Government mulls mandatory climate reporting for UK companies

Companies may be required to disclose information on the risks and opportunities posed by climate change as part of a new government strategy to green the financial sector.

In a ‘green finance strategy’ released this morning, the Treasury and the Department for Business, Energy and Industrial Strategy (BEIS) have signalled that they expect all listed companies and large asset owners “to disclose in line with” recommendations set out by the Taskforce on Climate-related Financial Disclosure (TCFD) by 2022. 

The departments plan to establish “a joint taskforce with UK regulators, chaired by government, which will examine the most effective way to approach disclosure, including exploring the appropriateness of mandatory reporting”, the strategy states.

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