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Responding to the government’s plans to make climate-related financial disclosure mandatory, Bureau Veritas has welcomed the move, advising businesses to take urgent action now to ensure they are prepared for the level of reporting this will require.
Earlier this week, the UK Treasury unveiled its roadmap on how it will require fully mandatory climate-related financial disclosures across the UK economy by 2025, with a significant portion of mandatory requirements in place by 2023.
The pledge is based on the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) – an international committee aimed at ensuring climate related risks and opportunities are priced into financial decision-making in a bid to tackle climate change.
Hailing the move as a welcome boost for the UK’s net zero ambitions, leading sustainability compliance authority Bureau Veritas has said the onus is now on businesses to get their reporting in line with the impending changes.
Ken Smith, Chief Executive at Bureau Veritas UK, said: “Financial disclosures are a key part of tackling climate change and it’s heartening to see that the UK is taking such bold action in ensuring the economy moves to full TCFD-aligned disclosure over the coming years. The task force has taken a holistic view of not only companies but pension, investment funds and insurance.
“However, while it’s great that many British companies are currently reporting at least partially in line with TCFD disclosure requirements, the reality is that as a nation there’s a huge job still to do achieve this ambitious benchmark.
“At its heart, firms will require a radical overhaul of their reporting procedures to demonstrate how their assets will be impacted by – and impact – climate change in order to drive more investment into sustainable projects. That work is urgent and needs to start now.”
Bureau Veritas has experience and technical expertise in helping some of the world’s largest organisations improve their sustainability performance in a number of sectors including food, pharmaceutical, financial and manufacturing.
With a proven track record in verification of environmental, health & safety and social data, including conducting audits against the requirements of ISO 14064 Part 3, Bureau Veritas is also a GRI Community Member, an AA1000AS Licensed Provider and a UKAS accredited ISO 14064-1 Verification Body.
For further information, call 0345 600 1828 or visit www.bureauveritas.co.uk
