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Our TCFD report

We are pleased to share our first set of disclosures in response to the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) for the PwC network.

The TCFD was established by the Financial Stability Board in response to a request from the G20 Finance Ministers and Central Bank Governors.

In 2015 Mark Carney and the Financial Stability Board established the Task Force to help identify the information needed by investors, lenders and insurance underwriters to understand and assess climate-related risks and opportunities and their impact on businesses.

PwC has supported the TCFD since the launch of its recommendations in 2017, and we’ve been members of the Taskforce since 2016. We’ve provided data and analytics using AI for the annual TCFD Status Reports. We also sit on the Metrics & Targets working group. We’ve supported the WBCSD Preparers Forum, which has given guidance for six sectors. We’re also supporting their Energy System Reference Scenarios project to improve the consistency and comparability of climate scenarios.  

This TCFD report represents an important step as we execute our strategy to deliver trust and sustained outcomes, bringing our purpose to life and leading within the business community on climate-related challenges.

Headlines from our findings

In order to frame our assessment of how climate-related risks and opportunities are likely to impact our business, we undertook a central review of our global network using two climate scenarios. Firstly, in our Paris-aligned scenario, we assessed transition risks by using a scenario where the rise in global temperatures is limited to an average of well below 2°C above pre-industrial levels.  Secondly, in our No mitigation scenario, we assessed physical risks by selecting a stressed physical scenario which assumes limited policy changes are implemented to curb the current volume of emissions, resulting in an increase of 4°C in average global temperatures. 

The major strategic implications for our business can be summarised by reference to the scenarios as follows.

Paris-aligned scenario 

(well below 2°C)

Both scenarios

No mitigation scenario 


This scenario drives a greater level of transition impacts given the dominance of policy changes and disruption as the economy transitions to a low carbon world. There are a number of risks and opportunities which will arise regardless of the climate scenario. This scenario drives a greater level of physical impacts given the dominance of climate and weather related events which would likely take place.
  • Disruption in sectors with high levels of transition risk with implications for our portfolio
  • Disruption in geographies with high levels of transition risk with implications for our portfolio and for those regions
  • The need to adapt our core services to embed consideration of climate-related matters 

  • The development and scaling of new and emerging climate services to support clients 

  • Continued ability to attract and retain talent 

  • Brand/reputational impact arising from our contribution to the climate agenda

  • The need to plan for the impact of potential acute and chronic climate events on our office network, people and operations 

  • The portfolio impact of potential acute and chronic climate events in higher risk geographies

  • Global or regional economic disruption arising from the impact on sectors with supply chains that are heavily concentrated in areas of high physical risk