On 16 May 2024, the Government published Sustainability Disclosure Requirements: Implementation Update 2024.

The document discusses timings for the following components of the UK’s sustainability disclosure requirements:

  • IFRS Sustainability Disclosure Standards: The Government aims to make the UK-endorsed ISSB standards available in Q1 2025. The endorsement process will assess the standards and, subject to a positive endorsement decision, will conclude with the publication of UK-endorsed standards. These will be known as UK Sustainability Reporting Standards. Subject to a positive endorsement decision by the Government, and following a consultation process, the FCA will be able to use the UK Sustainability Reporting Standards to introduce requirements for UK-listed companies to report sustainability-related information. Subject to a positive endorsement decision, the Government will also decide on disclosure requirements against UK Sustainability Reporting Standards for UK companies that do not fall within the FCA’s regulatory perimeter. The Government expects a decision regarding future requirements to be taken in Q2 2025.
  • Transition Plan Disclosures: Given the overlap between IFRS S2 and the Transition Plan Taskforce (TPT) Disclosure Framework, the FCA plans, through its consultation on implementing UK-endorsed ISSB standards, to consult on strengthening its expectations for transition plan disclosures with reference to the TPT Disclosure Framework. Given the important role of transition planning across the economy, the Government will consult shortly on how the UK’s largest companies can most effectively disclose their transition plans, meeting a key commitment of last year’s Green Finance Strategy.
  • SDR & Investment Labels: In January 2024, the Government announced that it intends to consult on whether to broaden the scope of SDR to include funds under the Overseas Funds Regime. The Government intends to issue this consultation in Q3 2024.
  • UK Green Taxonomy: The Government expects to consult in due course on the proposed UK Green Taxonomy.
  • Nature-Related Disclosures: The Government welcomes initiatives such as the Taskforce on Nature-related Financial Disclosures (TNFD) and encourages institutions to engage in the TNFD UK National Consultation Group and consider the recommendations.