Financial services firms in the United Kingdom must soon begin reporting what material financial impact they experience from climate change under a new disclosure mandate that is the first of its kind in the world.
Chancellor of the Exchequer Rishi Sunak (the U.K. equivalent of the U.S. Treasury secretary) announced last week a package of plans to “bolster the dynamism, openness, and competitiveness” of the country’s financial services sector. “Our plans will ensure the UK moves forward as an open, attractive and well-regulated market, and continues to lead the world in pioneering new technologies and shifting finance towards a net zero future,” Chancellor Sunak said.
