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March 2021Task Force on Climate-related Financial Disclosures OverviewB1The Need for Climate-Related Financial Disclosure 2Potential Financial Implications of Climate Change 4The Task Force on Climate-related Financial Disclosures 6Demand for Climate-Related Financial Disclosure 10Climate-Related risks and Opportunities 12The TCFD Recommendations 14TCFD Recommended Disclosures 16Guidance on Implementing the TCFD Recommendations 20Sector-Specific Supplemental Guidance 22Summary of 2020 Guidance and Other Work 24Implementing the TCFD Recommendations 26Benefits of Implementation 28Select Resources on the TCFD Recommendations 30TCFD Supporters 32Overview of the TCFD 2020 Status Report 34Examples of Momentum for the TCFD 36Contents23The Need for Climate-Related Financial DisclosureThe Need for Climate-Related Financial Disclosu

• Climate-related financial risks could affect the economy through elevated credit spreads, greater precautionary saving, and rapid pricing readjustments “ Climate-related risks are a source of financial risk and it therefore falls squarely within the mandates of central banks and supervisors to ensure the financial system is resilient

  Fall, Risks, Greater

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