ICE Launches TCFD Reporting Solution for Asset Managers

Global exchange and clearing house operator Intercontinental Exchange (ICE) announced today the launch of a new solution aimed at helping asset managers and financial institutions meet the requirements of the Task Force for Climate-Related Financial Disclosures (TCFD).

The TCFD was established by the Financial Stability Board in 2015, with the goal of developing consistent disclosure standards for companies. The taskforce’s recommendations were published in June 2017, and have become the industry standard for climate-related disclosure, heavily informing the requirements of a series of emerging sustainability reporting systems by regulators across the world.

According to a recent TCFD status report, while there has been progress among asset managers in reporting along the taskforce’s recommendations – with 60% of asset managers reporting information aligned with at least one of the TCFD’s recommended disclosures – significant room for improvement remains, as only 10% of managers indicate that they report on all 11 recommended disclosures.

ICE stated that its new service leverages its climate transition data and analytics, corporate entity data, and green bond data, to providing required data and information for the metrics and targets reporting required in the TCFD framework.

Elizabeth King, President of Sustainable Finance and Chief Regulatory Officer at ICE, said:

“In a very short time, TCFD has become the de-facto framework for reporting climate-related financial data. Our solution provides asset managers with the hard-to-gather emissions data and associated analytics they need to comply with evolving reporting requirements for multi-asset-class portfolios.”

The TCFD service is part of ICE’s Sustainable Finance service, which also includes global carbon and other greenhouse gas emissions data for companies and sovereigns, climate risk metrics for U.S. municipal bonds, company ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. data, impact bond data, sustainable and ESG-focused fixed income and equity indices and the world’s most liquid environmentalEnvironmental criteria consider how a company performs as a steward of nature. futures markets.

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