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9h ago

UK Scraps Green Taxonomy to Prioritize Sustainability Reporting Standards

Treasury officials judged the taxonomy ineffective for steering capital or preventing greenwashing, triggering a consultation on mandatory sustainability reporting standards

Boats sail on the River Thames near to The Houses of Parliament, on the day when trade talks are due to take place in London between the U.S. and China, in London, Britain, June 9, 2025. REUTERS/Toby Melville/File Photo
Environmentalists saw the plan as a way to direct new capital into areas most likely to help reduce climate change

Overview

  • HM Treasury formally abandoned its bespoke green taxonomy on July 15 after finding it would not deliver its goals in a proportionate way
  • Consultation responses showed 45% support for the taxonomy while 55% of the 150 submissions were mixed or negative
  • Officials said they will focus on other green policies to drive investment and curb misleading environmental claims
  • The Department for Business and Trade released draft sustainability reporting standards on June 25 with feedback open until September 17 and final rules due by December
  • UK Sustainable Investment and Finance Association head of policy Oscar Warwick Thompson called the decision disappointing and urged swift delivery of transition plans and reporting standards