The U.K. Financial Conduct Authority has published a feedback statement setting out new proposals aimed at improving transparency in how companies disclose their climate change risks.

Company disclosures around climate change and regulated firms' green business risks and opportunities will be closely scrutinized under the financial regulator's new proposals.

Among other things, the regulator will also finalize rule amendments designed to require independent governance committees to oversee the report on firms' environmental, social and governance and
stewardship policies, as well as measures to facilitate investment in patient capital opportunities.

"We have an important role to play in creating an environment where firms can manage the risks from moving to a greener economy and capture the opportunities to benefit consumers," U.K. FCA CEO Andrew Bailey said.

"This feedback statement is the next step in our drive to provide clarity for firms and consumers about how our work will help support the response to the climate challenge and the development of the green finance market."