Regulatory News from the United Kingdom

7/5/24: According to legal pundits, the Labour Party’s victory in the UK elections marks an important moment for the country’s approach to climate policy and sustainable finance

5/23/24: The UK government’s Emissions Trading Scheme (ETS) Authority proposed expanding its carbon pricing system to include the energy from waste and waste incineration sectors and integrating greenhouse gas removal technologies

5/3/24: A UK High Court judge ruled that the government acted unlawfully in approving a plan to meet climate targets without sufficient evidence it could be achieved

4/23/24: Britain's financial regulator will, starting May 31, enforce a new rule to combat greenwashing, requiring investment firms to accurately describe the sustainability of their products

12/18/23: UK Government Reveals Plans for Carbon Import Levy on Certain Products Starting in 2027

11/28/23: UK Financial Conduct Authority Publishes Rules to Combat Greenwashing and Ensure Accurate Labeling of Sustainable Funds

11/8/23: UK Government Advances Plans to Regulate Ratings Agencies Assessing Companies' ESG Performance 

9/20/23: UK Prime Minister Rishi Sunak Delays Ban on New Gasoline and Diesel Cars to 2035, Citing High Costs for Average Households

7/24/23: UK High Court Rejects ClientEarth's Challenge Against Shell, Upholding Company's Net Zero Emission Strategy

7/5/23: The United Kingdom’s ESG Data and Ratings Working Group (DRWG) has introduced a draft voluntary Code of Conduct for ESG ratings and data providers

6/29/23: The UK's Financial Conduct Authority (FCA) has expressed concerns about the sustainability-linked loan (SLL) market, citing potential risks to market integrity and greenwashing

3/30/23: UK publishes its updated net-zero Green Finance Strategy

3/29/23: United Kingdom’s Financial Conduct Authority to delay implementation of its anti-greenwashing rule and sustainability disclosure requirements

2/28/23: UK’s Competition and Markets Authority (“CMA”)  to take a “more permissive approach” in the enforcement of antitrust rules for climate change agreements

2/3/23: UK’s Financial Conduct Authority (FCA) to test asset management firms’ ESG claims

2/1/23: Financial Reporting Council (FRC), the UK’s auditor regulator, updates its statement of intent on ESG challenges

11/22/22: UK's Financial Conduct Authority (FCA) forms group involving ESG data and ratings providers

10/25/22: UK’s Financial Conduct Authority (FCA) proposes rules to clamp down on greenwashing

7/19/22: UK’s High Court rules that the government's net zero strategy must be strengthened

4/20/22: FCA publishes non-mandatory targets for board diversity

7/19/21: The UK's Financial Conduct Authority (FCA)  letter directed at asset managers highlighting ESG marketing concerns