Climate-related disclosures for UK financial institutions—new UK mandatory requirements
Produced in partnership with Arun Srivastava of Paul Hastings

The following Financial Services practice note produced in partnership with Arun Srivastava of Paul Hastings provides comprehensive and up to date legal information covering:

  • Climate-related disclosures for UK financial institutions—new UK mandatory requirements
  • What are the proposals?
  • The Chancellor’s statement
  • The Task Force on Climate-related Financial Disclosures (the Task Force)
  • The position in the UK
  • The EU
  • The Roadmap
  • Asset managers and the Roadmap

Climate-related disclosures for UK financial institutions—new UK mandatory requirements

This Practice Note, produced in partnership with Arun Srivastava, partner at Paul Hastings (Europe) LLP, analyses the new proposed mandatory climate-related disclosures for financial institutions that were announced by the Chancellor in his statement on the post-Brexit future of UK financial services.

What are the proposals?

On 9 November 2020, Rishi Sunak, the Chancellor of the Exchequer, set out the UK’s ambitions for the future of financial services in his Financial Services statement.

For banks and other financial institutions, the statement contains important details of the government’s proposals around mandatory disclosures in relation to environmental issues. These proposals need to be considered in the context of the EU’s Sustainable Finance Disclosure Regulation, Regulation (EU) 2019/2088 (Disclosure Regulation) and the Taxonomy Regulation, Regulation (EU) 2020/852. It is clear both at the EU and UK domestic level that sustainability, and environmental social and governance (ESG) issues are key issues on the regulatory agenda. All firms will need to address these issues as they become increasingly integrated in the way businesses operate, the investment decisions that they take and the products that they offer.

The policy intention is both to ensure that financial institutions operate sustainably in their own right and that they play a role in directing capital and investment to businesses that promote sustainability. Environmental concerns around climate change also create

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