Environmental, social and governance | UK Regulatory Outlook April 2024

TPT publish sector-specific guidance

The Transition Pathway Taskforce (TPT) has published its final set of sector-specific guidance to assist companies in preparing climate transition plans.

There is specific guidance for asset owners, asset managers, banks, electric utilities and power generators, food and beverage, metals and mining, and oil and gas.

The TPT has also published a sector summary which gives practical guidance for thirty financial and real economy sectors. This new guidance will assist companies in preparing their climate transition plans.

European Parliament adopts directive on delaying European sustainability reporting standards

Following the provisional agreement reached between the European Parliament and Council on postponing sector-specific European Sustainability Reporting Standards (ESRS), the European Parliament has, on 10 April, formally adopted a directive implementing the delay.

Under the directive, the ESRS will be delayed from 30 June 2024 to 30 June 2026 in a bid to ease the regulatory burden on companies.

The council is expected to formally adopt the directive at one of its next meetings, after which it will be published in the Official Journal of the European Union and enter into force.

UK competition regulator issues fresh guidance on green collaborations for sustainability

As businesses strive to develop more sustainable practices, the Competition and Markets Authority has published its second informal guidance under its "open door" policy in relation to green agreements. Its willingness to provide such guidance provides businesses with an opportunity to obtain clarity and assurance for their own agreements with competitors on sustainability collaborations.

EU Environmental Crime Directive receives formal approval

Please see Environment.