UKGBC publishes framework to assist with climate-related risk disclosure

Article summary

The UK Green Building Council (UKGBC) has published the ‘Framework for Measuring and Reporting of Climate-related Physical Risks to Built Assets’ in order to assist asset-owning businesses with measuring climate-related risks across their built assets in a consistent manner ahead of the mandatory requirements for large organisations and financial institutions to disclose such risks coming into force in April 2022. According to the UKGBC, the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations regarding climate risk disclosures ‘lacks the granularity necessary to explicitly guide organisations through this process at asset level’, which is something the Framework aims to resolve through an industry consensus. It includes information on the physical risk assessment process, a methodology for built asset scale and a standalone reporting framework which can be used to support the preparation of TCFD disclosure reports.