Legal & Regulatory News

UK Government publishes guidance plans to become first Net Zero-aligned Financial Centre through the introduction of mandatory disclosures

On 2 November 2021, the UK Government announced a move towards making publication of transition plans mandatory for asset managers, regulated asset owners and listed companies in a bid to become the first 'Net Zero-aligned Financial Centre'. As standards for transition plans emerge, the UK Government intends to incorporate these transition plans into the UK's 'Sustainability Disclosure Requirements' and will seek to ensure that UK firms to put robust firm-level transition plans in place to set out how they will decarbonise.

To assist in this transition, the UK Government will establish a high-level Transition Plan Taskforce with the aim of developing a 'gold standard' for transition plans, and will next year publish a transition pathway for the financial sector, setting out how the sector will transition to net-zero by 2050.

Click here to view the full announcement.