TCFD vs. NIIF S2 ¿Qué cambia en la divulgación climática con el paso de TCFD a NIIF S2?

The document outlines the shift from TCFD to IFRS S2 (NIIF S2), emphasizing that IFRS S2 does not merely replace but expands TCFD recommendations. Key changes include a requirement for greater granularity in governance disclosures, the introduction of formal transition plans in strategy, more detailed risk and opportunity management processes, and the mandate for industry-specific metrics based on SASB standards. It also specifies stricter requirements for GHG emissions reporting across Scopes 1, 2, and 3, and more rigorous documentation for climate goals, including third-party verification.

• IFRS S2 increases the required granularity for governance disclosures, specifically regarding the processes for monitoring and supervising climate risks and opportunities at the board and senior management levels. Unlike TCFD, which focused on the board as a whole, IFRS S2 allows for a specific board member to lead climate issues and requires the formalization of roles and responsibilities in policies or manuals.
• Under IFRS S2, the 'Strategy' section must include a transition plan, which is broader than TCFD's focus on identifying risks and opportunities. A transition plan must detail the entity's objectives, actions, and resources for moving toward a lower-carbon economy, including GHG emission reductions and the company's specific responses to climate risks.
• IFRS S2 modifies the approach to climate scenario analysis by removing the explicit mention of specific scenarios and instead requiring an approach tailored to the organization's circumstances using reasonable and supportable information. It adds requirements to disclose significant uncertainties, the ability to adapt business models, and the timing and methodology of the analysis.
• Risk management disclosures under IFRS S2 must be more detailed than under TCFD, explicitly including the processes for identifying and supervising climate opportunities. Required details include methodological aspects (assumptions, data sources), internal policies for prioritizing climate risks against other risks, and changes in processes compared to previous reporting periods.
• IFRS S2 mandates the use of industry-specific metrics based on SASB standards, moving beyond the general recommendations of TCFD. It requires that metrics be aligned with the specific industrial sector and that climate goals be aligned with current regulations and the latest international climate agreements, including third-party verification of goals and methodologies.
• GHG emissions reporting under IFRS S2 requires the disclosure of Scope 1, 2, and 3 emissions. Scope 1 and 2 must be reported separately for the consolidated accounting group and for non-consolidated associates or subsidiaries. Scope 2 must include a location-based approach. For financed emissions, disclosure is required across all three scopes, with disaggregation based on the financial activity (e.g., asset management, commercial banking, insurance).

APA

Transforma (n.d.). TCFD vs. NIIF S2 ¿Qué cambia en la divulgación climática con el paso de TCFD a NIIF S2? https://transforma.global/wp-content/uploads/2024/11/240903-TCFD_vs_NIIF_S2.pdf

Chicago

Transforma. TCFD vs. NIIF S2 ¿Qué cambia en la divulgación climática con el paso de TCFD a NIIF S2? n.d. https://transforma.global/wp-content/uploads/2024/11/240903-TCFD_vs_NIIF_S2.pdf.

Wikipedia

{{cite report |author=Transforma |title=TCFD vs. NIIF S2 ¿Qué cambia en la divulgación climática con el paso de TCFD a NIIF S2? |url=https://transforma.global/wp-content/uploads/2024/11/240903-TCFD_vs_NIIF_S2.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{transformandtcfd, author = {{Transforma}}, title = {{TCFD vs. NIIF S2 ¿Qué cambia en la divulgación climática con el paso de TCFD a NIIF S2?}}, institution = {Transforma}, url = {https://transforma.global/wp-content/uploads/2024/11/240903-TCFD_vs_NIIF_S2.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }