Search within this section
Select a section below and enter your search term, or to search all click Climate related sector briefings
Favorited Content
TCFD-related information contained outside the annual report |
---|
Listing Rule 9.8.6 (8) (b) (i) requires a company to make a statement setting out “where the listed company has made climate-related financial disclosures consistent with the TCFD Recommendations and Recommended Disclosures, but has included some or all of these disclosures in a document other than the annual financial report:
Companies might therefore conclude that it is appropriate to have a separate report, or to use a separate medium of communication for much of their TCFD-related information. However, they also need to consider the general requirement that “information material to shareholders should be included in the strategic report”
.
Therefore, while companies are able to produce a separate report, this must be additional information only and not information material to the annual report. A separate report can be helpful, and it can make the strategically material matters easier to identify in the annual report, but companies should consider on a case-by-case basis how much of the full set of information needs to be in the annual report.
|
Scope 3 emissions: |
---|
For unquoted UK companies, there are specific scope 3 reporting requirements under Part 7A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (Streamlined Energy & Carbon Reporting Regulations – SECR). For TCFD purposes, all companies should be applying the approach discussed under Recommendations 1 and 2 above, to determine whether scope 3 disclosures are appropriate for them to disclose
. There will be many cases, for instance, where scope 3 emissions are more significant than scope 1 or 2 and, in these cases, the TCFD framework would require scope 3 emissions to be reported. |
The risk of disclosing quantified climate-related information: |
---|
Companies often worry that quantifying a potential future impact could be seen as a forecast. However, a number of leading companies have provided a range of potential impacts relating to risks and opportunities, or have quantified the potential impact from various scenarios. Quantification does not have to be a single figure estimate and could instead be a range. |
© #year# PricewaterhouseCoopers LLP. This content is copyright protected. It is for your own use only - do not redistribute. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under licence.
Any trademarks included are trademarks of their respective owners and are not affiliated with, nor endorsed by, PricewaterhouseCoopers LLP, its subsidiaries or affiliates.
Select a section below and enter your search term, or to search all click Climate related sector briefings