Against this background, the City of London Corporation published a report on trans-Atlantic cooperation in climate-related financial services regulation, "Data, Direction, Dialogue: Opportunities for UK-US Collaboration in Climate-related Financial Services Regulation”.

This paper argues that the UK and the US should collaborate to establish high-quality science-based data as a foundation for standardised disclosure frameworks which include comparable metrics and risk assessment mechanisms. This should be underpinned by international dialogue led by the UK and the US in the development of globally consistent standards based on existing structures.

• Firms must be able to report and store data in an accessible
  format. In the US this could be done through the Electronic
  Data Gathering, Analysis, and Retrieval mechanism (EDGAR)
  mechanism. The UK should look to emulate this and the EU’s ESAP
  when developing its own structures.

• 1.2 Standardisation of climate-related frameworks
  KEY POINTS:
  • Data must be standardised both in collection and reporting.
  Standardisation creates comparable data sets and allows
  regulators to gain a full ecosystem view.
  • Metrics, frameworks, and other benchmarks must be developed
  in collaboration. Regulators must coordinate with each other and
  industry when developing these frameworks.
  • When developing standardised metrics, risk assessments, and
  other frameworks regulators must work to consider and include
  transition implications.
  • Disclosures must include these standardised metrics, risk
  assessments, and other frameworks. This includes in any future
  TCFD-based disclosures.
  • Disclosures should avoid being duplicative. Policymakers in the UK
  and the US should work to establish deference mechanisms.
  

Full report

City of London