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Companies: Environment Protection

Question for Department for Business, Energy and Industrial Strategy

UIN HL13620, tabled on 23 February 2021

To ask Her Majesty's Government what steps they are taking to ensure that private companies retain interest in managing their environmental impact.

Answered on

9 March 2021

Achieving our net zero goal requires all businesses to take action to reduce their emissions, while helping to grow the economy. We are working with our stakeholders to drive the ambitious action needed from UK businesses to help tackle climate change and reduce their impact on the environment.

We are working across government, and with our regulators to drive progress on UK companies disclosing their climate risks in line with the framework provided by the Task Force on Climate-related Financial Disclosures. TCFD can deliver high-quality disclosure on how organisations will manage the material financial risks and opportunities arising from climate change and will improve transparency and encourage better informed pricing and capital allocation.

The eyes of the world will be on the UK as we host the G7 and COP26 in 2021. Business action on climate is vitally important to achieving a successful summit and presidency, and is an excellent opportunity to showcase businesses as global leaders in tackling climate change in the year leading up to COP26.

Our main ask ahead of COP26 in November is for businesses to set ambitious targets and take action to reduce emissions and build resilience, joining the Race to Zero. This sends the strongest signal to markets, supply chains, governments and consumers that businesses are committed to the transition.