with the entity’s circumstances.
How to write it, and what the successor standards change, is on TCFD disclosures.
Test a business question
Test a business question
Test a business question
Test a business question
Test yourself
Each of these is in wide circulation, and several were true until this week.
The answers are drawn from the instruments cited above: the Task Force’s notice, the 2021 Annex, PS26/19, the Companies Act, the FCA Handbook and the pension regulations.
The ones most likely to catch a reader out are the FCA pair: the listing rule really is replaced for 2027 periods, and UK SRS S2 really is not mandatory.
The consultation history behind that change is on UK SRS consultation, and the year’s other events on UK SRS in 2026.
Seven claims about TCFD
“The TCFD still publishes updated guidance.”
“The eleven recommended disclosures were rewritten in October 2021.”
“UK listed companies stop making a TCFD statement for periods beginning on or after 1 January 2027.”
“From 2027, UK SRS S2 is mandatory for listed companies.”
“The Companies Act climate disclosures end when the listing rule changes.”
“Large asset managers no longer publish any TCFD report.”
“Pension trustees can be fined for a broken link to their climate report.”
7 claims.
Choose true or false for each.
Four common confusions
Four common confusions
Four common confusions
Four common confusions
What to do
Beyond climate, the nature framework built on the same four pillars is covered on TNFD, and a transition plan — which the listing rule asks about, not requires — on climate transition plans and transition plans under UK SRS.
Use the four-pillar and eleven-disclosure guide for content.
Check which legal regime and period apply.
Map current evidence to the relevant UK SRS requirements.
Around the framework
SECR is energy and carbon reporting in the directors’ report: numeric, backward-looking and separate from the climate-risk narrative.
The government’s environmental reporting guidelines accompany it, and they are not TCFD guidance.
A Carbon Reduction Plan under PPN 006 is a procurement document for major government contracts, not a TCFD report.
The FCA’s anti-greenwashing rule governs what a regulated firm says about sustainability, whatever framework it reports against.
Science-based targets answer TCFD metrics and targets (c) for many companies, but no UK rule requires them.
Data: Science Based Targets initiative Target Dashboard, as at 2026-10-08
1,964
UK organisations on the SBTi dashboard
1,564 with validated near-term targets.
Whether any of this can be assured is covered on sustainability assurance; the full UK list of duties is on ESG reporting requirements in the UK, and every date on the UK sustainability regulation timeline.
In the EU, the equivalent climate standard sits in the ESRS delegated act, prepared with advice from EFRAG.
The government’s wider review of company reporting — which says it will consider how UK SRS should be reflected in the Companies Act — is its Modernising corporate reporting consultation, open until 30 November 2026; law-firm commentary such as Linklaters’ note on its sustainability angles summarises it, and news as it moves is on our news page.
Financial firms
The FCA’s ESG sourcebook retains an output called a “TCFD entity report”.
It reaches asset managers and asset owners — life insurers and FCA-regulated pension providers among them — unless their TCFD in-scope business is below £5 billion on a three-year rolling average, under ESG 1A.1.2R.
The rules applied from 1 January 2022 for the largest firms and a year later for the rest above the exemption, with first disclosures by 30 June 2023 (PS21/24).
FCA 2026/59 replaced product-level TCFD reports from 25 September 2026 with two narrower duties: climate risks in retail communications, and Scope 1, 2 and 3 data on request.
The entity report survives, published by 30 June each year, and its cross-reference to the listing rule moves to the UK SRS limbs from 2027.
Banks and insurers are also supervised by the PRA, whose Supervisory Statement SS5/25 replaced SS3/19 in its entirety on 3 December 2025.
It sets the PRA’s expectations on governance, risk management, climate scenario analysis, data and disclosures — expectations, not a reporting rule, and separate from the FCA’s.
The asset-manager regime and its sustainability labels are covered on FCA sustainability disclosure requirements.
Financial firms have their own rules
Financial firms have their own rules
Financial firms have their own rules
Financial firms have their own rules
Pension schemes
Trustees of occupational pension schemes with £1 billion or more of relevant assets, and of every authorised master trust and CDC scheme, run TCFD-shaped governance under SI 2021/839.
They carry out scenario analysis, report at least four metrics including a portfolio alignment metric, set a target, and publish a report free of charge within seven months of each scheme year end.
Where the report is not published on a public website, The Pensions Regulator must issue a penalty of at least £2,500 under regulation 9.
Its first, £5,000 to the trustees of the ExxonMobil Pension Plan in May 2023, followed a report published ten days late because its link did not work.
The trustee duty is untouched by PS26/19 and is set out in full, with a date planner, on pension scheme climate reporting.
A pension-scheme route
A pension-scheme route
A pension-scheme route
A pension-scheme route
ISSB and TNFD
The ISSB did not take over the Task Force: the Task Force disbanded, and a monitoring duty moved.
Nature reporting on the same architecture is covered on TNFD, and the international standards on the ISSB framework.
| TCFD | ISSB (IFRS S2) | TNFD | |
|---|---|---|---|
| What it is | A task force’s recommendations | A standard from a standard-setting board | A taskforce’s recommendations |
| Subject | Climate | Climate (S1 for other sustainability matters) | Nature |
| Structure | Four pillars, eleven disclosures | Four pillars, with requirements | Four pillars, plus the LEAP approach |
| Status in 2026 | Disbanded October 2023 | Issued June 2023; UK version UK SRS S2 | Said in November 2025 it would complete its technical work by Q3 2026 |
| Legal force | Only through rules that adopt it | Only where a jurisdiction requires it | Voluntary |
TCFD focuses on climate-related financial disclosures.
Other frameworks and standards cover additional risks, opportunities and impacts.
What does not exist
People search for TCFD certification, TCFD consultants and lists of TCFD reporting companies, and the honest answers are short.
There is no TCFD certification: the Task Force issued recommendations, never ran a scheme, and no longer exists.
What a UK rule asks for is a statement of whether disclosures are consistent with the recommendations, made by the company itself.
Independent assurance over climate disclosures is a separate engagement, and no TCFD-shaped rule requires it; how it works is on sustainability assurance.
The Task Force kept count of supporters, not reporters: by November 2022 it reported more than 4,000 supporting organisations from over 100 countries (fsb-tcfd.org).
A supporter is an organisation that declared support, which is not the same as one that reports.
The reports themselves are in annual reports, which listed companies publish and all UK companies file at Companies House.
Advisory help exists in the market, and this site is an independent reference rather than a provider of it; a free 15-minute call can be booked through our booking page if you want a pointer to where to start.
Evidence is not a badge
Evidence is not a badge
Evidence is not a badge
Evidence is not a badge
Is the work wasted?
A working TCFD report is not wasted by PS26/19.
The four pillars are the architecture of IFRS S2 and UK SRS S2, so the structure carries across intact, with the governance and risk-management disclosures and the emissions inventory measured on the GHG Protocol.
What changes is the discretion: recommendations become requirements, Scope 3 is required subject to a relief, and the standard asks how scenario analysis was carried out, not only what it concluded.
The practical gap for most companies is scenario analysis and Scope 3 data, not the reporting structure.
The first UK SRS period for a calendar-year company begins on 1 January 2027, so the TCFD statement written for 2026 is also the first draft of the 2027 report.
Find the owner’s sources
Find the owner’s sources
Find the owner’s sources
Find the owner’s sources
What changes when
Three of the four TCFD-shaped duties carry on unchanged, and the dates that matter now are the listing rule’s.
The last TCFD statements will be for accounting periods that began in 2026, reported in 2027.
The FCA’s guidance on the new statements is still a draft, technical note TN 803.1, out for comment in Primary Market Bulletin 66 until 28 October 2026.
The Companies Act duty has its own review: the first report on the CFD regulations is due before 6 April 2027, and the government says its post-implementation review will finish by spring 2027.
Pension trustees and asset managers have no dated change ahead, beyond the review of the pension regulations the government promised in 2025.
Every deadline that follows from your own year end is worked out on TCFD reporting requirements.
The record
The Task Force’s materials are hosted on fsb-tcfd.org, frozen, and on the Financial Stability Board site, whose own Task Force page now serves the 2019 status report.
The FSB’s October 2023 progress report records the end of the Task Force’s work.
The successor owner is the IFRS Foundation, which also hosts the archived Transition Plan Taskforce materials.
The UK standards sit in the government’s UK SRS collection, owned by the Department for Business and Trade.
The FCA’s rules are in the FCA Handbook, and its programme on the climate change and sustainable finance hub and its reporting requirements page; the regulator’s home is fca.org.uk.
The FCA numbers its policy statements in sequence, and the UK SRS rules are PS26/19; the one two before it, PS26/17, is on a different subject.
The consultation they finalise is CP26/5 (PDF).
The Companies Act is on legislation.gov.uk with the LLP regulations, SI 2022/46; the government’s guidance for companies and LLPs dates from 21 February 2022, and filings go to Companies House, reviewed by the Financial Reporting Council.
For pensions, the duty is in SI 2021/839 and its penalty in regulation 9; the Department for Work and Pensions issued statutory guidance for trustees, and The Pensions Regulator publishes its climate governance guidance and monetary penalties policy.
Retain the reporting decision
Retain the reporting decision
Retain the reporting decision
An illustrative reporting sequence
Connect each recommendation to the decisions and evidence behind it. The TCFD framework page provides the detailed architecture.
Frequently asked
The Task Force on Climate-related Financial Disclosures was a private-sector task force established by the Financial Stability Board in December 2015, chaired by Michael R. Bloomberg.
Its June 2017 Final Report set out four recommendations — governance, strategy, risk management, and metrics and targets — supported by eleven recommended disclosures.
The Task Force disbanded on 12 October 2023; its framework lives on inside other rules.
Not as a body.
The Task Force disbanded on 12 October 2023, when it published its final status report, and its website says it will no longer be updated or monitored from November 2023.
Its recommendations still exist as documents, and several UK rules still point at them.
The recommendations were never law in themselves.
UK rules adopted their shape: the FCA listing rule UKLR 6.6.6R(8) on a comply-or-explain basis until accounting periods beginning before 1 January 2027, the Companies Act climate-related financial disclosures in sections 414CA and 414CB, the FCA’s TCFD entity report for large asset managers and asset owners, and the trustee duty for large occupational pension schemes under SI 2021/839.
UK SRS.
The FCA’s final rules in PS26/19, published on 30 September 2026, replace the TCFD-aligned disclosures with reporting against UK SRS S1 and S2 on a comply-or-explain basis for accounting periods beginning on or after 1 January 2027, with first reports in 2028.
Earlier periods stay on the TCFD rule.
Governance, strategy, risk management, and metrics and targets.
Each carries one recommendation, and beneath them sit eleven recommended disclosures: two for governance and three for each of the others.
Only “if appropriate”.
Metrics and targets disclosure (b) asks for Scope 1, Scope 2 and, if appropriate, Scope 3 emissions.
The October 2021 guidance asked for GHG emissions independent of a materiality assessment.
UK SRS S2 requires Scope 3 but its paragraph C4 relief has no time limit, and the FCA rules give a one-year relief from the first period.
TCFD was an international framework with no legal force of its own.
CFD, in UK usage, is the climate-related financial disclosure duty in sections 414CA and 414CB of the Companies Act 2006, which asks for eight disclosures shaped by the TCFD pillars.
A CfD, with a lower-case f, is a Contract for Difference, the government’s low-carbon electricity scheme.
The FSB asked for the monitoring of climate-related disclosures to pass from the Task Force from 2024.
The Task Force’s own notice names the IFRS Foundation; FSB statements name the ISSB.
The standard built on the framework is IFRS S2, whose requirements the IFRS Foundation describes as consistent with the four recommendations and eleven disclosures, with additional requirements.
No. The TCFD Knowledge Hub and its online learning platform were permanently closed on 31 December 2025, according to its own site.
The Task Force’s documents remain downloadable from fsb-tcfd.org and fsb.org in their November 2023 form.
TCFD stands for the Task Force on Climate-related Financial Disclosures, the body the Financial Stability Board set up in December 2015.
People also use the letters for its framework and for reports that follow it, as in a TCFD report or TCFD-aligned disclosures.
No. The Task Force issued recommendations, not a certification scheme, and it no longer exists.
A report can be described as consistent with the TCFD recommendations, and some UK rules require a statement saying whether it is, but no body certifies TCFD compliance.
Assurance over climate disclosures is a separate engagement under assurance standards.
The TCFD was a task force that published recommendations and disbanded in 2023.
The ISSB is a standard-setting board of the IFRS Foundation that issued IFRS S1 and IFRS S2 in June 2023.
IFRS S2 is consistent with the four TCFD recommendations and eleven disclosures and adds requirements, including industry-based metrics, planned use of carbon credits and financed emissions.
TCFD covers climate; the Taskforce on Nature-related Financial Disclosures applies the same four-pillar architecture to nature-related dependencies, impacts, risks and opportunities.
Both are voluntary frameworks.
In November 2025 the TNFD said it was due to complete its technical work in progress by the third quarter of 2026, with its future tied to the ISSB’s nature-related standard-setting.
It is a climate disclosure framework rather than a general ESG one.
It covers only climate-related risks and opportunities and their financial effects, organised under governance, strategy, risk management, and metrics and targets.
A listed bank makes the listing-rule statement, and a bank with more than 500 employees is inside the Companies Act climate disclosures.
Separately, the PRA’s Supervisory Statement SS5/25, in force since 3 December 2025, sets expectations for banks and insurers on managing climate-related risks, including disclosures; it is a supervisory statement, not a reporting rule.
Yes.
Trustees of occupational schemes with £1 billion or more of relevant assets, and of authorised master trusts and CDC schemes, must publish a climate report within seven months of each scheme year end under SI 2021/839.
The Pensions Regulator must issue a penalty of at least £2,500 where it is not published on a free public website.
If you are a listed company in UKLR 6, 14, 15, 16 or 22 and your accounting period began before 1 January 2027, the TCFD-aligned statement under UKLR 6.6.6R(8) and its twins still governs it, although early adoption of UK SRS is permitted.
The Companies Act climate disclosures, the FCA entity report for asset managers and asset owners, and the pension trustee report continue regardless of PS26/19.
On 11 December 2025 the ISSB issued targeted amendments to the greenhouse gas requirements of IFRS S2.
They clarify that Scope 3 Category 15 measurement can be limited to financed emissions, allow classification systems other than GICS for financed-emissions disaggregation, and add jurisdictional reliefs on GHG Protocol methods and on global warming potential values.
They take effect for periods beginning on or after 1 January 2027, with early application permitted.
IFRS S2 defines climate-related physical risk as risk that is event-driven (acute) or that comes from longer-term shifts in climatic patterns (chronic).
Under UK SRS S2 paragraph 29(c) an entity discloses the amount and percentage of assets or business activities vulnerable to it.
IFRS S2 defines climate-related transition risk as risk arising from efforts to transition to a lower-carbon economy, spanning policy, legal, technological, market and reputational risk.
Under UK SRS S2 paragraph 29(b) an entity discloses the amount and percentage of assets or business activities vulnerable to it.
The Final Report’s Figure 6 sets seven: disclosures should represent relevant information; be specific and complete; be clear, balanced and understandable; be consistent over time; be comparable among companies within a sector, industry or portfolio; be reliable, verifiable and objective; and be provided on a timely basis.
They sit beneath the eleven recommended disclosures.
The Financial Stability Board convened the Task Force in December 2015 with Michael R. Bloomberg as chair, and 32 members finalised the recommendations in June 2017.
The Task Force’s About page lists the members; this page does not reproduce the list.
The Task Force’s own notice says that, with its 2023 status report on 12 October 2023, it had fulfilled its remit and disbanded, and that the FSB asked the IFRS Foundation to take over monitoring.
The IFRS Foundation separately says IFRS S2 is consistent with the four recommendations and eleven disclosures.
The About page records more than 4,000 supporters by November 2022, and the Task Force is no longer updating or monitoring its site, so that count is a historical figure rather than a live register.
This page does not say so.
UK SRS S2 is the text the Department for Business and Trade published on 25 February 2026, and its relationship to the ISSB’s later amendments is a question for DBT and the FCA, not something this page has verified.
Read the DBT standard and any DBT statement before relying on either text.
Sources
Every figure, date and status on this page traces to the instrument’s owner.
Secondary commentary is never the source for a number.
Disbanded on 12 October 2023; the site “will no longer be updated or monitored” from November 2023.
Created by the FSB; chaired by Michael R. Bloomberg; 4,000+ supporters by November 2022; six status reports.
The live text of the eleven recommended disclosures and the seven principles.
The four recommendations and eleven recommended disclosures, verbatim.
The Task Force “has not modified” the recommendations or the eleven disclosures; GHG emissions independent of a materiality assessment.
The seven cross-industry metric categories and the transition-plan guidance.
Established by the FSB in December 2015; 32 members finalised the recommendations.
IFRS S2 requirements are “consistent with” the four recommendations and eleven disclosures, with additional requirements.
“These rules will replace the existing TCFD aligned disclosures”; accounting periods beginning on or after 1 January 2027.
Published 30 September 2026: comply or explain across UK SRS.
The rule that governs accounting periods beginning before 1 January 2027.
Entity reports published by 30 June each year, consistent with the TCFD recommendations.
Product-level TCFD reporting simplified from 25 September 2026.
The eight climate-related financial disclosures, and s.414CB(6) on national reporting frameworks.
In force 6 April 2022; review report due before 6 April 2027.
The trustee duty that names the TCFD and requires a published report.
UK SRS S2 is a national reporting framework for s.414CB(2A), “so long as use of UK SRS S2 is clearly referenced in the NFSIS”.
Scenario analysis commensurate with circumstances; the untimed Scope 3 relief.
Scope 3 Category 15 may be limited to financed emissions; effective for periods beginning on or after 1 January 2027, early application permitted.
Phasing from 1 January 2022; first disclosures by 30 June 2023.
Replaced SS3/19; supervisory expectations, not a reporting rule.
Technical work in progress due to complete by Q3 2026.
The definitions of climate-related physical risk and transition risk.
The framework applied to UK public sector annual reports.
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More on TCFD in the UK: TCFD framework · TCFD disclosures · TCFD reporting requirements · FCA TCFD rule · TCFD and UK SRS · step-by-step TCFD to UK SRS migration · climate-related financial disclosures · TCFD reporting software