In October 2018, the FCA published a discussion paper DP18/8 on climate change and green finance, which sought views on potential FCA action on climate change and green finance, in line with their strategic objective of ensuring relevant financial markets function well. This feedback statement at hand presents the FCA's evolving approach following DP18/8 and sets out:
- Why climate change is an important issue for the FCA, the financial services sector and for the users of financial services
- A summary of feedback to the FCA Discussion Paper and their responses
- FCA actions and next steps
Climate change itself, and the legislative response to combatting climate change, is having a significant impact on the UK economy and on financial services markets. The impact on financial services markets, and the potential for financial services markets to help combat climate change, is well known. There are a number of global, EU and UK initiatives on this issue. For example, the Financial Stability Board’s Taskforce on Climate-related Financial Disclosures (TCFD), the European Commission’s Sustainable Finance Action Plan (SFAP) and the UK Government’s Green Finance Strategy (GFS). Within the scope of its responsibilities, the FCA wants to ensure a regulatory approach that creates an environment where market participants can adequately manage the risks from moving to a low carbon economy and are able to capture opportunities to benefit consumers. More broadly, the FCA wants to help firms and consumers bring about wider societal benefits by accelerating the transition to a net zero emissions economy, consistent with the Government’s commitment as set out in the GFS.
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