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The Financial Reporting Council (FRC) has recently welcomed the government’s updated Green Finance Strategy in a joint statement with the FCA, the BoE and the TPR.
The FRC has said that it will continue to support the Government’s ambition to ensure that the UK is a leading Centre of Green Finance.
In the joint statement, the regulators stated that companies have a responsibility to consider their impact on the environment and the consequences of business decisions. As a result, they need to take steps to embed climate considerations into their work.
Sir Jon Thompson, chief executive officer of the FRC, said: “Reliable information, free from greenwashing, and subject to high-quality assurance is critical both to public trust and the effective functioning of capital markets and the success of the Green Finance Strategy. We look forward to continuing our collaboration with other regulators in support of the UK’s ambitions.”
The regulator has stated that it will continue to hold organisations to account for transparent disclosures, such as in the evaluation of their assets, depreciation rates, restoration and other similar liabilities and financial risk disclosures.
Nikhil Rathi, chief executive officer of the FCA, said: “We welcome this updated Green Finance Strategy, which represents an important milestone, building on collective efforts to date and setting out a clear plan for the future.
“We are working hard to ensure that the UK market is well positioned to support the transition to net zero. We’re playing our part in delivering a world-leading framework for transition plan disclosures through our collaboration with the UK Transition Plan Taskforce.”
