The UK Government launches its consultation on mandatory climate-related financial disclosures

The UK Government launched its consultation on mandatory climate-related financial disclosures by publicly quoted companies, large private companies and Limited Liability Partnerships (LLPs). The consultation is open until 5th May.

The proposals set out in the consultation are an important step towards the UK’s intention to become the first G20 country to make the Task Force on Climate-related Financial Disclosure (TCFD) -aligned disclosures mandatory across the economy as set out by the Chancellor on 9th November 2020. These proposals build on the expectation set out in the UK Government’s 2019 Green Finance Strategy, that all listed companies and large asset owners should disclose in line with the TCFD recommendations by 2022. The proposals have been developed in co-operation with the HM Treasury led TCFD joint taskforce, which has considered an approach to economy-wide mandatory climate-related financial disclosure, as set out in the UK’s 2020 Roadmap and Interim Report.