UK publish updated Green Finance Strategy and consult on ESG ratings
The UK Government has published a revised Green Finance Strategy setting out its policy framework for managing the risks and opportunities associated with climate change and supporting the transition to net zero. The strategy includes updates around the UK Taxonomy, implementation of the International Sustainability Standards Board (ISSB), transition plan disclosure, biodiversity, ESG ratings and benchmarks, and voluntary carbon markets.
The FCA has announced an update on the next steps for its proposed investment labels under the Sustainability Disclosure Requirements (SDR) regime. The FCA has delayed the date of publication for its final policy statement on the SDR proposals to Q3 2023 (original date was June 2023), as it continues to consider the wide range of feedback. The UK regulators have published a joint statement welcoming the updated Strategy.
In parallel, HM Treasury (HMT) has also published a consultation setting out initial policy proposals on the scope of a potential regulatory regime for ESG ratings providers, covering the description of ESG ratings and their provision, exclusions, territorial scope, and proportionality. The consultation closes on June 30, 2023.
Bloomberg
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