The report captures companies’ progress globally in making climate-related financial disclosures and highlights some of the challenges they face in making these disclosures.

Key takeaways and findings from the status report are as follows:

• The percentage of public companies globally disclosing TCFD-aligned information continues to grow but more progress is needed with only 4% of companies disclosing in line with all 11 recommended disclosures.
• The percentage of companies reporting on climate-related risk or opportunities, board oversight, and climate-related targets increased significantly –  by 26, 25, and 24 percentage points, respectively — between fiscal years 2020 and 2022.
• Disclosure of climate-related financial information in financial filing is limited.
• The majority of jurisdictions with final or proposed climate-related disclosure requirements specify that such disclosures can be reported in financial filings or annual reports.
• Over 80% of the largest asset managers and 50% of the largest asset owners reported in line with at least 1 of the recommended disclosures.
• Based on a 2022 TCFD survey, asset managers and asset owners indicated the top challenge to climate-related reporting is insufficient information from investee companies.

The 2023 status report is the final report to be published by the TCFD. With the International Sustainability Standards Board’s (ISSB) inaugural standards having been released, the TCFD’s work is now complete. The Financial Stability Board (FSB) has therefore requested that the ISSB assume responsibility for monitoring progress on the state of climate-related financial disclosures by companies as of 2024.

For more information, please access the press release and full report on the FSB website.