Kim Rybarczyk

On 25 February 2026, the Department for Business and Trade published the final versions of the UK Sustainability Reporting Standards ("UK SRS"). See: UK SRS S1 and UK SRS S2 - final versions Government response to the consultation on UK SRS UK SRS webpage The government consulted in June 20205 on implementation into UK law of the sustainability disclosure standards developed by the ISSB (known as IFRS S1 and S2), with some minor changes  (see our previous blog post).

The European Parliament and Council have formally approved the provisional political agreement that was reached on 9 December 2025 on the changes to the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D or CSDDD) under the Omnibus I package. The approved text is available here. This will now need to be published in the Official Journal of the EU and will enter into force on the 20th day after publication.

For the first time in 2019, the PRA set out its expectations for banks’ and insurers’ management of climate-related risks with Supervisory Statement 3/19. Earlier this year it consulted on an update to that SS in its consultation paper 10/25. Following feedback, the PRA has now published Supervisory Statement 5/25, which is its update to and replacement of SS 3/19, along with its policy statement 25/25 which describes its approach.