As can be seen from the response to the PRA consultation, we agree that climate change presents significant risks to the environment and society and that these risks have significant economic and financial implications. The Government and all sectors of the economy need to work together on this. The imperative for the financial sector is to understand better both the physical and transition-related impacts that could materialise as a result of climate change and assess how they could present financial risks to loan and investment portfolios.

DP 18/8 reflects the FCA's statutory responsibility as listing authority, prudential regulator for 18,000 firms, and its role in protecting consumers and market integrity.