Press releases

Response to the Chancellor’s statement on mandatory climate disclosures

9 November 2020

Veronica Poole, Global IFRS Leader and Head of Corporate Reporting at Deloitte, responds to the Chancellor’s announcement that climate disclosures will be mandated across large companies and financial institutions by 2025:

“We welcome the news that reporting on climate will become mandatory for UK companies. This marks a positive step towards establishing consistent global climate and sustainability reporting standards. Climate change is a risk to financial stability and impacts businesses in all sectors. Investors and stakeholders now expect climate-related disclosures in annual reports and financial statements, and the Chancellor’s announcement further supports the drive for transparency and accountability.

“Recent Deloitte research shows that 90% of companies referred to climate change in their 2019 annual report, with 64% referring to the Task Force on Climate-related Financial Disclosures (TCFD), but clearly there is more work to be done. Companies need to act now to ensure climate change is a priority, and to understand how it might affect the resilience of their business models. Creating consistent and clear reporting of these risks is critical for companies to distinguish themselves as well-governed and fit for the future.”

End

Notes to editors

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk

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