Energy Transition

Energy Transition | Environment, Social and Governance

TCFD [Task Force on Climate-related Financial Disclosures] Oil and Gas Reporting

Course Code: N546
Instructors:  William EmtageAlice Paynter
Course Outline:  Download
Format and Duration:
1 days
1 sessions


Business Impact: The Oil and Gas Authority (OGA) UK, has clearly set an expectation in March 2021 that all UK operators and non-operators alike, should be reporting to Task Force on Climate-related Financial Disclosures (TCFD) standards by 2025. We anticipate that other international jurisdictions' O&G authorities will follow this ‘gold standard’ of reporting in the future.

Organisations signatory to the Principles for Responsible Investment (PRI) has made reporting on TCFD indicators for strategy and governance mandatory. As our industry transitions through the realities of a low-carbon economy, staying ahead of the reporting and disclosures curve, will help organisations maintain access to funding

This interactive course will highlight the key steps to achieve TCFD compliance and keep your organisation's reporting on track.

Duration and Training Method

A classroom or virtual classroom course, comprising a mixture of lectures, discussion, and case studies.

Course Overview

Participants will learn to:
  1. Understand the TCFD process to integrate climate risk into your organisation's reporting and disclosure processes.
  2. Account for the carbon risk of your business operations.
  3. Apply principles for effective disclosure.
  4. Develop a framework/phased approach for successful compliance.
Why is this important?

Short discussion of the drivers behind this, including the increasing recognition of need to achieve Paris Agreement goal of reducing emission of greenhouse gases to limit further warming of the Earth to below 1.5° Celsius (1.5°C), relative to the pre-industrial period:

  • Serious economic and social consequences
  • Physical hazards (rising sea levels, increased occurrence of extremes of weather patterns, drought, floods, etc.)

Creditors and investors are increasingly demanding access to risk information that is consistent, comparable, reliable, and clear.

What are climate related risks and opportunities?

Review of how the Task Force has divided climate-related risks into two major categories and how this applies to the O&G sector:

  1. Risks related to the transition to a lower-carbon economy
  2. Risks related to the physical impacts of climate change

Efforts to mitigate and adapt to climate change also produce opportunities for organizations. Specifically for the O&G sector there are transition, reskilling, and asset reuse (hydrogen, CCS, offshore wind) opportunities.

What are financial impacts of climate change?

The long-term impact of climate change is unpredictable and complex. Consideration of how risks, including physical and transitional, may have impacts across the entire structure of a business. This might include revenues affected by shifting customer demands, or physical risks to assets and the implications of carbon pricing and compliance.

What do you need to do to start?

Review of the existing processes in your organization. This includes the risk management processes, governance structure (including audit and risk committees), and the tools you already use to help collect and report climate-related information.

Review other reporting frameworks, such as.CDP, and how they apply.

Principles of effective disclosure

Outline of principles that can help achieve high-quality and decision-useful disclosures that enable users to understand the impact of climate change on organizations.

What is scenario analysis?

Discussion of the use of scenario analysis for assessing the potential business implications of climate-related risks and opportunities and in particular how it can apply to the O&G sector.

Oil and Gas specifics 

Peer review: Independent, small to medium size operators – who’s doing what?

Oil and Gas professionals with responsibility or interest in sustainability, governance, or carbon risk management.

William Emtage

Will has 10 years experience in sustainable investment; advising public and private sector firms as they seek to navigate ESG, Net Zero and TCFD, EU Taxonomy and Article 9 challenges. His focus is on helping clients re-position sustainability from a reactive/defensive, compliance driven exercise into a proactive, scalable, return- generating strategy-monetising adaptation through improved resource-efficiency, the identification of transaction opportunities and use of convergent ESG drivers to ease coordination failure.

By  mapping  where  and  how  ESG  factors  drive  enterprise  value,  Will  helps  clients  embed  revenue- generation within sustainability programmes by transforming cost-sinks into sources of value-creation and competitve advantage. Focal points include ESG due diligence on private equity transactions, renewable energy, real estate and social impact advisory.

He is a respected ESG contributor in public fora, cited variously in the Wall Street Journal, Real Deals magazine, ESG Oracle and others. He presents frequently to executive committees, law firms and investor conferences; addressing salient challenges in corporate sustainability.

Affiliations & Accreditation
Founder - ESG Oracle
Advisor - North East England Climate Coalition (NEECCo)
MA University of Durham - International Relations
BA University of Durham - Theology & Religion

Courses Taught
N540: Oil and Gas ESG [Environmental, Social and Governance] Fundamentals
N546:TCFD [Task Force on Climate-related Financial Disclosures] Oil and Gas Reporting

Alice Paynter

Alice is experienced in the assessment of carbon and climate change, and the implementation of sustainable principles within corporate reporting. Her role includes the delivery of carbon footprint analysis and public disclosure documents that align with benchmark indices, such as TCFD and GRESB. Alongside this, Alice works to deliver climate change assessments for Environmental Impact Assessment, involving the quantification of lifetime emissions arising from an array of developments.

In parallel with this work, Alice engages with clients to advise on corporate and project sustainability and emission reduction opportunities. This encompasses the identification of climate risks, both for corporate clients and for the built environment, and mitigation measures to reduce the impact of such risks. Furthermore, Alice works with clients to identify operational and embodied carbon reduction measures, in order to aid clients in their transition towards net zero.

Alice studied geography at University, with a particular interest in climate science and glaciology. Since graduating, and before joining RPS, she worked as an Environmental Consultant, managing environmental assessments for planning applications of residential, industrial and energy infrastructure projects (largely solar farms) in addition to delivering climate change and sustainability assessments.

Affiliations & Accreditation
BSc (Hons) - University of Bristol - Geography

Courses Taught
N546:TCFD [Task Force on Climate-related Financial Disclosures] Oil and Gas Reporting
CEU: 0.3 Continuing Education Units
PDH: 3 Professional Development Hours
Certificate: Certificate Issued Upon Completion
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