The Taskforce on Climate- Related Financial Disclosures (TCFD) is an industry-led group which helps investors understand their financial exposure to climate risk and works with companies to disclose this information in a clear and consistent way. It was launched at the Paris COP21 in 2015 by the Financial Stability Board (FSB) and Mark Carney, the UN Special Envoy on Climate Action and Finance and UK Finance Adviser for COP26.

To enable investors to make high-quality decisions and to encourage better pricing and capital allocation in markets, high quality disclosures will be needed regarding how their assets will affect and be affected by climate change.

The Fund has previously reported in line with TCFD disclosures within its Annual Report but has now produced its first standalone TCFD Report for 2023/24, which is ahead of the proposed legislative timetable for production of this report by LGPS Funds.

This report sets out SYPA's approach to managing climate risk within the Task Force on Climate-related Financial Disclosures (TCFD) four thematic areas of governance, strategy, risk management and metrics and targets.

The TCFD report will be published annually and will show the progress the Fund is making towards its carbon emission reduction targets through the metrics agreed in the Climate Change Policy.