Source · Select Committees · Environmental Audit Committee
Recommendation 9
9
We also repeat our recommendation that the Bank writes to each CCFF loan recipient to...
Conclusion
We also repeat our recommendation that the Bank writes to each CCFF loan recipient to alert them that the Government’s Green Finance Strategy expects all listed companies and large asset owners to publish climate-related disclosures not later than
Government Response
Acknowledged
HM Government
Acknowledged
The majority of the largest PRA-regulated firms are likely to be subject to proposed disclosure requirements introduced by the Financial Conduct Authority (FCA) and Department for Business, Energy and Industrial Strategy (BEIS), some of which are already in force. Following consultation, in December 2020 the FCA published a policy statement finalising its initial rules obligating UK premium-listed firms to publish TCFD-aligned disclosures for accounting periods beginning on or after 1 January 2021. Later this year, the FCA will consult on broadening the scope of those requirements. In March 2021, BEIS launched its consultation proposing requirements for certain publicly quoted companies, large private companies and Limited Liability Partnerships (LLPs) to make climate-related financial disclosures in line with the TCFD recommendations. BEIS will introduce the requirements through a Statutory Instrument (SI) as well as producing non-binding guidance to support companies in their application of the requirements. BEIS intends to lay the SI by the end of this year, with regulations coming into force on 6 April 2022.