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.

翻译：我们研究了正式认可气候相关财务披露工作组（TCFD）建议的银行所发布的大量报告中的气候相关披露。在此过程中，我们引入了一种零样本文本分类的新应用。通过开发一套细粒度的TCFD标签集，我们证明零样本分析是在无需进一步模型训练的情况下对气候相关披露进行分类的有效工具。总体而言，我们的研究结果表明，自TCFD建议发布以来，企业气候相关披露呈现动态增长。然而，不同推荐披露主题的报告程度存在显著差异，表明部分建议尚未得到完全落实。我们的发现对气候相关披露框架的设计具有重要启示。