The roadmap outlines a five-year timetable for a range of UK financial institutions to comply with mandatory disclosure requirements.
Starting from early 2021, asset owners and institutional investors across seven financial categories will need to adhere to a five-year plan for mandatory climate-related financial disclosures set out by the UK Joint Government-Regulator TCFD Taskforce.
The interim roadmap report follows the announcement made by UK Chancellor of the Exchequer Rishi Sunak in his address to the Green Horizon Summit earlier this week. Sunak pledged the UK would be the first country in the world to enforce mandatory disclosures by 2025, alongside plans to issue the UK’s first sovereign green bond next year.
“As investors become increasingly concerned about ESG issues, we would expect these bonds finds a committed audience,” said Andreas Billmeier, Sovereign Research Analyst at Western Asset Management.
“The confirmation of mandatory climate governance and the TCFD reporting requirements for all UK DC and DB schemes with at least GBP 1 billion of assets from 2023 could catalyse demand.”
The UK Taskforce outlined its strategy for compliance across seven categories of organisation, including UK-registered companies, banks and building societies and Financial Conduct Authority-regulated (FCA) pension schemes.
The UK Taskforce asserted a correlation between … [continues]
Read the full article on Regulation Asia’s sister publication, ESG Investor.