For certain companies that do business within the UK, new climate risk reporting requirements are coming down the pipeline. On November 9, 2020, the Chancellor of the Exchequer announced that the UK will require certain companies to improve their climate-risk reporting for reporting periods that begin January 2021. The UK’s Financial Conduct Authority (FCA) plans to develop and finalize additional rules by the end of 2021 that will take effect in 2022 and that will apply to more entities and increase mandatory reporting. Broad, economy-wide, mandatory climate-risk disclosure rules are expected to be in place by 2025. Reporting rules are likely to be aligned with the Task Force for Climate-Related Financial Disclosures’ (TCFD) recommendations.
Below are also archived a 2020 report and accompanying roadmap outlining the UK’s approach to implementing the recommendations of the Taskforce on Climate-related Financial Disclosures.