The Financial Reporting Council has issued a joint statement with the FCA, the BoE and the TPR welcoming the Government’s update to the Green Finance Strategy, which recognises the role of the financial sector in delivering global and domestic climate and environmental objectives to ensure the UK is a leading centre of Green Finance.
The FRC continues to support the Government’s ambition to ensure that the UK is a leading Centre of Green Finance. The Boards of UK companies have a responsibility to consider their impact on the environment and the likely consequences of any business decisions in the long-term, and to continue to address impact of climate change (both direct and indirect).
The FRC remains committed to ensuring that reporting sets out how the company has considered the resilience of the business model and its risks, uncertainties, and viability in both the immediate and longer-term considering climate change. Companies should also reflect the current or future impacts of climate change on their financial position, for example in the valuation of their assets, assumptions used in impairment testing, depreciation rates, decommissioning, restoration and other similar liabilities and financial risk disclosures.
The FRC continues to support the Government’s ambition to ensure that the UK is a leading Centre of Green Finance. The Boards of UK companies have a responsibility to consider their impact on the environment and the likely consequences of any business decisions in the long-term, and to continue to address impact of climate change (both direct and indirect).
The FRC remains committed to ensuring that reporting sets out how the company has considered the resilience of the business model and its risks, uncertainties, and viability in both the immediate and longer-term considering climate change. Companies should also reflect the current or future impacts of climate change on their financial position, for example in the valuation of their assets, assumptions used in impairment testing, depreciation rates, decommissioning, restoration and other similar liabilities and financial risk disclosures.
