Department for Business and Trade publishes updates on ISSB adoption
As background, the Government has previously committed to endorsing the ISSB by July 2024, with the goal of establishing a comprehensive sustainability disclosure framework for the UK.
Announcements made earlier today include:
- Name change: The Government has decided to change the name of the UK Sustainability Disclosure Standards (UK SDS) to UK Sustainability Reporting Standards (UK SRS), presumably to align terminology with the EU where European Sustainability Reporting Standards (ESRS) have already been adopted.
- Timelines: Unsurprisingly, the process has been delayed, with the Government now aiming to make draft UK SRS available in Q1 2025. These would be subject to consultation, but the Government has estimated that it would be able to publish the finalised standards in the same quarter. It would then consult again on requirements for UK companies that do not fall within the Financial Conduct Authority's (FCA) regulatory perimeter, and the FCA would be responsible for consulting on requirements for listed companies. Any changes that may be introduced would be effective no earlier than accounting periods beginning on or after 1 January 2026 due to the need for legislation.
- Transition plans: Given the overlap between ISSB standards and the Transition Plan Taskforce (TPT) Disclosure Framework, the Government will consult on how the UK’s largest companies can most effectively disclose their transition plans in Q2 2024 (‘shortly’). The FCA will also consult on strengthening its expectations for transition plan disclosures as part of its consultation on updating Task Force on Climate-Related Financial Disclosures (TCFD)-aligned rules to UK SRS in 2025.
- UK Green Taxonomy: The announcements state that the Government expects to consult ‘in due course’ (presumably by the end of this year) on the proposed UK Green Taxonomy. After the Taxonomy has been finalised, the Government will introduce a testing period for voluntary disclosures and use for at least two reporting years before exploring mandating disclosures.
- Nature-related disclosures: The Government has acknowledged developments around nature-related disclosures and ‘encouraged the ISSB to take the work and the holistic nature risk management approach of the Taskforce on Nature-related Financial Disclosures (TNFD) into account at the appropriate time.’ There are currently no plans to integrate TNFD within UK SRS, but the Government will likely follow decisions made by the ISSB.
techUK intends to speak to the DBT to understand exactly what businesses of different sizes should expect and when, and intends to update members as soon as possible. In the meantime, we advise all organisations that might be in scope of UK SRS in the future to familiarise themselves with the Government's implementation update.
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Weronika Dorociak
Weronika Dorociak
Weronika joined techUK as a Programme Manager for Sustainability in October 2023.
Her role involves advocating for the tech sector in front of key policymakers and stakeholders. Weronika also leads the environmental and sustainability efforts within the Data Centres Group.
Prior to joining techUK, Weronika worked in public affairs and government relations in the legal sector, focusing on innovation and ESG within financial services. She also spent 2 years working as a Caseworker at Parliament. She holds a BA in Politics & International Relations from Queen Mary University of London.
Outside of work, Weronika can be found on a tennis court, at the gym, practicing yoga, or indulging in her love for Taylor Swift's music as a dedicated Swiftie.
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Craig Melson
Craig Melson
Craig is Associate Director for Climate, Environment and Sustainability and leads on our work in these areas ranging from climate change, ESG disclosures and due diligence, through to circular economy, business and human rights, conflict minerals and post-Brexit regulation.
Prior to joining techUK he worked in public affairs and policy has an avid interest in new and emerging technologies. Craig has a degree in Ancient History from King’s College London and spends his time watching Watford FC and holding out hope for Half Life 3.
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Lucas Banach
Lucas Banach is Programme Assistant at techUK, he works on a range of programmes including Data Centres; Climate, Environment & Sustainability; Market Access and Smart Infrastructure and Systems.
Before that Lucas who joined in 2008, held various roles in our organisation, which included his role as Office Executive, Groups and Concept Viability Administrator, and most recently he worked as Programme Executive for Public Sector. He has a postgraduate degree in International Relations from the Andrzej Frycz-Modrzewski Cracow University.
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Contact the team
Weronika Dorociak
Weronika Dorociak
Weronika joined techUK as a Programme Manager for Sustainability in October 2023.
Her role involves advocating for the tech sector in front of key policymakers and stakeholders. Weronika also leads the environmental and sustainability efforts within the Data Centres Group.
Prior to joining techUK, Weronika worked in public affairs and government relations in the legal sector, focusing on innovation and ESG within financial services. She also spent 2 years working as a Caseworker at Parliament. She holds a BA in Politics & International Relations from Queen Mary University of London.
Outside of work, Weronika can be found on a tennis court, at the gym, practicing yoga, or indulging in her love for Taylor Swift's music as a dedicated Swiftie.
- Email:
- [email protected]
- LinkedIn:
- https://www.linkedin.com/in/weronikaedorociak/
Craig Melson
Craig Melson
Craig is Associate Director for Climate, Environment and Sustainability and leads on our work in these areas ranging from climate change, ESG disclosures and due diligence, through to circular economy, business and human rights, conflict minerals and post-Brexit regulation.
Prior to joining techUK he worked in public affairs and policy has an avid interest in new and emerging technologies. Craig has a degree in Ancient History from King’s College London and spends his time watching Watford FC and holding out hope for Half Life 3.
- Email:
- [email protected]
- Phone:
- 020 7331 2172
- Twitter:
- @techUK,@techUK
- Website:
- www.techuk.org,www.techuk.org
- LinkedIn:
- https://uk.linkedin.com/in/craig-melson-25479936,https://uk.linkedin.com/in/craig-melson-25479936
Lucas Banach
Lucas Banach
Lucas Banach is Programme Assistant at techUK, he works on a range of programmes including Data Centres; Climate, Environment & Sustainability; Market Access and Smart Infrastructure and Systems.
Before that Lucas who joined in 2008, held various roles in our organisation, which included his role as Office Executive, Groups and Concept Viability Administrator, and most recently he worked as Programme Executive for Public Sector. He has a postgraduate degree in International Relations from the Andrzej Frycz-Modrzewski Cracow University.
- Email:
- [email protected]
- Phone:
- 020 7331 2006
- Twitter:
- @techUK
- Website:
- www.techuk.org
- LinkedIn:
- https://www.linkedin.com/in/lucas-banach-50139650
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