GAD features in new study on climate-related reporting
GAD’s work in climate-related reporting has been highlighted in a new report from the National Audit Office.
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The National Audit Office has highlighted the Government Actuary’s Department’s (GAD) work on new central government climate-related annual reporting requirements aligned with the Task Force on Climate-related Financial Disclosures (TCFD).
The government has legal commitments to reach net zero greenhouse gas emissions by 2050, and to respond to the effects of climate change.
The new annual reporting requirements phased in over 3 years provide transparency and accountability on climate-related issues, alongside supporting the long-term resilience of public service delivery in the context of climate change.
Benefits of climate-related reporting
In Implementation of climate-related reporting in central government annual reports the NAO shares learnings from the early phases of TCFD-aligned reporting across central government and makes recommendations for HM Treasury (HMT) and other central departments.
The report identifies the benefits from TCFD-aligned reporting through supporting better decision-making, increased senior engagement with climate-related issues and improved understanding of climate-related risks. Based on experiences shared by central government bodies, the NAO also sets out enablers of success they have identified that will support those preparing TCFD-aligned disclosures.
Monitoring and support
GAD’s existing TCFD support for central government bodies is highlighted. This includes convening the Cross-Government Climate Ready Estates Network as well as case studies of our work with the Department for Work and Pensions and the Ministry of Justice.
The NAO has recommended HMT agrees a plan for ongoing monitoring and support for the development of high-quality TCFD-aligned reporting in the future. The report recommends the plan should include GAD and other bodies (such as the Government Internal Audit Agency).
How can GAD help?
As featured in the report, GAD is available to provide a wide range of support for departments to meet their TCFD-aligned requirements. This includes:
- reviewing and quality assuring existing climate-related risk information and disclosures to identify gaps
- identification of climate-related risks and opportunities
- assessment of the financial impact of identified risks
- development of bespoke climate scenarios
- qualitative and quantitative scenario analysis
- training and capability building
For more detail of the services which we provide and how we can help support your organisation’s TCFD journey, email: climate.change@gad.gov.uk.