UK wants to be the first major economy to force companies to reveal climate risks

The United Kingdom is pushing ahead with legislation that will force more than 1,300 of its largest companies to disclose climate risks.

Announcing the move ahead of the COP26 climate talks that start in Glasgow on Sunday, the UK government said it plans to be the first major economy to require corporations to report climate-related risks and opportunities.The proposed law will apply to many of the largest traded companies on the London Stock Exchange, banks and insurers, as well as private companies with more than 500 employees and £500 million in sales.

Read MoreIn a statement on Friday, the UK government said the move"will help investors and businesses to better understand the financial impacts of their exposure to climate change, and price climate-related risks more accurately, while supporting the greening of the UK economy.

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