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

This guide by Transforma explains the transition from the Task Force on Climate-related Financial Disclosures (TCFD) recommendations to the IFRS S2 (NIIF S2) standard. It details how IFRS S2 replaces and expands upon TCFD by requiring greater granularity in governance, the inclusion of transition plans in strategy, more detailed risk and opportunity management processes, and industry-specific metrics aligned with SASB standards.

• IFRS S2 increases the required granularity of climate governance information compared to TCFD. While TCFD focused on the involvement of 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 through policies, manuals, or terms of reference.
• 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 specifies the entity's objectives, actions, and resources for moving toward a lower-carbon economy, including GHG emission reductions and the resources dedicated to achieving climate goals.
• IFRS S2 modifies the approach to climate scenario analysis. It no longer explicitly mandates a specific scenario but requires an approach tailored to the organization's circumstances using reasonable and supportable information. It also demands details on the timing and execution of the analysis, the company's ability to adapt its business model, and significant areas of uncertainty.
• Risk management disclosures under IFRS S2 must be more detailed than those under TCFD. Specifically, organizations must now explicitly describe processes for identifying, evaluating, prioritizing, and monitoring climate-related 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 requires industry-specific metrics based on SASB standards, moving beyond the general recommendations of TCFD. It maintains key categories for evaluation, including transition risks, physical risks, climate opportunities, capital deployment, internal carbon pricing, and executive remuneration linked to climate goals.
• Regarding emissions, IFRS S2 mandates the disclosure of Scope 1, 2, and 3 GHG emissions. Scope 1 and 2 emissions must be reported separately for the consolidated accounting group and for non-consolidated associates, joint ventures, or subsidiaries. Scope 2 must include a location-based approach. For Scope 3, entities should use available information without incurring disproportionate costs or efforts.
• Climate goals under IFRS S2 require more detailed reporting than TCFD Recommendation C. Entities must disclose how international climate agreements and current regulations influenced their goals, the approach used to establish and review goals (including third-party validation), and specific details for emission reduction goals, such as whether they cover gross or net emissions and the planned use of carbon credits.

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} }