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U.K. Companies Threatened With ‘Action’ if They Downplay Climate Risk

by Toby Young
30 July 2022 7:00 AM

Some of Britain’s top listed companies are accused of downplaying climate risks from climate change on their bottom line and could face “appropriate action”, financial regulators said on Friday. Reuters has more.

Trillions of dollars have flowed into stocks and bonds of companies which tout their environmental, social and governance (ESG) credentials, leaving regulators worried about “greenwashing” or companies flattering their green profile to attract investments.

Companies listed on the London Stock Exchange’s premium market have been required since 2021 to make climate-related disclosures to investors in line with the global Taskforce on Climate-related Financial Disclosures (TCFD) – or to explain why they have not.

Britain’s Financial Conduct Authority, which regulates listings, and audit watchdog the Financial Reporting Council (FRC) published reviews on Friday of how companies have applied TCFD so far.

The FRC said it found companies were providing many of the TCFD disclosures, marking a significant improvement on previous years, but more was needed to be done.

Britain was the first major economy to make TCFD disclosures mandatory, and the FCA said it also found a significant increase in the quantity and quality of disclosures.

“However, it also found instances where companies said that they had made disclosures consistent with the TCFD’s recommended disclosures when it appeared they had not,” the regulators said in a joint statement.

“We are considering these cases in more detail and may take action as appropriate.”

As a first step, regulators are likely to ask some companies why some disclosures were missing or too vague, or why they were stressing opportunities from climate change but giving little detail on risks to the business.

If companies deliberately mislead investors that would be a breach of conduct rules and could result in fines in future, people with knowledge of the matter say.

“We also encourage companies to look ahead to the future implementation of reporting standards in development by the International Sustainability Standards Board (ISSB),” said Sacha Sadan, the FCA’s director of ESG.

Worth reading in full.

Tags: Climate changeESGFinancial Reporting CouncilLondon Stock Exchange

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13 Comments
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transmissionofflame
transmissionofflame
2 years ago

The case for climate change is so compelling that they have to bully people into going along with it. Remind you of anything? The deadly pandemic that needed its own advertising budget.

212
0
Sceptical Steve
Sceptical Steve
2 years ago
Reply to  transmissionofflame

I’ve still got a cellar full of emergency provisions I bought in anticipation of the “deadly Millenium Bug”!

39
0
huxleypiggles
huxleypiggles
2 years ago
Reply to  Sceptical Steve

All round to yours then Steve when the food shortages are rolled out.

27
0
RTSC
RTSC
2 years ago

An alternative choice of words for downplaying climate risk is “tell the truth.”

“In a time of deceit telling the truth is a revolutionary act” – George Orwell.

152
0
psychedelia smith
psychedelia smith
2 years ago

The elites squirm and squeal louder than ever as the stench of their climate bullshit wafts over more and more people as they wake up to the scam. This is a great little summary to send to those who have gone nose blind..

Recap.png
75
0
JohnK
JohnK
2 years ago
Reply to  psychedelia smith

And whoever wrote that list didn’t mention the 1963 winter, or the 1976 summer heatwave. Maybe it’s convenient to ignore historic reality, though.

24
-1
huxleypiggles
huxleypiggles
2 years ago
Reply to  psychedelia smith

What a bloody charge sheet.

8
0
huxleypiggles
huxleypiggles
2 years ago
Reply to  huxleypiggles

Oy! Where’s my downtick?

3
-7
RW
RW
2 years ago

The climate may or may not be changing and this may or may not be influenced by human activities. That’s uncertain. What’s certain is that the people who push the climate change narrative are doing so because they believe it’ll be useufl for their preconceived political agenda and it’s also certain that these people will not ever tell the truth because whatever happens can always be improved by giving it a fanciful facelift. Assuming the Maledives were under water by now, they’d be predicting that – in 2035 – the Himalaya will be submerged unless they’re all getting house insulation and solar panel subsidies now.

43
-1
stewart
stewart
2 years ago

Gosh yet another cock up. No plan or orchestration here. Just cock up.

16
-1
huxleypiggles
huxleypiggles
2 years ago

We have:

the global Taskforce on Climate-related Financial Disclosures (TCFD)

Britain’s Financial Conduct Authority,

audit watchdog the Financial Reporting Council (FRC) published reviews on Friday

the FCA’s director of ESG.

the International Sustainability Standards Board (ISSB),” said

None of these outfits are doing proper work. This is bullshitting paid for by us. Actually companies trying to tell me how “green” their credentials are just piss me off.

The more this garbage is pushed the more vehement my rejection.

65
-1
Less government
Less government
2 years ago

Another climate hoax money making scam.

11
0
Woodburner
Woodburner
2 years ago

It’s funny, but I thought I was looking at another shot of Lozza Fox’s mate being roughed up and arrested for flying a flag…

0
0

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