UK policy

The PRI engages with UK policymakers, alongside and with the support of signatories, to shape and support the implementation of the UK government's commitment to be a net zero financial centre.

In the beginning of 2023, the UK government published a suite of documents including the 2023 Green Finance Strategy and the Net Zero Growth plan. These reiterated existing commitments on Sustainability Disclosure Requirements and development of the UK Green Taxonomy, as well as new commitments to clarify fiduciary duty and transition plan requirements. The UK policy team works on these issues, alongside stewardship, real economy, climate issues, and building on the findings of A Legal Framework for Impact report, to guide policy recommendations to better integrate sustainability impacts into UK financial legislation.

See below for the PRI’s resources on UK sustainable finance policy work.

Key publications

Latest policy engagements

PRI response to the UK's Transition Finance Market Review

The PRI welcomes the Transition Finance Market Review as an opportunity to explore how the UK can become a market leader on the transition. The PRI's response covers the scope of transition finance, links to broader sustainable finance tools, barriers to transition finance, opportunities on transition finance, and global leadership.

See response

PRI submission to the House of Lords Select Committee on The Modern Slavery Act 2015 Call for Evidence on the 2015 Modern Slavery Act

The PRI welcomes the committee's interest in the Modern Slavery Act's impact and effectiveness. We make recommendations to strengthen the implementation of the Act's provisions (especially Section 54 on transparency), through mandatory disclosures, a stronger monitoring and accountability mechanism, and considering a move towards human rights due diligence requirements.

See response

PRI submission to the Work and Pensions Committee evidence session on fiduciary duty and climate change

The PRI welcomes the committee's interest in understanding barriers around fiduciary duties and consideration of climate change risks in pension scheme investments. We make recommendations to clarify that the requirement to consider ESG risks includes an obligation to consider pursuing sustainability impact goals and the need for guidance on how pension funds can assess sustainability risks and impacts and how to set and pursue sustainability impact goals.

See response

PRI response to the Financial Conduct Authority's (FCA) guidance on the anti-greenwashing rule

The PRI supports the scope and intention of the rule, which is part of a package of measures implemented under the Sustainability Disclosure Requirements (SDR) Policy Statement. The guidance could benefit from further elaboration on interoperability, terminology, stewardship, and a monitoring and review approach.

See response

PRI contribution to the Transition Plan Taskforce (TPT) consultation on sector specific transition plan guidance for asset owners and asset managers

The PRI welcomes the sector-specific guidance for asset owners and asset managers. The guidance is comprehensive, and we support the recommendation that Asset Owners and Asset Managers “take a strategic and rounded approach to transition planning”. We encourage strengthening the connection between the strategic ambition of transition plans with achieving real economy outcomes, and including language that provides clarity on fiduciary duties.

See response

Call for evidence

PRI response to the Financial Reporting Council (FRC) UK Sustainability Disclosure call for evidence on the proposed endorsement of the IFRS Sustainability Disclosure Standards

The PRI endorse the ISSB Standards and recommend that the UK Government transpose IFRS S1 and IFRS S2 into UK regulatory requirements, as well as establishing an endorsement mechanism for current and future ISSB Standards to become part of UK law.

See response

PRI submission to the FCA's discussion paper on finance for positive sustainable change

The PRI supports regulatory progress to remove barriers to investors contributing to positive sustainability outcomes, as well as the FCA's work in enabling an economy-wide transition to net zero. Our recommendations call for greater clarity on the legal responsibility to address sustainability outcomes, updated guidance on skills and knowledge on climate and sustainability risks, and decision-useful reporting.

See response

Blogs

Further resources

  • Policy-briefings

    Policy reports

    Search our policy briefings

  • Key policy developments of 2020

    Consultations and letters

    Search our policy consultations and letters

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    A Legal Framework for Impact

    It is crucial that assessing and accounting for sustainability impact becomes a core part of investment activity. That’s why PRI, UNEP FI and The Generation Foundation are leading our work programme “A Legal Framework for Impact.”