Why climate disclosures alone will not move markets

Transparency on climate risks is important, but it will not divert capital away from fossil fuels without big structural changes to the financial system

Mark Carney’s eye-popping promise last week that up to $130tn of private capital would be committed to net zero has been widely questioned. But his other big finance announcement at the UN climate summit – such as new requirements for the biggest UK firms to make and disclose transition plans – received less scrutiny. It came days after the UK government announced that climate financial disclosures would become mandatory.