Task Force on Climate-related Financial Disclosures

Reflecting the financial sector’s commitment to addressing climate change, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) in December 2015 to propose a set of recommendations for consistent disclosures that will help financial market participants understand their climate-related risks. The TCFD aimed to promote more informed investment, credit and insurance underwriting decisions, foster an early assessment of these risks, and facilitate market discipline.

In 2017, the TCFD published its final report with recommendations for the voluntary reporting on material risks and opportunities arising from climate change. The implementation of the TCFD recommendations by companies is expected to take several years.

Credit Suisse publicly expressed its support for the TCFD recommendations in 2017. Within the regulatory framework established by the Paris Agreement, we expect our TCFD adoption efforts to provide us with further guidance for the transition towards a world that is progressively less dependent on fossil fuels. Credit Suisse continued its TCFD implementation efforts in 2019 and 2020, following the recommendations across the four TCFD categories of Governance, Strategy, Risk Management, and Metrics and Targets.

This year, we are pleased to share our disclosures in accordance with the TCFD recommendations within the Sustainability Report.

Information on each of the TCFD recommendations can also be found within the Sustainability Report 2020 as follows:

  • Governance: Organization’s governance around climate-related risks and opportunities (see pages 11, 14-16, 22-23, 25 and 51)
  • Strategy: Actual and potential impacts of climate-­related risks and opportunities on the organization’s businesses, strategy, and financial planning (see pages 23-25, 51-54, 83-84 and 110)
  • Risk Management: Organization’s process to identify, assess, and manage climate-related risks (see pages 18-26 and 54)
  • Metrics and Targets: Assessment and management of relevant climate-related risks and opportunities (see pages 56-59 and 104-110)