  We examine climate-related disclosures in a large sample of reports published
by banks that officially endorsed the recommendations of the Task Force for
Climate-related Financial Disclosures (TCFD). In doing so, we introduce a new
application of the zero-shot text classification. By developing a set of
fine-grained TCFD labels, we show that zero-shot analysis is a useful tool for
classifying climate-related disclosures without further model training.
Overall, our findings indicate that corporate climate-related disclosures grew
dynamically after the launch of the TCFD recommendations. However, there are
marked differences in the extent of reporting by recommended disclosure topic,
suggesting that some recommendations have not yet been fully met. Our findings
yield important conclusions for the design of climate-related disclosure
frameworks.
