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Carbon Intelligence, part of Accenture and the Science-Based Targets initiative launch new finance sector guidance

By Helen Bradley
18th January 2023

Last year saw a  growing momentum for near and long-term climate action from financial institutions. Several factors have driven this including increased investor demand and disclosure obligations, a desire to lead on sustainability, extreme weather events and the energy crisis. This year the sector will continue to navigate these risks and opportunities and the significant challenges that arise in the process of committing to and implementing the current range of sustainability target setting and reporting frameworks. Furthermore, in the UK this year, large FIs will be required by law to disclose climate risks and opportunities, aligned with the recommendations of the TCFD. 

A new guide for FIs to SBTi – Finance Sector and TCFD Reporting

In collaboration with the Science Based Targets initiative (SBTi),  we have developed a new step-by-step guide which explores the synergies between the SBTi Financial Institutions (FIs) framework, and the FSB Task Force on Climate-related Financial Disclosures (TCFD). recommendations.

Why read it?

  • Quickly understand the frameworks. This may be particularly helpful if you work for a large FI which isn’t already disclosing climate risks and opportunities but is mandated to this year
  • Identify potential synergies between the frameworks, enabling you to streamline and maximise the impact of implementation
  • Use the flow chart on page 13 to help save time in navigating the core steps to implement these frameworks based on your organisations existing level of maturity
  • Gain insights from early adopters, within a change management framework, to help you identify where critical levers for change may exist within your organisation
  • Build your business case for adopting both SBTi-FI and TCFD through recognising the key benefits in leveraging both frameworks

*This guide is not intended to replace detailed consideration of both the TCFD  recommendations or the SBTi-FI guidance.

About the  Science Based Targets initiative (SBTi)  and the Task Force on Climate-related Financial Disclosures (TCFD) 

The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. The SBTi’s goal is to accelerate companies across the world to support the global economy to halve emissions before 2030 and achieve net-zero before 2050. More than 3000 companies across 70 countries and 15 industries have set or and committed to set targets. In October 2020, the SBTi released guidance for FIs to set science-based targets (SBTi-FI).

 The Task Force on Climate-related Financial Disclosures (TCFD) aims to deliver consistent financial disclosures addressing climate-related financial risk. This is delivered through a voluntary framework of 11 recommended disclosures (the TCFD recommendations). The TCFD recommendations support consideration of climate-related risks, opportunities across an FI’s financing activities to enable more informed investment decisions and better pricing of risks.  

Together, both frameworks enable an FI to augment climate data and enhance consistency of climate action across the business.

How we can help

We work with financial institutions across all asset classes to understand the risks associated with carbon within operations and investments, set valid SBTi targets, establish transition plans, and measure and report on progress. Get in touch if you have any questions about the guide or to catch up on  how we can support you to manage your climate risks and  opportunities and to work toward a credible net zero target this year. Email [email protected]