Sustainability Community

Hi there,

While in the middle of preparing for our TCFD submission, we are looking into the climate tools and data providers out there in the market, and there are quite a few!

With the deadline of the TCFD report looming, which data providers and tools have you found most useful in helping you prepare for this report?

Whilst I have not found a tool which I am sold on yet, I would like to look in the market at what other options I have got (that are affordable too!)

Any ideas and feedback would be greatly appreciated.

Thank you.

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Francesca Wheble
Responsible Investment Analyst
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Dear Francesca

From our point of view, accompanying clients in the construction of their ESG and climate alignment strategy, the best option is to compare several data providers as much as possible. In fact we see that a single provider can rarely ensure ideal data quality or coverage on all the thematics connected to the construction of a TCFD report.
For a thematic such as Climate Alignment, it is possible to use open source solutions such as Carbon Disclosure Project (CDP), Science Based Targets, PACTA, ACT,... Or data providers like Carbon 4 Finance, Trucost, ISS ESG Arabesque s-ray,...
Combining providers and public sources can have multiple advantages including the reduction of additional costs. Moreover public sources usually have great transparency on their methodology, enabling you to better understand the metrics you might be using. The main pain point of those sources is the coverage, hence the advice to complete with private providers.

If you want to have more precise feedback I can give you more examples/ feedbacks of support that we provide to European financial actors on the good use of ESG data for their reporting requirements (TCFD, Article 29 ECL in France, Climate policy etc..) with both a technical and expertise angle. And specifically when it comes to aggregating data from several sources, with our SaaS platform ESG Connect (https://www.weefin.co/feature-page) we try to be as flexible as possible to ensure maximum final data quality.

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Sabrine Aouida
Chief Impact Officer - WeeFin

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Hi Sabrine,

This is super useful, thank you.

We have looked at some of those public providers, however never come across ACT before, so will take a look. Will be in touch about your platform!

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Francesca Wheble
Responsible Investment Analyst
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Original Message:
Sent: 22-02-2024 18:10
From: Sabrine Aouida
Subject: TCFD - Resourcing

Dear Francesca

From our point of view, accompanying clients in the construction of their ESG and climate alignment strategy, the best option is to compare several data providers as much as possible. In fact we see that a single provider can rarely ensure ideal data quality or coverage on all the thematics connected to the construction of a TCFD report.
For a thematic such as Climate Alignment, it is possible to use open source solutions such as Carbon Disclosure Project (CDP), Science Based Targets, PACTA, ACT,... Or data providers like Carbon 4 Finance, Trucost, ISS ESG Arabesque s-ray,...
Combining providers and public sources can have multiple advantages including the reduction of additional costs. Moreover public sources usually have great transparency on their methodology, enabling you to better understand the metrics you might be using. The main pain point of those sources is the coverage, hence the advice to complete with private providers.

If you want to have more precise feedback I can give you more examples/ feedbacks of support that we provide to European financial actors on the good use of ESG data for their reporting requirements (TCFD, Article 29 ECL in France, Climate policy etc..) with both a technical and expertise angle. And specifically when it comes to aggregating data from several sources, with our SaaS platform ESG Connect (https://www.weefin.co/feature-page) we try to be as flexible as possible to ensure maximum final data quality.

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Sabrine Aouida
Chief Impact Officer - WeeFin

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hi Francesca
we are using MSCI climate solutions - Climate Lab Enterprise to help us with our TCFD climate scenario analysis which is helpful when there are collective funds as it provides issuer level data / look through capability where assets are covered by MSCI's research 

Resources from UN EFPI might also be worth a look - see below Resources – United Nations Environment – Finance Initiative (unepfi.org)

And FCA's industry guidance via Climate Financial Risk Forum (CFRF) | FCA published list of data tools and providers if you haven't already

Scenario analysis

Data and tools providers spreadsheet

Database with information about specific climate risk products with product types including: models, datasets, ratings, hazard maps, frameworks

December 2022

The Climate Risk Landscape: Mapping Climate-related Financial Risk Assessment Methodologies (2021) provides a summary of the key developments across third party climate risk assessment providers from 2019 to 2021, including scenarios, methodological tools, key guidelines, as well as an overview of the changing regulatory landscape and potential developments into 2021.

Target audience: banks, investors, insurers

The Climate Risk Landscape: Mapping Climate-related Financial Risk Assessment Methodologies (2021) provides a summary of the key developments across third party climate risk assessment providers from 2019 to 2021, including scenarios, methodological tools, key guidelines, as well as an overview of the changing regulatory landscape and potential developments into 2021.

Target audience: banks, investors, insurers

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James Doyle
Director, Green Finance, Investment Management
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