Climate-related Financial Disclosures Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Viscount Ridley
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Climate-related Financial Disclosures
Viscount Ridley Excerpts(6 years, 9 months ago)
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Lord Henley
My Lords, I accept what the noble Baroness is saying: that is very useful information for investors and others who are interested in what the companies are up to. We explicitly ask for feedback on those TCFD recommendations and whether they should be mandatory in the long run. However, one has to balance against that the fact that it potentially imposes a burden on businesses, and one would have to look at how exactly that should be done. At the moment it is not mandatory. We will consider that in due course, but at the moment it is best that we analyse the responses we have had to the various consultations and then come forward with our recommendations.
Viscount Ridley (Con)
Does my noble friend agree that climate-related financial disclosures should take into account the fact that the consensus among climate economists and, indeed, in the Intergovernmental Panel on Climate Change, is that the economic impacts will be positive for the next 40 or 50 years?