GAD actuary helps produce guide for users of climate-related financial disclosures

An actuary from the Government Actuary’s Department (GAD) has helped produce a guide for users of disclosures made under the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The guide can help individuals gain insights from TCFD disclosures.

Global support

These are assessments by organisations of the financial implications of the climate-related risks and opportunities they face. There are now more than 1,000 organisations globally who support the TCFD recommendations including governments, central banks, regulators, asset managers and asset owners as well as a range of industries.

User guide

GAD actuary Sara Ronayne was part of a joint working party set up by the Institute and Faculty of Actuaries (IFoA) and Institute of Environmental Management & Assessment (IEMA). The joint working party recently published a user guide which:

• provides an overview of climate-related financial disclosures and TCFD recommendations
• outlines how users of disclosures can set effective objectives
• provides practical guidance to help users interpret disclosures organisations have made

Collaboration between specialists

Speaking about the release of the guide, lead author, IFoA President-elect Louise Pryor, said:

“There are already many resources for those who prepare climate-related disclosures, but much less focus on the users of the disclosures.

“This guide reflects the fruitful collaboration between actuaries and sustainability specialists who utilise their complementary experience for the benefit of all potential users of TCFD disclosures. We hope this guide supports users to feel confident in understanding disclosures and in applying the insights obtained.”

Sara added:

“Disclosing under TCFD recommendations is increasingly prevalent and in future may become mandatory for some organisations.

“This means the ability to effectively use and interpret other organisations’ TCFD disclosures looks set to be a key skill for both government and the private sector. I’m very pleased to have played a part in the production of a guide to help users with that goal.”