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Navigating Climate Compliance in Guernsey

Understanding and communicating the impact climate change has on business is becoming vital for finance companies worldwide, and Guernsey is no exception.
TL;DR Embed
TL;DR: Guernsey's financial sector emphasises climate change impact evaluation and disclosure as key principles in corporate governance. Following TCFD recommendations is the best way to achieve compliance, but the complexities often hinder businesses. FutureTracker's TCFD Reporting Tool simplifies the process, enabling companies to produce strategic, TCFD-compliant reports that enhance governance practices and stakeholder confidence.

The Guernsey Financial Services Commission (GFSC) has incorporated an important principle into its Code of Corporate Governance which underscores the necessity for boards to evaluate how climate change affects their firm’s strategy and risk profile and, where deemed appropriate by the board, to disclose related information in a timely manner.

Compliance with this principle is not just an obligation for Guernsey businesses; it's a strategic move that illustrates a company's resilience and forward-thinking approach. However, understanding what exactly it means to comply, and effectively demonstrating this compliance, can be difficult.

How do you comply?

Following the TCFD’s recommendations is the best way to ensure complete compliance, in Guernsey and beyond. Following these recommendations requires businesses to disclose information about their governance, strategy, risk management, and metrics and targets, with regards to climate change. Given the intricacies of climate disclosure requirements and the rapidly evolving nature of climate issues, many companies find it challenging to navigate this complex space alone.

Thankfully, FutureTracker's latest tool is designed to empower businesses to take control of their compliance. Created with the user in mind, it is an innovative resource that simplifies the TCFD process by breaking it down into a structured series of questions and answers.

The culmination of using FutureTracker's tool is an automated, TCFD-compliant report that does more than just tick regulatory boxes—it offers strategic insight. It enables firms to present a forward-looking view of their business, one that acknowledges the risks and opportunities that climate change presents.

By turning compliance into a strategic asset, the TCFD Reporting Tool not only aligns with the GFSC’s climate change principle but elevates the user’s governance practices. It showcases a company's proactive stance on climate issues, strengthening stakeholder confidence and paving the way for a sustainable future.

If you’d like to learn more about our TCFD reporting tool and how it can help your business, book a no-strings-attached demo here.

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