The rules have been introduced in line with recommendations from the Task Force on Climate-Related Financial Disclosures (TFCD). They will cover many of the UK’s largest traded companies, banks and insurers, as well as private companies and limited liability partnerships (LLPs) with over 500 employees and £500m in turnover.

Companies are expected to report at the group level (or at the company level if not included within consolidated group reporting). Subsidiaries whose activities are included within a consolidated group report of a UK parent that complies with the climate-related financial disclosures requirements are not required to report separately.