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Treasury Update

14 December 2022

Proposing MP
Andrew Griffith Con
Arundel and South Downs
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

Issue Summary

The statement discusses the UK's approach to developing a green taxonomy and the decision to pause secondary legislation under the Taxonomy Regulations.

Action Requested

The Government will not make secondary legislation under the Taxonomy Regulations this year. It intends to commence the repeal of statutory requirements by January 1, 2023, and will consider restating and modifying retained EU law for financial services through the Financial Services and Markets Bill.

Key Facts

  • The UK Green Taxonomy development is complex and linked to multiple sectors and frameworks.
  • Challenges have arisen in the EU during taxonomy implementation.
  • Secondary legislation under the Taxonomy Regulations will not be made this year.
  • HM Treasury intends to repeal statutory requirements by January 1, 2023.
  • The Financial Services and Markets Bill is before Parliament to repeal retained EU law including the Taxonomy regulations.
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