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New HM Treasury announcements on green finance policy
Last Thursday, the Chancellor made a series of announcements around the new government’s plans around green finance.
UK Sustainability Reporting Standards (UK SRS)
It has been confirmed that the government will consult on economically significant companies disclosing information using the upcoming UK SRS. The Department for Business and Trade is aiming to publish a consultation on draft UK SRS in Q1 2025. This consultation will focus on the content of the standards rather than the nature of any reporting requirements. The announcement made on Thursday refers to the latter and the consultation on reporting requirements will take place after the one dedicated to standards (likely towards the second half of 2025).
Transition plans
The government has confirmed that it will consult in the first half of 2025 on how best to mandate transition plans.
UK Green Taxonomy
The government has published a consultation which will inform an assessment of the value of implementing a UK Taxonomy. The consultation explores potential use cases and design features, seeking feedback from stakeholders on the taxonomy's practicality and integration with existing sustainable finance frameworks. The deadline for responses is 6 February 2025.
Voluntary carbon and nature markets
The government has launched a set of integrity principles for voluntary carbon and nature markets and confirmed that it will consult on how to implement them in early 2025.
ESG ratings providers
The government has released a consultation response on the issue of regulating ESG ratings providers, alongside draft legislation that will enable this. Once the legislation is finalised in 2025, the FCA will consult on the specifics.
Members will have the opportunity to hear more about all the above at the upcoming Responsible Business Conduct Group meeting on 10 December, but please feel free to reach out to Craig.Melson@techUK.org or Weronika.Dorociak@techUK.org if you have any questions in the meantime.
Climate, Environment and Sustainability Programme activities
The techUK Climate Programme provides opportunities for members to present tech solutions that assist carbon emission reduction, circularity, and human rights goals. We also help our members with their own net zero transition, including measurement, implementation, compliance, and reporting. Visit the programme page here.
Tech Led Biodiversity Showcase 2024, 21 November
As ecosystems face unprecedented threats from climate change, habitat loss, and human activity, the need for effective conservation strategies is urgent. Protecting biodiversity is not only crucial for preserving the natural world but also for maintaining the health and stability of our global environment. Our Tech Led Biodiversity Showcase is designed to highlight cutting-edge digital technologies that enhance the monitoring, preservation, and restoration of biodiversity.
Original article link: https://www.techuk.org/resource/new-hm-treasury-announcements-on-green-finance-policy.html
