TCFD (Task Force on Climate-related Financial Disclosures) was a framework created to standardize how companies report financial climate risk, covering governance, strategy, risk management and metrics. Since 2023, its recommendations have been folded into ISSB standards (IFRS S1/S2), which is now the international reference.
Why it matters: even though TCFD has officially been wound down, its vocabulary (physical risk, transition risk) remains the foundation of nearly every climate risk regulation in force today.