'Draw up climate rules or have them imposed', Bank of England tells corporates

The governor of the Bank of England has warned major corporations that they have two years to agree rules for reporting climate risks before global regulators devise their own and make them compulsory.

Carney (pictured) launched the TCFD in 2015 with Michael Bloomberg. Image: Bank of England

Mark Carney said companies should use their next two annual financial reports to road test how they document the impact of the climate emergency on their businesses.

He said progress had been made by many of the largest banks and energy companies to harmonise how they report their risks, but added: “Progress in both quantity and quality is uneven across sectors.”

Speaking in Tokyo at a conference held by the Taskforce on Climate-related Financial Disclosures (TCFD), Carney said there

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