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Sustainability Plans: United Kingdom

Cummings Pepperdine Reports the following: Together, HM Treasury, the Department for Energy Security and Net Zero and the Department for Business and Trade and the Department for Environment, Food and Rural Affairs have published an implementation update relating to economy-wide sustainability disclosure requirements (SDR).

The ai of the documents is to give a summary of how SDR fits together across the financial services sector, wider economy, and when engagement with the proposals is needed and includes information about the following:

  • The UK green taxonomy – the government continues to work at pace and expects to consult in due course on the proposed UK green taxonomy. A timeline suggests the consultation will take place in 2024. The government will introduce a testing period for voluntary disclosures and use this for at least two reporting years before exploring mandating disclosures. The government has not yet made a decision on whether to introduce mandatory disclosures against the taxonomy. Any decision on this will be subject to further consultation;
  • Transition plan disclosures – the government will consult in Q2 2024 on its approach to transition plan disclosures for UK companies. The FCA will consult in 2025 on strengthening transition plan disclosure expectations in line with the Transition Plan Taskforce framework; and
  • UK Sustainability Reporting Standards – the timeline in the update sets out details of planned consultations by both the government and the FCA in 2024 and 2025 relating to the development of UK Sustainability Reporting Standards.

Expect sustained sustainability.

Source: Cummings Pepperdine

Contact the Blockchain Legal Institute Consulting Group to assist with your company’s development of your transition plans and compliance with the UK Sustainability Reporting Standards.

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