Task Force on Climate-Related Financial Disclosures
TCFD recommendations on climate-related financial disclosures are designed to seek information that can be included in financial filings.
Oakville, like many municipalities, declared a climate emergency in 2019. In recent years, as the town has seen a rise in extreme weather events, the resulting strain on municipal infrastructure has brought increased attention to efforts to address climate change.
In July 2022, the Town of Oakville engaged Manifest Climate to help the town understand how it currently aligns with the recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD) framework, which are connected to the four core TCFD pillars:
- Governance
- Strategy
- Risk management
- Metrics and targets
Following a review of town documents, it was found that 19 of 39 TCFD actions were met in the town's disclosures.
Foundational areas of focus
As referenced in the Climate Emergency Declaration Progress Report at the July 11, 2023, Council meeting, the town’s focus for 2023 was to advance alignment with the six recommendations under the governance pillar of the TCFD framework.
Town of Oakville 2023 TCFD Action Plan
Six recommendations under the TCFD governance pillar:
- Establish a clear process to inform and enable management-level authority for climate matters
- Establish a regular cadence for the Council’s review of climate-related matters
- Delegate appropriate and clear authority to promote management-level authority on climate matters
- Set up a documented process to govern the Council’s oversight of climate-related risks, opportunities, goals and targets
- Integrate climate-related matters into key areas of Council/Council Committee decision-making
- Assign clear responsibility for climate oversight with Council members
The identified gap for all of these recommendations was that the town is taking these actions, but not publicly disclosing.
Next steps
Staff are working on a phased approach that will set a path forward to complete outstanding disclosure criteria, further aligning to the TCFD framework.
Staff will provide an update on the progress of TCFD as part of the 2024 Climate Emergency Declaration Progress Report.