The Institute of Chartered Accountants of Scotland (ICAS) has issued a call to action for stakeholders to provide their insights on the government’s recent series of consultations concerning the UK’s sustainable finance strategy.  

These consultations, which began in June, focus on the establishment of sustainability reporting standards, the verification of sustainability disclosures, and the implementation of climate-related transition strategies. 

ICAS has been soliciting the views of its members, conducting a survey and organising a collaborative workshop with officials from the Department for Business and Trade (DBT) and the Department for Energy Security and Net Zero (DESNZ).  

ICAS director of sustainability Fiona Donnelly said: “ICAS fully supports the government’s ambition for the UK to lead globally on sustainable finance, and we view these consultations as a vital step in modernising the nonfinancial reporting landscape.  

“In our responses, we have called for a clear, consistent, and proportionate reporting regime that delivers meaningful information for all users, reduces unnecessary regulatory burdens, and has uniform application criteria across the market.

“We have also urged the government to seize this once-in-a-generation opportunity to strike the right balance between enabling international comparability while giving businesses the flexibility to tell their own story.”  

The government is also considering a proposal to have the upcoming Audit, Reporting and Governance Authority oversee a voluntary registration system for sustainability assurance service providers. 

UK financial institutions and major companies will be required to create and execute transition plans consistent with the Paris Agreement’s 1.5°C target. 

Following the review of the consultation responses, the government plans to outline its policy approach later in the year. ICAS has indicated its intention to remain involved with both the DBT and DESNZ, as well as other interested parties.