The UK will consult on a regulatory framework for ESG ratings providers in Q1 2023, Chancellor Jeremy Hunt announced today. He also announced the government’s intention to publish an updated Green Finance Strategy early in the new year. The measures are intended to ensure that “the financial system plays a major role in the delivery of the UK’s Net Zero target”. The announcement was made as part of a package of reforms the regulation of the UK finance sector. Hunt added that HM Treasury would join the industry-led ESG Data and Ratings Code of Conduct Working Group, recently convened by the Financial Conduct Authority, as an observer. Becoming a “net zero aligned financial centre” would “see more investment in sustainable energy supplies such as nuclear, hydrogen and offshore wind – delivering new opportunities and well-paying jobs”, said a statement from HM Treasury.
Today we're launching the Edinburgh Reforms: a package of 30 measures to unleash the power of our financial services sector.
More investment = jobs, opportunity & prosperity.
Through boosting vital sectors like this, we grow our economy, meaning more funds for public services.
— HM Treasury (@hmtreasury) December 9, 2022