Consultation on Mandatory Climate Reporting – The building of a "new, sustainable financial system"
The Financial Conduct Authority ("FCA")'s proposal requires UK premium listed entities to state whether they comply with the recommendations of the Financial Stability Board’s Taskforce on Climate-related Financial Disclosures ("TCFD") and/or to explain any non-compliance. Although the TCFD already has more than 500 supporters (including 457 companies and 56 other organizations e.g. industry associations and governments), the proposed changes reflect the view that further active intervention is needed in order to accelerate climate change reporting.