Britain moves ahead with mandatory climate plans for companies

Activists from the Extinction Rebellion drape a banner across Marble Arch as part of a protest in central London, Britain, April 16, 2022. REUTERS/Henry Nicholls/File Photo

LONDON, April 25 (Reuters) – Britain unveiled a new taskforce on Monday to write rules forcing financial firms and listed companies to publish plans from next year for transitioning to a net zero economy by 2050.

Last November at the COP26 UN Climate Summit, British finance minister Rishi Sunak said companies would have to publish a plan from 2023 with targets to mitigate climate risk, interim goals between now and 2050 and measures to meet them. read more

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It is part of Britain’s commitment to make the UK the world’s first net-zero aligned financial centre.

The taskforce will develop “rigorous and robust” measures to tackle greenwashing – inflated green credentials – and support companies to establish “investable and accountable” transition plans, the finance ministry said in a statement on Monday.

“Preventing the worst impacts of climate change will take all businesses developing ambitious, consistent transition plans to get us to a low carbon future,” said Amanda Blanc, CEO of insurer Aviva and co-chair of the new Transition Plan Taskforce.

It has a two-year mandate to set up good practices for transition plans, along with a ‘sandbox’ to test the new plans.

Reporting by Huw Jones;Editing by Elaine Hardcastle

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