Philip Dunne calls on the Government to use the UK’s Presidency of the UN COP26 Climate Change Conference to develop a global standard, or green, taxonomy for climate change impact in financial reporting and green-labelled investment products.
Philip Dunne (Ludlow) (Con) [V]
What steps is my right hon. Friend taking, in his extensive discussions with leaders around the world on making progress at COP26, to develop a global standard or taxonomy of climate change impact in financial reporting and in green labelling investment products?
Alok Sharma
As my right hon. Friend will know, the UK has taken a leading role in climate-related disclosures by implementing a green taxonomy and, very importantly, by making TCFD-aligned disclosures—recommended by the Taskforce on Climate-related Financial Disclosures —mandatory across the economy by 2025. In the conversations that I have with Governments around the world, I am urging other countries to follow a similar approach on financial disclosures. My right hon. Friend talks about asset owners in the financial services sector, and we are also encouraging asset owners and asset managers to make net zero commitments.