Legal & Regulatory News

UK Government publishes consultation on mandatory climate-related financial disclosures by publicly quoted companies, large private companies and LLPs

24 March 2021

On 24 March 2021, the UK Government's Department for Business, Energy & Industrial Strategy published an open consultation on mandatory climate-related financial disclosures by publicly quoted companies, large private companies and Limited Liability Partnerships (LLPs) (the Consultation).

The Consultation seeks views on proposals to mandate climate-related financial disclosures by publicly quoted companies, large private companies and LLPs. These proposals build on the expectation set out in the government's 2019 Green Finance Strategy, that all listed companies and large asset owners should disclose in line with the Task Force on Climate-related Financial Disclosure (TCFD) recommendations by 2022. The Consultation therefore seeks views on the proposals to require such mandatory TCFD-aligned climate-related financial disclosures.

The proposals are an important step towards the UK's intention to become the first G20 country to make TCFD-aligned disclosures mandatory across the economy as set out by the Chancellor on 9 November 2020.

The consultation closes at 11:45pm on 5 May 2021.

Click here to access the Consultation.