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2025 Annual Litigation Trends Survey
Norton Rose Fulbright has released its 2025 Annual Litigation Trends Survey, analyzing litigation trends across the legal landscape.
United Kingdom | Publication | October 2021
On October 18, 2021 the UK Government published ‘Greening Finance: A Roadmap to Sustainable Investing’. This builds on its Green Finance Strategy published in 2019, and it sets out the Government’s long-term ambition to green the financial system and align it with the UK’s net-zero commitment.
Greening the financial system is to happen in three phases:
This document focuses on Phase 1, which will be delivered through new economy-wide Sustainability Disclosure Requirements. It sets out implementation pathways for different sectors of the economy and provides more detail on the requirements, including that they will be:
Annex A to the document sets out certain sectoral pathways and summarises the regulatory approach to each type of entity and product. In terms of corporate disclosures, certain UK-registered companies and financial services firms will have to disclose information using the proposed International Sustainability Standards Board (ISSB) issued standards and appropriate metrics to explain the level of alignment of their activities with the UK Green Taxonomy, including minimum safeguards, in their annual report. The scope and timing of requirements for companies, and the reporting detail, will be determined following consultation. Certain UK-listed companies will have to disclose information using the proposed ISSB-issued standards, a set of minimum safeguards, and appropriate metrics to explain the level of alignment of their activities with the UK Green Taxonomy in their annual report. The scope and timing of these requirements for listed issuers, and the reporting detail, will again be determined following consultation. However, interim measures may be considered (for example, referencing relevant voluntary frameworks) to ensure appropriate coverage of sustainability topics pending the introduction of relevant international standards.
The document also sets out more details on the Sustainability Disclosure Requirements to help businesses prepare for what they will have to report and by when, sets out more detail on the UK Green Taxonomy, highlights the importance of investor stewardship in green finance and sets out the Government’s expectations. It also notes that the Government will update the Green Finance Strategy in 2022.
(HM Treasury, Greening Finance: A Roadmap to Sustainable Investing, 18.10.2021)
On October 20, 2021 the London Stock Exchange Group (LSEG) published a guide (Guide) to climate reporting setting out guidance for London-listed companies on the integration of climate reporting best practice and implementation of Task Force on Climate-Related Financial Disclosures (TCFD).
The Guide is designed for all companies listed on the London Stock Exchange’s markets, regardless of their sector, size or the stage of their transition journey and is intended to support best practice and educate companies on how they can implement the TCFD recommendations. It notes that it is not intended to be a deep technical document but rather a broad overview intended to help companies understand the issues, grasp how they might apply in each company’s own case and take steps towards gathering and reporting the relevant information. It aims to clarify current global best practice in climate-related disclosure and provide a step-by-step guide to supporting companies starting on this journey. It is noted that it can be a starting point for report preparers who wish to integrate climate-related information for the first time, while also providing additional resources that can help enhance the quality of climate-related disclosure for those that are at a more advanced stage.
The Guide identifies a three-stage process as helpful for integrating and communicating climate-related information in alignment with the TCFD recommendations. It is recommended that all companies perform each of these steps, although the Guide notes that the depth and detail of each stage of the process may vary.
The Guide notes that companies may also want to communicate their commitment to disclosure through a statement supporting TCFD and notes that more than 2,000 companies representing in excess of $20 trillion in market capitalisation have announced their support for TCFD and its work since its launch in 2017, including global financial firms responsible for assets in excess of $178 trillion.
The Guide complements LSEG’s separate ESG reporting guide published in 2020.
(LSEG: Understanding climate risk and opportunity – Your guide to climate reporting, 20.10.2021)
Publication
Norton Rose Fulbright has released its 2025 Annual Litigation Trends Survey, analyzing litigation trends across the legal landscape.
Publication
In late December 2024, the Ontario Court of Appeal clarified the applicable test for leave to appeal from the province’s Divisional Court, which the Court of Appeal had only recently discussed at length earlier that month.
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