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U.K. Set to Be First G-20 Member to Force Firms to Reveal Their Climate Risk

  • Ministers lay down new regulations on climate risk reporting
  • Rules to apply to more than 1,300 of U.K.’s biggest companies
Canary Wharf Views Following Chancellor Rishi Sunak's Budget
Photographer: Jason Alden/Bloomberg
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The U.K.’s biggest companies will have to report their climate-related risks starting next year, under rules laid before Parliament on Thursday that put the country on track to become the first in the G-20 to make such disclosures mandatory.

Under the legislation, public companies, banks and insurers with over 500 employees, as well as private companies with at least that headcount and turnover of 500 million pounds ($688 million) will have to disclose climate-related financial information for reporting cycles starting April 6, according to the Department for Business, Energy and Industrial Strategy.