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Written question asked by Lord Taylor of Warwick (Non-affiliated) on Wednesday, 19 May 2021, in the House of Lords. It was due for an answer on Thursday, 3 June 2021. It was answered by Lord Callanan (Conservative) on Thursday, 3 June 2021 on behalf of the Department for Business, Energy and Industrial Strategy.

Small Businesses: Climate Change

Question

To ask Her Majesty's Government what plans they have to require mandatory climate reporting for small and medium sized businesses.

Answer

The Government and regulators have concluded that to accelerate progress on climate risk disclosures, the UK will become the first country in the world to make Task Force on Climate-related Financial Disclosures (TCFD)-aligned disclosures fully mandatory across the economy by 2025, with most requirements coming into force by 2023.

The UK Government recently published a consultation on Mandatory Climate-related Financial Disclosures, which closed on 5 May. The proposal covers larger companies and is consistent with the roadmap towards mandatory and climate related disclosures, and the interim report that was published in November 2020, which noted that the benefits of mandatory disclosures are likely to increase with an organisation’s size.

We will now carefully consider all of the responses to the consultation and a response will be published by the end of the year. BEIS has committed to review the case for expanding the scope of the regulations in 2023.

Secondary information

Type
Written question
Reference
HL414
Session
2021-22
Subjects
Disclosure of information Climate change Small businesses
Link
View this Written question on www.parliament.uk