TCFD Recommendations

The Financial Stability Board Task Force on Climate Related Financial Disclosures launched the principles based recommendations for climate-related disclosures in 2017.

The TCFD recommendations suggest the voluntary disclosure of detailed information regarding the management of climate change around four thematic areas that represent core elements of how organizations operate:

Governance: the organization’s governance around climate-related risks and opportunities
Strategy: the actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning
Risk Management: the processes used by the organization to identify, assess and manage climate-related risks
Metrics and Targets: the metrics and targets used to assess and manage relevant climate-related risks and opportunities.

The TCFD recommendations aim to help investors and other stakeholders understand how reporting organizations assess climate-related risks and opportunities.

The EU Commission has integrated the TCFD recommendations into the new Guidelines on reporting climate-related information, that are part of the (EU Action Plan for sustainable growth).

Following the launch of the TCFD recommendations, Piraeus Bank conducted a SWOT analysis with a view to identifying future actions for optimal climate risk management. The Bank has also conducted a gap analysis on the features of the Climate Risk Management Model application and its upgrade needs in order to be aligned with the TCFD recommendations. Finally, in the context of the CDP assessment, Piraeus Bank has responded in detail to all of the TCFD recommendations’ requirements that have been fully incorporated in the evaluation questionnaire.