Govt reveals new plans to stamp out greenwashing

Some large businesses will need to set out their green credentials to potential investors under new reporting rules outlined by government today.

The new Sustainability Disclosure Requirements will compel pension schemes, investment products and asset managers and owners to disclose their environmental impact.

The new integrated regime will bring together and streamline existing climate reporting requirements – such as the UK’s commitment to implement mandatory reporting aligned with the Task Force on Climate-Related Financial Disclosures.

This includes requiring every investment product to set out the environmental impact of the activities it finances, and justify clearly any sustainability claims it makes.

Asset managers will also need to set out how they incorporate sustainability into their investment strategy to allow consumers to make informed judgements about the kind of firms they want to invest in.

SDR will also set out expectations for certain firms around the publication of transition plans in the context of the UK’s net zero commitment.

To tackle reports of greenwashing, a new green finance rulebook - the UK Green Taxonomy - will create a shared understanding of which economic activities count as green.

Specific reporting requirements, including scope, timing and detail, will be developed following public consultation.

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