CDP comment on withdrawal of Sustainability Disclosure Requirements from Queen’s Speech

Responding to the news that the Sustainability Disclosure Requirements (SDRs) were withdrawn from the 2022 Queen’s Speech, Pietro Bertazzi, CDP’s Global Director of Policy Engagement and External Affairs, said: “CDP is disappointed to learn that the UK Government decided to withdraw the Sustainability Disclosure Requirements (SDRs), which were set to strengthen environmental disclosure regulation, from this week’s Queen’s Speech, thus indefinitely delaying their implementation. Whilst leadership continues to be shown in some areas, namely through the COP26 Presidency and the work undertaken by the Transition Plan Taskforce, the postponement of the SDRs is a sorely missed opportunity for the UK to further reaffirm its position as a global environmental leader, uphold the commitments made in Glasgow last year and make good on its ambition to become the first ‘net-zero aligned financial centre’.

Regulation isn’t solely about driving action: the SDRs will be critical in providing businesses across the UK with much needed guidance, clarity and confidence in aligning their business with a 1.5C future. Businesses are asking for this. CDP hopes that the UK Government will take the first opportunity to impose the SDRs and we look forward to supporting them to do so, as we are currently doing through our participation in the Transition Plan Taskforce.”

ENDS

About CDP

CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 680 investors with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Over 14,000 organizations around the world disclosed data through CDP in 2021, including more than 13,000 companies worth over 64% of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit cdp.net or follow us @CDP to find out more.