Nearly 70 stock exchanges promoting TCFD – 5 key actions
20 June 2022
- Reference the TCFD in ESG guidance: Exchanges that have already published guidance on ESG disclosure may want to consider adding details on the TCFD recommended disclosures. Already, 40 stock exchanges have included the TCFD recommendations in the ESG guidelines for their markets. The SSE’s ESG Disclosure Guidance Database provides a list of all stock exchange guidance documents that have a TCFD reference. Exchanges that have not yet developed guidance on ESG disclosure, can make use of the SSE's Model Guidance on ESG Disclosure.
- Publish climate-specific disclosure guidance: Some stock exchanges have begun to publish stand alone guidance, specifically for climate-related disclosures. One of the most significant, and perhaps most misunderstood, risks that organizations face today is climate, leading investors as well as regulatory authorities to request enhanced transparency on how organizations are considering the specific risks pertaining to climate. To help stock exchanges develop guidance specifically on this topic, the SSE published the Model Guidance on Climate Disclosures. Exchanges can make use of this guidance document as a template for their own climate-related disclosure guidelines.
- Host TCFD training: The SSE launched an online training program together with IFC and CDP to help stock exchanges educate their markets on climate-related disclosures. Thanks to the financial support from IFC and Bloomberg Philanthropies, this training program has been provided free of charge to over 30 markets, reaching over 8,000 participants. This training program encompasses two online training sessions (2 hours each) and a self-guided online platform for further training on specific aspects. The training program is CPD (Continuing Professional Development) certified, and participants receive a certificate upon completion. Exchanges that wish to host this free CPD certified training for their markets can find out more information here and contact the SSE team to book.
- Use the TCFD recommendations: In addition to supporting markets on disclosing climate-related information and considering climate-related risks and opportunities, stock exchanges are encouraged to lead by example. Now 30 exchanges have started their own journey towards alignment with the TCFD recommended disclosures. Exchanges are recommended to start with the SSE’s Action Plan to Make Markets Climate Resilient, which provides tailored guidance on the TCFD for stock exchanges.
- Become a TCFD Supporter: Exchanges that would like to show their support for the TCFD recommendations (you can find the recommendations here), can fill in this online form. By filling in this form, an exchange indicates that the exchange is in support of disclosure of climate-related financial information in alignment with the recommended disclosures of the Financial Stability Board (FSB). Currently, there are 36 stock exchanges that the SSE tracks that have shown their support for the TCFD by filling in this online form. You can find all TCFD Supporters online here and a snapshot and FAQ on becoming a supporter here.
About the SSE
The SSE initiative is a UN Partnership Programme organised by UNCTAD, the UN Global Compact, UNEP FI and the PRI. The SSE’s mission is to provide a global platform for exploring how exchanges, in collaboration with investors, companies (issuers), regulators, policymakers and relevant international organizations, can enhance performance on ESG (environmental, social and corporate governance) issues and encourage sustainable investment, including the financing of the UN Sustainable Development Goals. The SSE seeks to achieve this mission through an integrated programme of conducting evidence-based policy analysis, facilitating a network and forum for multi-stakeholder consensus-building, and providing technical assistance and advisory services.