This study examines stock exchanges’ role in promoting the adoption of the Task Force on Climate-related Financial Disclosures (TCFD) framework. It analyses a sample of 10,476 companies headquartered in the European Union, the United States, the United Kingdom, and Switzerland and listed on 39 stock exchanges. The results suggest that exchanges fulfil some but a rather weak quasi-regulatory role: Although not part of an explicit governmental regulation, companies are more likely to support the TCFD when listed on an exchange that declared support itself. In that case, the entry barrier is lower due to low effort and negligible costs. In contrast, the entry barrier to publish a TCFD report involves higher costs, which may deter firms from doing so. Furthermore, the results indicate that visible companies (larger firm size) and those with relatively low effort in adopting the TCFD (higher environmental performance) are more likely to support the initiative. The results provide some but no strong support for the Sustainable Stock Exchange initiative’s approach, focusing on stock exchanges to advance markets’ climate resiliency.