Download the report

We are delighted to share with you the latest Baker McKenzie Climate Change publication: Relevance of recommendations of the Task Force on Climate-related Disclosures in particular jurisdictions.

Without better climate disclosure, investors cannot manage the physical and transition risks associated with climate change for their clients and beneficiaries. Transition risks include the financial impacts of risks relating to climate policy action, litigation or legal risk, new technologies and market changes.

The purpose of this report

In June 2017, the industry-led FSB Task Force on Climate-related Financial Disclosures (TCFD) released its final recommendations. These provide a framework for financial disclosures by companies and investors, guidance for sectors and uses of scenario analysis1. To support practical implementation of the TCFD's recommendations, the Principles for Responsible Investment (PRI) and Baker McKenzie have together produced a series of market reviews. These examine how the TCFD's voluntary recommendations integrate into existing material risk disclosure regulation and soft law in specific markets, and how investors and companies in those markets can apply them.

Key stakeholders

  • Investors can use the market reviews to inform their voting and engagement with companies on climate disclosure, dialogue with regulators, and their reporting to clients and beneficiaries.
  • Companies can use the market reviews to understand the global investor perspective and how TCFD will assist in implementing existing material financial risk disclosure regulation and guidance.
  • Stock exchanges and regulators can use the market reviews to compare their approach to that of other markets and to inform development of reporting guidance that endorses the TCFD.


Thanks to the contribution of many Baker McKenzie lawyers and PRI, the market reviews cover:

  • Brazil
  • Canada
  • the EU
  • Japan
  • the United Kingdom
  • the USA

Explore More Insight
View All