Advancing TCFD guidance on physical climate risks and opportunities

The European Bank of Reconstruction and Development has joined forces with the Global Centre of Excellence on Climate Adaptation to advance financial market action on disclosing physical climate risks and resilience opportunities they face. This work is supported by partners from the finance, corporate and regulatory sectors. Findings are presented in the report “Advancing TCFD guidance on physical climate risks and opportunities”.

The Big Picture

Weather records continue to be broken with relentless frequency. The impacts of a changing and more variable climate are becoming ever more apparent. This new climate reality is creating physical risks, but also opportunities that affect both companies and financial institutions.

Therefore, there is an urgent need for better market information to enable business and finance to factor physical climate risks into their operations, decision-making and financial reporting. The TCFD recommendations on climate-related financial disclosures are already transforming the way that markets respond to climate change.

We need to build on the TCFD recommendations and develop ways of disclosing physical climate risks and resilience opportunities in financial reporting. This requires better data, clear metrics and well-informed strategic planning. It also requires common ground rules that are understood and accepted across the market. This conference is a key milestone in the journey towards that.

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'Advancing TCFD guidance on Physical Climate Risks And Opportunities'

Simon Connell

Head, Impact & Reporting, Group Sustainability
Standard Chartered Bank

"Getting physical climate risk right will take time, but we must start the process now"

Mark Cornelius
Head of Major Life Groups
Bank of England
Juan Duan
Catastrophe Risk Specialist
Bank of England

"The risks from physical climate change to financial stability deserve more attention"

Greg Lowe

Global Head of Resilience & Sustainability

"Why TCFD is ultimately about helping business make better decisions"

Craig Davies

Head, Climate Resilience Investments

"Better market information about physical climate change impacts will change everything"

John Kornerup Bang

Head, Sustainability Strategy and Shared Value

"The time has come to refine our understanding of the risks of physical climate change"

Murray Birt

Senior ESG Strategist

"On physical climate change, we cannot ignore the risks of our present course"


Upcoming Events

To be announced

Previous Events

“Advancing TCFD guidance on physical climate risks and opportunities"

This section presents the event material from the conference, Advancing TCFD Guidance on Physical Climate Risks and Opportunities, hosted at the EBRD on May 31st, 2018.

Event Content



Managing the risk from Climate Change - a video from the recent EBRD & GCECA Event

By EBRD Press

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EBRD, GCECA publish recommendations on physical climate impacts in financial reporting

By EBRD Press

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EBRD joins major initiative to promote financial stability in the face of climate change uncertainty

By EBRD Press

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New report aims to help companies disclose physical climate risks

By Environmental Finance

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EBRD publishes guidance for firms disclosing climate impacts

By New York Times

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EBRD publishes guidance for firms disclosing climate impacts

By Reuters

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EBRD and the GCECA are proud to be collaborating with a wide range of partners on this important topic, and would especially like to acknowledge the important contributions made by the following organisations: