Legal & Regulatory News

UK Competition and Markets Authority announced plans to ease rules on climate change action

On 24 January 2023, Sarah Cardell, Chief Executive of the UK's Competition and Markets Authority (CMA), announced plans to ease antitrust rules in order to ensure that competition laws do not inhibit companies' ability to share knowledge and come together to develop environmentally sustainable initiatives.

The announcement by the CMA comes following calls from the Glasgow Financial Alliance for Net Zero, known as GFANZ, together with leading corporates and financial institutions, which had expressed concerns that current rules were stifling growth in this area.

In the speech, Sarah Cardell noted, amongst other things, that:

"Given the scale of the challenge to address environmental sustainability and particularly climate change concerns, and the degree of public concern about it, we think it is important that firms are not unnecessarily or erroneously put off collaborating in this space by fears about competition law compliance."

Click here to view the full speech.