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Men in Suits

ICE Introduces TCFD Reporting for Asset Managers

Updated: Dec 21, 2022

Intercontinental Exchange (ICE), a global exchange and clearing house operator, has announced the debut of a new solution designed to assist asset managers and financial institutions in meeting the criteria of the Task Force for Climate-Related Financial Disclosures (TCFD).

The Financial Stability Board established the TCFD in 2015 with the objective of providing consistent disclosure criteria for firms. The task force's recommendations were published in June 2017 and have since become the industry standard for climate-related disclosure, influencing the requirements of several emerging sustainability reporting systems by authorities worldwide.

According to a recent TCFD status report, asset managers have made progress reporting according to the task force's recommendations, with 60% of asset managers reporting information aligned with at least one of the TCFD's recommended disclosures. However, there is still significant room for improvement, as only 10% of managers report on all 11 recommended disclosures.

ICE noted that its new service leverages its climate transition data and analytics, corporate entity data, and green bond data to provide the metrics and targets reporting required by the TCFD framework with the necessary data and information.

ICE's President of Sustainable Finance and Chief Regulatory Officer, Elizabeth King, stated:

"In a relatively short period of time, TCFD has established the de facto reporting standard for climate-related financial data. Our technology offers asset managers the difficult-to-obtain emissions data and related analytics required to comply with increasing 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 ESG data, impact bond data, sustainable and ESG-focused fixed income, and equity indices, and the most liquid environmental futures markets in the world.

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