In 2020, the UK Chancellor Rishi Sunak, announced that the Task Force for Climate–Related Financial Disclosures (TCFD) will become a mandatory requirement in the UK from 2023 for all UK qualifying registered and listed companies. Further to the recent joint Oil and Gas Authority (OGA) and Oil and Gas UK workshop, our ESG team have been supporting various UK Continental Shelf operators, their supply chain and investors navigate and comply with the TCFD requirements. This has included assisting clients develop their approaches to TCFD, since its inception, with a focus on providing fit-for-purpose and practical support that aligns with wider corporate objectives and stakeholder expectations.
It is apparent from our work to date that UKCS operators are already well prepared for responding to some aspects of the TCFD, such as emissions data acquisition and reporting, however, scenario analysis and target setting requires some additional support and insight. Supported by the OGA, a sector approach to TCFD will be beneficial for the UKCS. Through our work on the TCFD to date, with UKCS clients, we have also consistently found that peer commitments consistently informs decision making when considering how to best approach the TCFD in line with wider organisational objectives, risks and opportunities.
ITPEnergised are confident that our unique insight, developed through work supporting various UKCS operators with the TCFD requirements, combined with our financial and oil and gas experience can help UKCS navigate this emerging challenge. We strongly believe the TCFD requirements brings huge opportunity to the UKCS to continue to support the energy transition and maximise economic recovery from the sector.
For more information or advice please contact Head of Oil & Gas, Andrew Glass at email@example.com.