Who Has To Report Against TCFD?
The UK is the first G20 country to increase the scope of companies which are required to report their climate-related risk in line with the TCFD. Are you one of them?
Previously only listed companies fell under the scope of the mandate, however, the following businesses will be required to report under TCFD for the accounting year which begins on or follows the 6th April 2022:
Relevant Public Interest Entities (All UK companies that are currently required to product a non-financial information statement)
UK registered companies with securities admitted to AIM who also have more than 500 employees
UK registered companies which do not fall into the above categories and Limited Liability Partnerships which have more than 500 employees and a turnover of more than £500 million
Although there is not specific format for the climate-related disclosures it must cover each part of the TCFD with the aim for businesses to disclose all climate-related financial information which consider the risks and opportunities the business may face.
Businesses should report this information as a group level where applicable. Where the UK company has an overseas parent which produces a consolidated report, the UK company must comply separately. It is expected that companies will report within the Non-Financial Information and Sustainability Statement which is part of the Strategic report.
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