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ClientEarth has submitted a referral request to the Financial Conduct Authority (FCA) alleging that Carnival plc and Carnival Corporation failed to disclose material climate-related financial risks in their 2020 reporting. The request argues that the companies' reports are vague or entirely silent on climate change, potentially misleading investors and violating Disclosure Guidance and Transparency Rules (DTRs) and the UK Market Abuse Regulation (UK MAR). ClientEarth specifically challenges Carnival's reliance on Liquefied Natural Gas (LNG) as a decarbonisation strategy, noting that such claims are not substantiated in financial statements and ignore methane emissions and the UK Climate Change Committee's findings on biofuels. The referral seeks financial penalties, public censure, and corrective disclosures.