The UK is seeking to enshrine mandatory climate disclosures for its largest companies in law, making it the first G20 country to do so. New legislation will require over 1,300 UK-registered companies and financial institutions to disclose their climate-related risks and opportunities in line with the Taskforce on Climate related Financial Disclosures (TCFD) recommendations from April 2022 (subject to Parliamentary approval).
Companies mandated to do so will include many of the UK’s largest traded companies, banks and insurers, as well as private companies with over 500 employees and £500 million in turnover.
This announcement follows the publication of the UK's Net Zero Strategy and forms part of the UK government's commitment to "making the UK financial system the greenest in the world."
During the announcement, Energy and Climate Change Minister Greg Hands said:
"If the UK is to meet our ambitious net-zero commitments by 2050, we need our thriving financial system, including our largest businesses and investors, to put climate change at the heart of their activities and decision making.
By mandating large businesses to disclose their climate risks and opportunities – the first G20 country to do so – we are showing global leadership by making our financial system the greenest in the world."
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