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<p>The UK follows the agreed international approach for estimating and reporting greenhouse
gas emissions under the UN Framework Convention on Climate Change (UNFCCC), which
is for countries to report emissions produced within their territories. All UK domestic
and international GHG emissions reductions targets, including our Net Zero commitment,
are based on these territorial emissions.</p><p> </p><p>The UK was the first major
economy to commit to Net Zero by 2050, and to achieve that ambition, we want to ensure
that every financial decision takes climate change into account. This will require
a drastic increase in the quantity, quality and comparability of climate-related disclosures.</p><p>
</p><p>That is why, in November 2020, the Chancellor announced the UK’s intention
to make disclosures in line with the recommendations of the Task Force for Climate-related
Financial Disclosures mandatory in the UK across the economy, including the financial
services sector, by 2025. This commitment is world-leading and significant progress
towards achieving our ambition, including new requirements for premium-listed firms
to disclose their Greenhouse Gas emissions, has already been made.</p><p> </p><p>We
have also committed to implementing a green taxonomy that will establish a common
definition for ’sustainable economic activities’ and improve understanding around
the impact of firms’ activities and investments on the environment.</p><p> </p><p>Together,
these measures will ensure that firms across the whole economy are disclosing robust
and comparable climate and sustainability-related information that is decision-useful
for investors. This will help close the sustainability data gap, as well as preventing
greenwashing and supporting the greening of the UK economy.</p><p> </p>
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