The UK announced today that it will be mandating climate reporting across its economy by 2025.
All UK-listed corporate and financial firms will be required to report all climate-related disclosure using the Task Force for Climate-Related Financial Disclosures (TCFD Recommendations) from the Financial Stability Board. The UK will be the first G20 country to do so, following New Zealand’s announcement last month, and endorsements for the TCFD Recommendations by over 100 governments and regulators, including Canada, over the last few years.
GRI is closely monitoring developments in the area of climate-related financial disclosure and what it means for our members. Today’s announcement out of the UK, is the first of many climate-related announcements we can expect this week given the United Nation’s annual climate change conference COP 26 was to have be held in Glasgow this week. As a result of the global pandemic, COP 26 now will be held in Glasgow next November 2021.
Next week, GRI will release the results of a study on the voluntary uptake of the TCFD Recommendations by Canadian financial firms over the past three years. GRI is also expected to publish next week a climate focused newsletter and will announce its programming for 2021 to support Canadian financial firms in our work to develop climate risk management.