Sustainable Finance: key development timeline

Financial services regulation is always evolving. With the EU and UK sustainable finance regulatory landscapes developing at pace, this timeline sets out key developments in 2022. For the background to the development of sustainable finance in the UK, please see our UK Guide, and for the background to the development of sustainable finance, please see our EU guide. If you require further information about anything covered in this timeline, please contact Grania Baird, Jessica Reed, Kya Fear or your usual contact on +44 (0)20 3375 7000

  • The window for application to take part in the FCA’s Green Fintech Challenge is due to close on 6 December 2021

    6 December 2021

  • The PRA expects firms to have fully embedded its Supervisory Statement 3/19

    31 December 2021

  • GTAG UK advice on green taxonomy and screening criteria expected. In effect, this has been delayed to 2022.

    Q4 2021

  • Reference period for firms affected by Phase 1 of the implementation of the Environmental, Social and Governance (ESG) Sourcebook expected to take effect., First disclosures are to be published by 30 June 2023

    1 January 2022

  • Comments and feedback on DP21/4 to be received by the FCA

    7 January 2022

  • HMT FS Future Regulatory Framework Review consultation closes

    9 February 2022

  • Digital Sustainability Sandbox due to finish, outcomes to be published in due course

    March 2022

  • UK Government expected to consult on UK Green Taxonomy

    Q1 2022

  • The Climate Financial Risk Forum (CFRF) expects to launch an online climate scenario analysis narrative tool to support smaller firms

    Q1 2022

  • The Bank of England expects to publish the Climate Biennial Exploratory Scenario exercise results in May 2022.

    May 2022

  • The FCA intends to consult in Q2 2022 on the proposed rules to implement SDR disclosure requirements as set out in DP21/4

    Q2 2022

  • The Commission intends to consult on the functioning of the market for ESG ratings

    Q4 2021

  • The Commission is due to adopt technical screening criteria for remaining environmental objectives under Taxonomy Regulation

    31 December 2021

  • Taxonomy Regulation - European Commission to publish a report about the provisions required for extending the scope of the Taxonomy Regulation beyond environmentally sustainable economic activities

    31 December 2021

  • Periodic disclosure obligations under Article 11 of the SFDR (as it relates to Article 8 and 9 products) start to apply

    1 January 2022

  • The Commission is due to publish a report on the application of the Taxonomy Regulation by 13 July 2022.

    13 July 2022

  • Level 2 amendments to UCITS directive AIFMD, MIFID, Solvency II and IDD to integrate sustainability factors begin to apply.

    August 2022

  • On an annual basis from 10 September 2022, the ESAs will have to report to the Commission on best practices relating to the transparency of adverse sustainability impacts, and the implications of due diligence practices on disclosures under the SFDR

    10 September 2022

  • The Commission is expected to publish a report on the potential financial risks associated with biodiversity loss and ecosystem degradation

    During 2022

  • The Commission will consider energy-efficient mortgages as part of its review of the Mortgage Credit Directive

    During 2022

  • The Commission is due to evaluate the application of the SFDR.

    30 December 2022

  • SFDR – product level disclosures on principal adverse impacts begin to apply.

    30 December 2022

  • The Commission is expected to publish a report on social taxonomy under the Taxonomy Regulation

    31 December 2022

  • SFDR RTS – delayed applications of the content, methodologies, and presentation of sustainability-related disclosures due to apply.

    1 January 2023

  • Disclosure requirements in the Taxonomy Regulation relating to remaining environmental objectives start to apply

    1 January 2023

Scroll to Top