The FCA has proposed new rules for companies that require climate related disclosures to be made. This will initially apply to companies with a premium listing but there is scpoe for the FCA to apply this to a wider range of issuers.
The FCA's consultation - CP20/3 Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations - is open until 1 October 2020.
The regulator is seeking feedback on the new rules and also on how all listed companies disclose under the existing regime.
The FCA's proposals builds on the approach set out by the Taskforce on Climate-related Financial Disclosures.
In order to ease the transition, the FCA are proposing to allowing firms to publish an explanation for why they cannot disclose where this is the case. This is in recognition of the fact that standards for disclosure and companies understanding of the financial impacts of climate change are a work in progress.
This consultation is part of a wider drive from the regulator in supporting the development of the green finance market, aiding the UK's move to being a low carbon economy and esnuring that consumers are protected during these developments. You can read more about these wider green finance aims in the FCA's 2019 paper on Climate Change and Green Finance (FS19/6)