What is TCFD and ISSB S2?
The TCFD was the task force whose recommendations organized climate disclosure into governance, strategy, risk management, and metrics and targets; IFRS S2, issued by the ISSB, turns those recommendations into a disclosure standard.
Who reports under IFRS S2
IFRS S2 applies where a jurisdiction adopts it or a company chooses it voluntarily, and listed companies, banks and insurers usually come first. Real estate and infrastructure owners feel it through questions about physical risk, such as heat and water stress at named assets, and through lenders asking for asset-level emissions.
Dates and amendments
The Financial Stability Board declared the TCFD's work complete in July 2023, the task force disbanded in October 2023, and the IFRS Foundation took over monitoring of company climate disclosures, per the IFRS Foundation. IFRS S2 was issued in June 2023 and is effective for annual reporting periods beginning on or after 1 January 2024. In December 2025 the ISSB issued Amendments to Greenhouse Gas Emissions Disclosures, targeted changes meant to ease application.
Climate metrics Aqueduct can evidence
For a facility, a climate question often becomes how energy and water behave in heat. Aqueduct's regression baseline on cooling and heating degree days shows how strongly each site's consumption tracks temperature, which is a measured input to a physical risk discussion. aQ WaterGuard reports water use intensity per square foot and per visitor for sites in stressed basins. Scenario analysis and the disclosure stay with the reporting team.