The UK Department for Work and Pensions has published its response to the August 2020 consultation – “Taking action on climate risk: improving governance and reporting by Occupational Pension Schemes”.
The response is a new consultation on the related draft legislation and guidance which have been produced in light of the outcome of the August consultation.
The consultation is seeking views on proposals to require mandatory TCFD aligned climate-related financial disclosures from publicly quoted companies, large private companies and Limited Liability Partnerships (LLPs).
The proposals are an important step towards the UK’s intention to become the first G20 country to make TCFD-aligned disclosures mandatory across the economy, as set out by the Chancellor on 9 November 2020.
Guy Opperman, Minister for Pensions and Financial Inclusion, said of the new consultation:
“Acting now to manage climate risks, and to take advantage of the opportunities presented by the low-carbon transition, will put schemes in a stronger position for the future.”