The Government welcomes the adoption of the TCFD by those corporates who are already engaged with the Task Force and is actively encouraging greater take up as more Irish firms look to accelerate and scale their own climate transition plans. The implementation of the recommendations represents good practice for good companies and opens up access to more sustainable pools of growth capital while addressing the needs of investors for greater transparency.”

Paschal Donohoe T.D., Minister for Finance of Ireland and President of the Eurogroup 

Ireland is well established as a centre of excellence in Sustainable Finance. We are equipped with the sustainable finance infrastructure and the educated and dynamic workforce required to deliver on our net-zero ambitions and embrace the climate-related opportunities ahead. This programme will accelerate achievement of these goals through capacity building, thought leadership and increasing the levels of Irish climate-related reporting and disclosures. 

The Irish Road to COP26 programme is aligned to the goals of COP26 and it will accelerate our transition to net-zero by – 

  • By continuing to demonstrate thought leadership in this area hosting high profile events including Climate Finance Week 2021 which is now in its fourth year, (2020 seeing over 5,000 attendees) and our third annual Sustainable Finance Development Day.  
  • Enhancing the skills of our already educated and dynamic workforce, in 2020 we saw 1,400 professionals upskilled in Sustainable Finance and we look to increase this figure to a total of 3,000 by the end of 2021.  
  • Increasing Irish support of the Task Force on Climate-related Financial Disclosures (TCFD) through an Irish TCFD support campaign. The implementation of the recommendations represents best practice for companies and opens up access to more sustainable pools of growth capital while addressing the needs of investors for greater transparency. 
  • It will also see the publication, later in the year of the first Irish Sustainable Finance Roadmap.

Irish Task Force on Climate-related Financial Disclosures (TCFD) support campaign - 

This campaign is delivered by Sustainable Finance Ireland, supported by the Department of Finance and is an output of the Ireland for Finance strategy and action plan. The campaign is further supported by the United Nations Development Programme (UNDP). 

The Irish TCFD support campaign runs in the lead up to, the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow on 1 – 12 November 2021. The COP26 summit will bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. 

The COP26 Private Finance Hub Strategy has four key themes: Reporting, Risk Management, Returns & Mobilisation. The TCFD recommendations are strongly weaved throughout this strategy and feature in many of the calls to action for governments, the financial sector, standard setters, and companies.  

This campaign is strongly aligned to the Reporting element of the COP26 Private strategy. We aim to increase the Irish support of the TCFD and to enhance the levels of climate-related reporting and disclosures in Ireland. To do this we worked closely with the United Nations Environment Programme, Finance Initiative (UNEP FI) to develop bespoke training focused on TCFD and climate-related reporting more generally.  

More information about the TCFD recommendations and how they can be implemented can be found here

Key elements of the campaign:

  • Training/capacity building programme developed with the UNEP FI and delivered in conjunction with Skillnet Ireland:
TCFD and climate risk best practices 
 
Comprehensive training course focused on TCFD will take place across two afternoons in July, delivered (virtually) by the team from UNEP FI.  
 
This training will enhance the ability of Irish institutions to address the recommendations of the TCFD. These sessions will focus on how firms can identify, assess, manage, and disclose their climate risks and opportunities. Through interactive discussions and examples, participants will be able to understand industry-leading practices around climate disclosures. 
 
TCFD – Implementation and reporting 
 
This capacity building programme is a module-based training plan, which will break down the recommendations in more detail, with one session taking place every 2 months over a 6/8-month period.  
 
With this group we are building a community of practice, using best in class examples, and best in class training to benefit both new and established reporters. The first session of this programme takes place during Climate Finance Week Ireland 2021 (CFWI 21), running from the 11th-15th October.  
 
These sessions are designed to answer and address practical questions regarding TCFD implementation. They will include hands-on engagement with Irish institutions to explore data gaps, climate scenarios, assessment methodologies, and governance structures. Peer institutions will be able to discuss their challenges and learn from others who have already made TCFD disclosures.  
 

Points to note:

  • Both above courses are accredited with Institute of Banking (IOB) Continuous Professions Development (CPD) hours.  
  • There is no cost for the training or is there a cost to become a supporter of the TCFD. 
Events: 
 
  • High-level webinar for Irish TCFD campaign supporters (new and existing) June to demonstrate the why of TCFD. More info may be needed here. 
  • During CFWI 2021 we will hold a supporter’s event featuring [speakers here]. This event will highlight the Irish support of the TCFD recommendations, demonstrating overall impact and why it works etc. new supporters of the TCFD will be announced as part of this overall Irish collective.  
Communications:
 
  • Dedicated webpage will be in place for the campaign, to include supporter logos, and details of events.  
  • Social media communications plan to support the campaign will be in place, running from June-November.   
  • The campaign will feature in the SFI newsletter.
For more information please contact:
 
 
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