Welcome to the UK sustainability regulations (including climate change) section of Viewpoint. This includes updates and guidance to assist companies with responding to sustainability in their annual report and accounts. For further guidance on upcoming sustainability reporting developments, please see our Sustainability landing page.
Issue date
Climate change
November 2023
This is the 15th year of performing a review of the FTSE 350 (and other companies), and identifying and highlighting excellence in reporting.
October 2023
This is the final version of the Transition Plan Taskforce (TPT) Disclosure Framework which sets out good practice for robust and credible transition plan disclosures. Based on the draft launched for consultation in November 2022, it has been updated following extensive engagement and consultation feedback.
June 2023
This practical guide addresses the implications of the non-financial and sustainability information statement for companies that form part of groups.
May 2023
This report provides practical suggestions to help companies explain the impact of climate change based on a review of the year two TCFD disclosures of 50 FTSE 350 companies. See the dedicated page on the PwC website for further information.
January 2023
With year one of mandatory TCFD reporting behind them, premium-listed companies are now in the process of preparing for year two. In some cases, having reported that they were largely consistent with the framework in year one, companies might be anticipating relatively little change. Some, for example, are looking at the balance between what’s included in the annual report and what’s reported elsewhere, such as in a separate sustainability report. This might be the right approach in some circumstances, but companies should also bear in mind the messages over the summer from the two main regulators, the FRC and the FCA. This paper has been developed to help companies to navigate the challenges of year two.
November 2022
This year marks the third year that we have reviewed company reporting on climate change as part of our Building Public Trust Awards. This year we have extended out analysis to cover the full FTSE 350 for the first time ever.
September 2022
The Financial Reporting Council (FRC) has recently issued two thematic reviews that deal, at least in part, with the impact of climate risk on financial statements. Specifically they highlight what entities should consider with regards to this topic for disclosures within the financial statements. The expectations from users and the regulator are high.
August 2022
The Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA) have each published reports on year one of mandatory TCFD climate-related financial disclosures for premium listed companies, including a number of key findings and examples of current leading practice in reporting.
May 2022
We have reviewed the first 50 premium-listed companies' disclosures in the 2021/22 reporting season to understand how they are reporting under the new Listing Rules requirement relating to the Task Force on Climate-related Financial Disclosures ('TCFD') framework.
May 2022
The recommendations of the TCFD are now incorporated into the Financial Conduct Authority (‘FCA’) Listing Rules for major listed companies, and similar reporting on climate change has been extended through the UK Companies Act to other listed companies and the largest private businesses, as well as LLPs. This guide provides a high-level overview of the climate change/TCFD reporting requirements that currently apply, or will apply in the near future for companies.
February 2022
Climate change is a high profile issue and a focus area for investors and regulators. The insurance industry is accustomed to reflecting the effects of assumptions about climate change in underwriting and reserving practices. However, reflecting the effects of climate change in risk disclosures is a less-familiar area. This document outlines the factors for insurers to consider in providing disclosures about climate-related risks in financial statements.
January 2022
The purpose of this Disclosure Tool is to provide an organisation with a tool that illustrates the minimum disclosure that would be required to meet the new Listing Rules. This is not a best practice guide, nor is it a tool that will take an organisation’s disclosures beyond the minimum disclosure that would be required to meet the new Listing Rules. This Disclosure Tool has been created to assist organisations working through the disclosure process of the TCFD framework. We encourage you to share this Tool with management during the planning stage of your audit to allow management the time to work through what their Annual Report disclosures will be and whether they will need to make any explanations.
January 2022
The FCA published PS21/24: Enhancing climate-related disclosures by asset managers, life insurers, and FCA-regulated pension providers on 17 December 2021, following a consultation issued in June 2021.
November 2021
In order to achieve the aims of the Paris Agreement and limit the impact of climate change on the planet, entities worldwide are in the process of re-assessing their business models and strategy. Some business models might become unsustainable and additional investments might be needed to find new markets, repurpose assets, use alternative means of transportation and logistics or find suppliers of alternative raw materials. At the same time, climate change may present opportunities for companies offering goods and services supporting the world’s transition to net zero. We would expect the changes to business models to have an impact on cash flows.
October 2021
The Financial Reporting Lab (the Lab) has published a report to help companies prepare for mandatory TCFD reporting. It includes practical advice and examples that better address aspects of TCFD reporting from those companies already adopting the framework on a voluntary basis. Alongside the report, the Lab has also published a snapshot of the status of current reporting against the TCFD framework in the UK. One of the biggest challenges for companies adopting the TCFD framework is carrying out scenario analysis. In addition to the Lab's reports, the FRC has also published research on this by the Alliance Manchester Business School.
June 2021
The FCA published proposals on climate-related disclosures for asset managers, life insurers and FCA-regulated pension providers on 22 June 2021, in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Under the proposals, firms would be required to publish annually an entity-level TCFD report, as well as a set of disclosures in respect of their products and portfolios. Download this 'At a glance' for a detailed summary of the proposals, and what they mean for firms
May 2021
Ensuring your compliance with the new reporting requirements.
November 2022
This is the 14th year of performing this review of the FTSE 350 (and other companies), and identifying and highlighting excellence over ESG reporting.
June 2022
The impact of climate change is a high-profile issue that investors and regulators are focusing on. This In depth considers the impact of the environmental, social and governance (ESG) matters, specifically focused on the effect of climate change on the IFRS financial statements.
June 2022
This guide provides a summary of the most recent international developments in ESG reporting from the perspective of a UK company, supported by Q&As.
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