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Start Here
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Overview
This document was prepared by Lorraine Smith and Sam Greenwood in March 2020 based on publicly available information on corporate websites, the CDP (formerly Carbon Disclosure Project) database, investor earnings call transcripts, and several other sources.

Most tabs in this document represent individual companies that we researched. At the top of each sheet is a link to the data sources consulted - all of which are publicly available though some require a log-in id. This was not an exhaustive study. If you feel we missed key information, please get in touch so we can add it.

Lorraine can be reached through her website at https://www.blorrainesmith.com/ with any questions or feedback. Thanks for stopping by.
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For the intention, research questions and details on the Taskforce on Climate-related Financial Discloure (TCFD) recommendations, have a look around this sheet.
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For specific company findings, click around the other sheets.
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There is also a tab with links to some of the climate scenarios we found ("Scenario Methodology"); more resources consulted ("Document sources"); and BlackRock CEO's letter ("Larry Fink 2020 letter")
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Our IntentionWhat questions were we exploring?
Basically, we were looking for responses to the TCFD's four categories (see more complete snapshot, at right) but we also translated them into HumanSpeak, with an eye on how the CDP questionnaire organizes the information.		TCFD snapshot (from page 14 of Final Report: Recommendations of the Task Force on Climate-related Financial Disclosures - June 2017)
https://www.fsb-tcfd.org/wp-content/uploads/2017/06/FINAL-2017-TCFD-Report-11052018.pdf
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To create meaningful positive action on climate and its interconnected system challenges, through financial markets.TCFD guidance - four broad categoriesQuestions to answer when looking at the disclosures
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How? By illustrating the disconnect - and articulating what a reconnect could be - between the Taskforce on Climate-Related Financial Disclosures (TCFD)'s recommendations (aka the need) and the level of public reporting and disclosure (aka the current answer to that need).Governance: risksDoes the company share information around it's climate-related risks? How much do they estimate those risks will cost? How much are they paying to manage them (C2.3a in CDP)?
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Why this? Because right now it's hard for most people to see how incomplete/inaccurate many of the answers are - they have to look in too many places, know too many things - so it's easy enough to say, "Oh good. They responded to TCFD. Check."Governance: opportunitiesHow about opportunities - sharing anything there? How much could these save/generate in revenue (C2.4 in CDP)?
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Why else? Because the people working on these disclosures are working very hard to do the right thing, spending a lot of money to produce useful information for the public (us) and for shareholders (also us, at least indirectly), but it's not as effective as it could be.StrategyWhat do they think is important re climate and their core business?
What are they doing about it?
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No but really, why? Because we can offer this into the information flows to potentially improve them and as far as we know, no one else is doing it. It seems the least we can do.Risk managementHow do they identify risks - anything beyond check box policies and standard due diligence?
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This is a blend of
Strategy & Risk management 		What kind of scenario methodology was used? (C3.1d in CDP)

Did they consider the full business or just one piece of it (which piece)?

... full climate impacts or just physical weather impacts or some other narrow consideration?

... different warming trajectories?
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Metrics / targetsIs there any evidence of measurement beyond emissions reductions and being signatories to voluntary principles?
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Beyond TCFD, what about "Drawdown" or net-sequestration?Do they reference sequestration (C6.7 in CDP)? Climate positive, carbon positive, regeneration, circular economy? Restoration, conservation, food, agriculture? Social impacts of climate, social justice, just transition? Divesting from stranded assets?
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Earnings calls findingsAre they telling their investors anything about this? Or do investors have to dig or rely on ESG data such as what's in the Bloomberg terminal?
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