International bodies

    Financial Stability Board (FSB)

    The international body that monitors risks to the global financial system and created the TCFD.

    Official site

    Background

    The FSB was set up in 2009 by the G20. Its members include central banks, finance ministries and regulators, including India's.

    Scope and powers

    The FSB set up the Task Force on Climate-related Financial Disclosures (TCFD) in 2015. After the ISSB standards were issued, the TCFD was disbanded in 2023 and the IFRS Foundation took over monitoring of climate disclosures. The FSB continues to coordinate work on climate-related financial risks.

    Investor relevance

    The TCFD's four pillars still shape most climate disclosure rules, including RBI's draft framework.

    Related guides

    Key glossary terms

    Last reviewed: October 2026