Where is ESG headed this year?

Some key trends:

• workplace diversity continues to be key, including the collective impact of numerous barriers to workplace equality within a firm (not just single barriers in isolation),
• Modern Slavery Bill could enter into law in 2023 with fines for non-compliance,
• UK government continues to think about “producer responsibility” to minimise wasteful packaging,
• continued importance of truth in eco-advertising,
• UK Competition and Markets authority wants to analyse at least one ‘net zero’ market issue in the year ahead,
• Corporate Sustainability Reporting Directive ((EU) 2022/2464) (CSRD) published in the Official Journal of the EU December 2022 expands the non-financial reporting requirements of a wider range of companies on a broader range of sustainability matters,
• European Commission’s proposal for a Corporate Sustainability Due Diligence Directive (CSDDD) could impact non-EU firms doing business in the EU where that business is high turnover or in sectors deemed high risk,
• Continued belief that a more diverse financial services sector will better meet the needs of consumers,
• International Sustainability Standards Board (ISSB) could harmonise ESG reporting and make it mandatory for UK businesses investing or participating in capital markets.

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