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TCFD FAQ & related resources

General

  • The TCFD Alignment Report is a separate product and will not affect your GRESB Score.

    However, as the GRESB Foundation continues to evaluate material topics such as resilience and the management of climate-related risks, some aspects might be incorporated into the GRESB Standard (and thus the GRESB Score) that bear resemblance to the TCFD Alignment Reports.

     

  • All of the data used to construct a GRESB TCFD Alignment Report is derived from the Assessment responses of the reporting entity (and its peer group). There is no extra ‘reporting burden’ in order to receive the report.

  • The TCFD Alignment Report is currently available to GRESB Real Estate, Infrastructure Fund, and Infrastructure Assets Participant Members that completed the 2023 GRESB Assessment.

  • You can purchase a TCFD Alignment Report directly in the GRESB Portal by following the step by step process on this page.

  • GRESB Participants who purchase the GRESB TCFD Alignment Report in a given year will have unlimited access to this report through the GRESB Portal. If you purchase a report in February, it will be populated with last year’s data. When the GRESB Results are released in the fall, you will automatically receive the updated version of the TCFD Report.

  • As of November 2023 non-listed investors can request access to managers’ TCFD Alignment Report.

    As it is the case for the GRESB assessments, as a participating entity, you need to give your explicit consent for GRESB Investor Members, or Fund Managers, to see your data and TCFD Reports.

    By engaging with managers on TCFD alignment, investors can future-proof their portfolio and receive additional timely insights to inform their investment decisions.

    In addition to streamlining access to these insights, this new process also enables investors to express their interest in viewing the reports to managers who may not have purchased the product(s) yet.

    Express of interest requests can be accepted only after the purchase of the product. You can always decline an Express of interest request.

    For more information, please have a look at the investor access rights page here.

  • Currently, the GRESB TCFD Alignment Report is only available for Participants of the 2023 GRESB Assessment. The report may become available for non-Participants in the future.

Content

  • The TCFD Alignment Level is an indication of an entity’s efforts in addressing climate-related risks in line with the processes outlined by the TCFD. It can be interpreted as a high-level reference to the entity’s position along its TCFD journey.

  • All of the data used to construct a GRESB TCFD Alignment Report is derived from the Assessment responses of the reporting entity (and its peer group). Insofar as your responses to the GRESB Assessment accurately reflect the same processes and management presented in your separate TCFD report, the GRESB TCFD Alignment Report provides an accurate assessment of the alignment of your reporting efforts.

  • The overall GRESB TCFD Alignment Level is the aggregate of equally weighted scores relating to each of the 11 recommended disclosures of the TCFD. Each recommended disclosure is scored from zero and ten points. Combined, these recommended disclosure scores add up to a maximum of 110 points. The GRESB TCFD Alignment Methodology was reviewed by the GRESB governance groups. A variety of options were considered and while the feedback resulted in a distribution of preferred options, the options taken forward reflect the majority recommendations from our stakeholder sample.

  • No. The GRESB TCFD Alignment Report does not present the data and information that would be present in a company’s own TCFD report. Rather, it maps the relevant information across the GRESB Assessment into the TCFD framework, allowing the user to understand how to construct their own TCFD reports using GRESB outputs.

  • In June 2023, ISSB issued its inaugural sustainability standards. This includes International Financial Reporting Standards (IFRS) S1 & S2. While IFRS S1 provides the disclosure requirements for sustainability-related risks and opportunities, IFRS S2 provides the requirements for climate-related disclosures and works in conjunction with IFRS S1. Both IFRS S1 and S2 integrate and are consistent with the TCFD.

    The TCFD Recommendations can still be used by companies. The International Sustainability Standards Board (ISSB) will take over TCFD monitoring as of July 2024. This was previously done by the Financial Stability Board (FSB).

  • In the 2023 TCFD Alignment Report, GRESB has included the areas where IFRS S2 differs from the TCFD for each of the 11 recommended disclosures. This enables GRESB participants to identify at a glance the additional and/or differing information in comparison to TCFD, that they would need to collect and report to meet IFRS S2 requirements in the future. The comparison is taken from the document prepared by the staff of the IFRS Foundation on the comparison of IFRS S2 Climate-related Disclosures with the TCFD Recommendations.

Learn more about the TCFD Alignment Report

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