TCFD (Task Force on Climate-Related Financial Disclosures) is gaining supporters among managers of infrastructure businesses, according to Anne-Noëlle Le Gal, an investment director at Vantage Infrastructure. In an interview published in the October issue of Institutional Investment in Infrastructure, Le Gal makes a case for why this analysis is beneficial, and outlines and describes five basis steps involved: (1) Climate-change risk assessment; (2) Scenario selection; (3) Qualitative scenario analysis; (4) Quantitative assumptions; and (5) Scenario running in model. This analysis is valuable for investors and managers, as well as the underlying businesses. “Ultimately, it helps evaluate how material the impact of plausible climate pathways can be on investments’ financial performance and value. In turn, this drives strategic choices and supports making asset allocation, investments or divestments and business decisions,” argues Le Gal. “For an asset owner