The UK will seek out among the G7 nations to expose climate risks

(Bloomberg) – Britain is pressing the Group of Seven countries for a deal that requires companies to disclose more about the risks they face in relation to the climate.

British Finance Minister Rishi Sunak has urged other countries to ensure that global financial markets play their part in shifting from fossil fuels to a goal of “net zero emissions”.

The comments came on the heels of a hypothetical meeting of G7 finance ministers and central bank governors, ahead of a personal meeting in London beginning on June 4th. This year, the UK will lead the G7 as well as a major round of talks on the environment, so he hopes this week’s G7 deal will generate the necessary political momentum on the issue.

The ambition is to ensure that the largest companies report annually on their exposure to risks and opportunities associated with climate change. Britain has already promised to follow the guidelines set out first by the Climate Financial Disclosure Task Force (TCFD) by 2025.

“The Chancellor has prompted measures to ensure that global financial markets play their part in the transition to zero emissions, such as better climate-related financial disclosure and support for the development of IFRSs related to sustainability,” the British Treasury said in his book. Friday statement.

Speaking after the hypothetical meeting, Japanese Finance Minister Taro Aso indicated that the deal is far from being investigated.

“I cannot comment on what other countries have said, but we are not at a stage of discussions where we have agreed to make the disclosures mandatory,” he said. It is true that there are many voices in Europe that are lobbying for this. But it makes no sense for only a few countries to do this. It should be discussed in general. “

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Michael R Bloomberg, founder and majority shareholder of Bloomberg LP, the parent company of Bloomberg News, is the President of TCFD.

Nota Original: The UK is pressing the G7 to tighten rules on reporting climate risks

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