Implementing the TCFD recommendations

Supported by over 500 institutions and companies, the FSB Task Force on Climate-related Financial Disclosures (TCFD) provides a common disclosure framework for making climate risks and opportunities more transparent.

As of January 2019, over 10 governments and financial regulators have endorsed it or have active consultations on incorporating the TCFD recommendations into existing disclosure regulation. The recommendations have also been incorporated into the PRI’s Reporting Framework.

Resources for PRI climate risk inidicators 

To support investors’ disclosure through the TCFD framework, the PRI has developed practical guidance on tackling the key challenges investors are facing in Implementing the TCFD Recommendations.

The 2019 PRI climate risk indicators, which are aligned with the TCFD recommendations, are available with guidance notes here. The indicators are voluntary and a non-assessed part of the PRI Reporting Framework. To help signatories prepare their responses, this page provides an overview of resources.

PRI and external reports


PRI signatory reporting on the 2018 climate indicators

  • Climate snapshot report: analysis of investors’ response to the PRI 2018 climate risk indicators.
  • Data portal: searchable database of over 100 public investor responses the 2018 climate risk indicators.

Table of reference climate scenarios

PRI Reporting Framework Indicator SG 13.8CC invites signatories to select which climate reference scenarios they use from a list. See the table below for an overview of these scenarios.

ProviderNameKey characteristic
Emission peak yearYear for net-zero emissionsReference
Energy transition scenarios
IEA Beyond 2 Degrees Scenario  Limits warming to 1.75⁰C by 2100. Starts in 2014. 2017 2060 2 Degrees of Separation, PACTA, TPI, TCFD technical annex
IEA Energy Technology Perspectives 2 Degrees scenario ETA 2⁰C scenario. From 2014-2100 2020 2060 for power TPI
IEA Sustainable Development Scenario  Combines climate and social targets for limiting global warming to 2⁰C. Starts in 2016 until 2040.  2020 for energy and industry Not modelled (beyond 2040) PACTA
IEA New Policy Scenario  Pathway if all new policy, set out in countries’ NDCs, are effectively implement. From 2016-2040 2029 (China peak energy only) Not modelled (beyond 2040) 2DS, PACTA, TPI, TCFD technical annex
IEA Current Policy Scenario (CPS) Business-as-usual without new climate policies. From 2016-2040 No peak No net zero PACTA, TCFD technical annex
IRENA RE Map Doubles renewable energy share of world’s energy mix by 2030. From 2010-2030     PACTA, TCFD technical annex
Greenpeace Advanced Energy [R]evolution Pathway for a fully decarbonised energy system by 2050     PACTA, TCFD technical annex
Institute for Sustainable Development Deep Decarbonization Pathway Project (DDPP) Country level pathways for reducing emissions consistent with 2⁰C. From 2010-2050     TCFD technical annex
Bloomberg BNEF reference scenario Power sector pathway scenario     PACTA, TCFD technical annex
Physical climate scenarios
IPCC Representative Concentration Pathway (RCP) 8.5 High emission scenario, 4-5⁰C, consistent with no policy changes to reduce emissions No peak No net zero TCFD technical annex
IPCC RPC 6 High-to-immediate climate emissions scenario, 2~3.7⁰C. 2080 No net zero TCFD technical annex
IPCC RCP 4.5 Immediate climate emission scenario. Global emissions peaking in 2040 and falling rapidly thereafter until 2080 2040 No net zero TCFD technical annex
IPCC RCP 2.6 Limits warming to the Paris Agreement’s target of 2⁰C by 2100 2020 2070 TCFD technical annex