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.

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.