COP21: Carney could cause Treasury u-turn on GHG reporting

​High profile statements on the economic risks from climate change by Bank of England governor Mark Carney could mean government plans to remove carbon reporting requirements are scrapped. 

On Friday, Carney launched the Task Force on Climate-related Financial Disclosures (TCFD) to develop voluntary, consistent climate-related financial risk disclosures by companies. This would provide lenders, insurers, investors and other stakeholders with important long-term information, he said. 

The taskforce will be chaired by UN special envoy for climate change and former mayor of New York Michael Bloomberg. It will consider what constitutes effective corporate financial transparency on climate change to understand the physical, liability and transition risks, and will review and learn from existing disclosure processes. 

Paul Simpson, chief executive of the CDP, which has been working on climate change-related disclosures for investors for 15 years, welcomed the announcement. “We see it as a way of elevating our work and some of the information we collect right into the heart of financial markets and central banks. Carney is governor of the Bank of England and chair of the Financial Stability Board so that’s a much stronger angle into banks on climate than there’s been before. It will take disclosures to the next level,” he said.  

Proposals by the Treasury to scrap regulations requiring companies to report greenhouse-gas emissions in their financial reports as part of its ...

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