In June 2017, the TCFD (Task force on Climate-related Financial Disclosures) of the G20’s Financial Stability Board published its final recommendations on information pertaining to climate to be released by companies. These recommendations include additional details for certain sectors, such as energy.
TotalEnergies publicly announced its support for the TCFD and its recommendations and has implemented them since its 2017 annual report.
TotalEnergies continued discussions by taking part in the Oil & Gas Preparer Forum, which published, in July 2018, the best practices on the disclosure of climate-related information and on the implementation of TCFD recommendations by the four companies that are members of the Forum (Eni, Equinor, Shell and TotalEnergies) with the support of the WBCSD (World Business Council for Sustainable Development).
In 2019, TotalEnergies also took part in the first task force set up by the EFRAG (European Financial Reporting Advisory Group) Reporting Lab on Climate-related disclosures, which aims to identify the best practices in this area. This task force published the results of its work in February 2020.
In accordance with the latest TCFD recommendations published in October 2021(Guidance on Metrics, Targets and Transition Plan), a series of indicators and targets specific to climate risks is also being studied to facilitate reconciliation with financial performance data.
Within the scope of its 2021 non-financial performance statement, TotalEnergies applied the TCFD recommendations to disclose its climate challenges.