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ARTICLE · 23 DECEMBER 2020

FCA Enhances Climate-Related Disclosures For Listed Companies

Latham & Watkins LLP
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On 21 December 2020, the Financial Conduct Authority (FCA) confirmed in a published Policy Statement.

United StatesEnvironment
Paul A. Davies
Paul A. Davies
Nicola Higgs
Nicola Higgs
Michael D. Green
Michael D. Green

New rule will require listed companies to state whether they have made disclosures in accordance with the TCFD.

On 21 December 2020, the Financial Conduct Authority (FCA) confirmed in a published Policy Statement1 (the Statement) that it will introduce a new Listing Rule (the Rule) requiring premium listed companies to state whether they have made disclosures pursuant to the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, and if not, why.

The Rule comes in response to the FCA's March 2020 Consultation Paper, under which the FCA sought to enhance climate-related disclosures by listed issuers and to clarify existing disclosure obligations. The Rule is a forerunner to the UK's plan to fully align corporate disclosure with the TCFD by 2025. The Statement sets out that "better disclosure about organisations' exposure to climate change risks and opportunities will lead to more informed pricing and drive investment towards greener projects

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