The Treasury issued a statement yesterday that the largest 1,300 firms in the UK (i.e. FTSE 100, 250 through to FTSE All Share) will be forced to produce a climate related financial information report.
The requirement will impact all large firms including banks and insurers and all firms with more than 500 employees.
From April next year, firms will be required to produce the report including numbers and costs on their impact on the environment.
The reality is that the UK has a next zero carbon neutral target and intends to meet it. This legislation will gradually filter down to all sized businesses much in the same way as the EPC (Energy Performance Certificate) is now required for all property sales and landlords can only let properties to new tenants that have an EPC rating of E or above from 2018 and C or above from 2025.