FRC Release Climate Reporting Podcast
The UK’s Financial Reporting Council (FRC) has published a podcast discussing their recent report, which offered some practical guidance for best practice on climate-related disclosure.
The FRC found that while investors support increased disclosure on climate-related risk, companies are frequently falling behind expectations. The report drew on the TCFD framework to structure practical guidance on how companies could implement reporting in four areas of disclosure.
In this podcast, Phil Fitz-Gerald, Director of the Financial Reporting Lab, and Hannah Armitage, Project Manager at the Lab, discuss investor demand for better information structured around the TCFD framework.
They are optimistic about disclosure developments in the future, despite the uncertainty surrounding reporting forward-looking information. While we agree that providing practical guidance for reporting under a TCFD aligned framework is an important first step, for climate-related data to be truly useful for investors it needs to be digital, searchable and comparable – meaning, ideally, that it needs to be reported in structured Inline XBRL format.
Listen to the podcast here.
