As part of the Green Finance Strategy 2023, the move to detailed reporting of sustainability action by companies will be prioritised once the new standards are launched this summer.

‘We will continue to support the work of the International Financial Reporting Standards (IFRS) Foundation’s new standard-setting board – the International Sustainability Standards Board (ISSB) – and will set up a framework to assess these standards for their suitability for adoption in the UK as soon as the final standards are published,’ the government said.

The sustainability standards are due to be released by the International Sustainability Standards Board by the end of June 2023 and the government expects to consult on the UK adoption with a view to releasing a final set of standards after consultation.