UK wants to be the first major economy to force companies to reveal climate risks
Announcing the move ahead of the COP26 climate talks that start in Glasgow on Sunday, the UK government said it plans to be the first major economy to require corporations to report climate-related risks and opportunities.
The proposed law will apply to many of the largest traded companies on the London Stock Exchange, banks and insurers, as well as private companies with more than 500 employees and £500 million ($690 million) in sales.
Consumer goods giant Unilever (UL), supermarket chain Tesco (TSCDF) and insurer Aviva (AIVAF) are already voluntarily providing climate-related financial details, according to the government.
The regulation will become law in April 2022 pending approval by Parliament. G20 countries have agreed to corporate reporting standards as part of the Task Force on Climate-related Financial Disclosures (TCFD) framework, but the United Kingdom wants to be first enshrine them in law.
In a statement on Friday, the UK…
