The Environmental Audit Committee of the UK Parliament issued a report that recommends climate risk reporting be made mandatory by 2022. Following the international momentum on climate risk disclosure, the Committee issued a large report on "Greening Finance: Embedding sustainability in financial decision making." The committee concluded that voluntary disclosure will not be sufficient and is asking for mandatory measures. Particularly in relation to pension schemes, the Committee is asking clarity on the fiduciary duty to take into account long-term value. In that regard, climate change becomes an increasingly important risk factor.
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