In the 2019 Green Finance Strategy, the government established a taskforce to explore the most effective approach to implementing the recommendations of the TCFD. This strategy included an expectation that all UK listed issuers and large asset owners would be making disclosures in accordance with the TCFD’s recommendations by 2022, and stated that the government would consider the case for mandatory TCFD-aligned disclosures. Sectoral consultations have followed, such as in relation to premium listed companies and pension funds, but Chancellor Rishi Sunak announced on 9 November that the UK will become the first country in the world to make TCFD-aligned disclosures fully mandatory across the economy by 2025, going beyond the “comply or explain” approach. The UK Taskforce’s Interim Report, which includes a detailed roadmap, sets out an indicative pathway to achieve that.
We have created a brief calendar overview of the roadmap stated in the report, of when different categories of entity could be covered by the relevant proposals.