The Financial Stability Board formed its Task Force on Climate-related Financial Disclosures (TCFD) in 2016 to consider how to improve portfolio reporting by asset managers and property investors. TCFD, chaired by Bloomberg LP founder Michael Bloomberg, released its recommendations in June 2017. It stresses the need to price climate-change risk into capital markets in a transparent way. Moving such disclosures into mainstream annual financial filings would create rapid evolution in that field, according to the task force.

TCFD’s creation has prompted a warmer attitude toward openness on climate issues in financial disclosures. In its September 2018 status update — the first since the release of its recommendations — TCFD noted 457 companies had signed on, including financial firms with aggregate assets of almost $1 trillion, as well as 56 governments and industry associations.

TCFD analyzed nearly 1,750 large companies by artificial intelligence, and another 200