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Taskforce on climate-related Financial Disclosures (TCFD)

The Financial Stability Board’s Taskforce on Climate Related Financial Disclosures (TCFD), Chaired by Michael Bloomberg and heralded by Mark Carney, was established in 2016 to provide the financial services sector with a consistent and reliable means of assessing, pricing, and managing climate related risks. These recommendations enable investors to make better informed decisions and lenders, insurers, and underwriters to evaluate their risk over the short, medium and long-term. 

Why is the IFoA getting involved? 

Actuaries’ expertise allows them to identify and manage long-term risk.  Actuaries can use these skills to play a vital role in driving the TCFD’s recommendations by conducting scenarios analyses that identify risk exposure and the potential effects of various mitigation measures.  Without understanding the potential implications of climate- risk from these analyses, companies could face liability, physical and reputational risks.  In addition, if a company does not take stock of its exposure to climate-risk now, the costs of transitioning to a low carbon environment in the future are likely to increase, placing a company at a competitive disadvantage.

Previous Work

The IFoA has produced a number of pieces calling the financial industry to take account of climate risk and recognising the recommendations of the Task Force as a vehicle for doing so.  Our previous work includes:

Webinar with the Institute of Environmental Management and Analysis (IEMA)

25 April 2019

Watch the joint IFoA and IEMA webinar, ‘Task Force on climate related financial disclosures (TCFD) – introduction and perspectives for our professions’. The webinar is an opportunity to hear first-hand from:

  • Steve Waygood, and industry leader and member of the TCFD
  • Louise Pryor, Chair of the IFoA’s Resource and Environment Board, and
  • Paul Pritchard, Senior Associate at Iken and IEMA member
     

Watch the video
 

Breakfast Briefing with Russell Picot and Louise Pryor

26 February 2018

View the breakfast briefing presentation where Russell Picot, Special Advisor to the Task Force and Louise Pryor, Chair of the IFoA’s Resource and Environment Board, discuss the recommendations and ways for actuaries and non-actuaries to collaborate for implementing the recommendations 

Webinar with Russell Picot and Nico Aspinall

22 May 2017

Watch our webinar with Russell Picot and Nico Aspinall, former Chair of the IFoA’s Resource and Environment Board, to learn more about the work of the TCFD and how actuaries can play an essential role in creating systemic change.

Risk Alert and Pensions Guide

12 May 2017

Read the IFoA’s Risk Alert to all members warning all members to ensure they understand and clearly communicate the extent to which they have taken account of climate-related risks in any relevant decisions, calculations, or advice.

To support actuaries implementing this, the IFoA also produced a practical guide on resource and environment issues that are relevant for pension schemes and pensions actuaries.

Previous Consultation Responses

Read our previous consultation responses:

2019

31.01.19 IFoA response to FCA discussion paper on climate change and green finance

15.01.19 IFoA response to PRA consultation on enhancing banks’ and insurers’ approaches to managing the financial risks from climate change

2018

22.01.18 IFoA response to FRC initial consultation on the future direction of the UK Stewardship Code

22.01.18 IFoA response to the European Commission- Public consultation on institutional investors and asset managers' duties regarding sustainability

2017

22.09.17 IFoA response to EU Commission EU High Level Expert Group on Sustainable Finance

10.02.17 IFoA response to Task Force on Climate-related Financial Disclosures

2016

29.04.16 IFoA response to FSB Task Force on climate disclosure consultation

24.03.16 IFoA response to EU Consultation on long-term and sustainable investment

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Events calendar

  • Spaces available

    A panel discussion with investment representatives discussing the impact of investment on climate change and vice versa.

    This event is part of The Road to Glasgow: IFoA’s Sustainability Thought Leadership Series which will provide a platform for prominent contributors so that our members and others can understand the perspectives of a wide range of parties interested in the climate debate.

  • Spaces available

    Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.

  • Spaces available

    How governments and societies collectively respond to the climate crisis is increasingly being analysed through the lens of intergenerational fairness. Our expert panel will assess and explore the extent to which inter-generous fairness is being considered in climate policies, the lessons from those countries who are leading the way on fairness and justice in climate interventions, and more.

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Spaces available

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.