Enhanced corporate disclosure and investment in sustainable finance standards
The strategy argues that financial risks and opportunities from climate and environmental factors needs to move beyond ‘corporate social responsibility’ to the heart of financial strategies. Ensuring we are ‘greening finance’ is therefore laid out as the first pillar of the strategy. To help drive this the Government is now expecting all listed companies and large asset owners to be disclosing in line with the recommendations of TCFD (Task Force on Climate-related Financial Disclosure) by 2022 .
All publicly funded financial bodies will also be required to embed TCFD reporting, ensuring the responsibility does not just lie with the private sector.
Alongside more stringent TCFD reporting mandates, the Government will also be chairing a joint task force with UK regulators to establish the most effective ways to approach disclosure, and will be funding the British Standards Institution (BSI) to develop a programme of internationally relevant standards on Sustainable Finance.
Visit here for more information on TCFD recommendations