Banks and asset managers released more carbon in 2019 than the rest of the UK
The FCA is looking to implement financial disclosure rules for asset managers, pension providers and insurance companies as it aims to advance in the area of carbon emissions.
On Tuesday, UK regulators revealed two consultations considering introducing new rules that maintain recommendations from the task force on climate-related financial disclosures (TCFD).
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This applies to listed companies and FCA-regulated pension providers.
“The challenges of climate change have an impact on society as a whole. Sheldon Mills, executive director of consumers and competition at FCA, said:
“Managing climate change risks and moving towards a cleaner, carbon-intensive economy requires high quality information on how climate-related risks and opportunities are managed across the investment chain. .
According to a survey by Greenpeace UK and WFF, the UK financial services industry is one of the biggest contributors to the country’s carbon emissions.
Banks and asset managers released more carbon in 2019 than the rest of the UK.
The proposed rules aim to ensure that correct information on climate risks is available along the investment chain.
Rosanna Bryant, co-head of financial services at Addleshaw Goddard, commented:
“Our latest research* shows that the majority of asset managers already prioritize green investments. However, this announcement from the FCA shows how companies are investing today and everything tomorrow will be. It is revealed that it will be held to explain what it affects.
“While this proposal by the FCA is an important step, it is important for regulators to clarify how this will interact or align with asset managers’ existing EU regulations, such as the EU Sustainable Finance disclosure regulations. ”
A survey conducted by Address Shou Goddard, 500 business leaders and 500 financial services leaders in the UK and Europe, found that 92% of business leaders have an impact on their businesses to help banks act more sustainably. He says that.
84% of financial providers say they don’t serve companies that lack a clear net-zero strategy.
