Asked by: Noah Law (Labour - St Austell and Newquay)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what steps he is taking to implement the recommendations of the Task Force on Climate-related Financial Disclosure.
Answered by Kerry McCarthy - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
In the UK, mandatory climate-related financial disclosure requirements are set under the Companies (Strategic Report, Climate-related Financial Disclosure) Regulations 2022 and the Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022. The requirements are aligned with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD). The regulations apply to the following groups with more than 500 employees: listed companies, banks and insurance companies and Limited Liability Partnerships (LLPs), and Alternative Investment Market-listed companies. They also apply to companies and LLPs who are not included in the list above, which have more than 500 employees and more than £500m turnover.
Under UK Listing Rules, listed companies must disclose in their annual report whether their climate-related disclosures are consistent with TCFD recommendations, or explain why not.
UK pension schemes whose relevant assets are £1 billion or more at the end of the scheme year must also disclose climate-related information in line with TCFD recommendations, under the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021.
Asked by: Noah Law (Labour - St Austell and Newquay)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, whether he has made an assessment of the potential economic impact of linking the UK and EU emissions trading schemes; and if he will make an assessment of the potential impact of linking UK and EU emissions trading schemes on (a) electricity prices, (b) energy bills, (c) carbon prices and (d) the economic climate for UK industrial investment.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
Under the terms of the Trade and Cooperation Agreement (TCA), the UK Government and EU agreed to give serious consideration to linking our respective carbon pricing schemes and to cooperate on carbon pricing. As part of our reset with the EU the Government continues to explore all options to improve trade and investment.