Large companies and financial institutions in the UK will have to publicly report on their exposure to climate risks within five years under the terms of a tougher regime announced by the chancellor, Rishi Sunak. The Treasury said the new disclosure rules and regulations would cover a significant portion of the economy and that its requirements will go beyond the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This will include listed commercial companies, UK-registered large private companies, banks, building societies, insurance companies, UK-authorised asset managers, life insurers, pension schemes regulated by the Financial Conduct Authority and occupational pension schemes. In effect, this announcement makes compliance with TCFD mandatory by 2025. This is in contrast to the previously reported results of a recent survey that found 52 percent of the UK’s biggest businesses have done either little or no work so far to prevent climate-related risks.

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The Guardian