The FRC report, published by the Financial Reporting Lab, focuses on listed companies which are subject to more stringent governance requirements, and are now required to disclose their compliance with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations on a comply-or-explain basis.

The FRC report, Taskforce on Climate-related Financial Disclosures (TCFD): ahead of mandatory reporting, states that the financial industry has the most companies using the TCFD framework with 35 in 2021, in second place is industrial with 32 companies, third is consumer with 25, and materials in fourth with 22 companies using the framework.