(Photo by Oli Scarff/Getty Images)

The Conservatives have pledged to scrap all mandatory reporting related to sustainability and climate change as they focus on business-friendly policy commitments.

The party has argued that environmental, social and governance (ESG) reporting has “mutated” into a thicket of red tape which reduces the competitiveness of British business.

“[There] is no evidence that [reporting measures] are materially improving our environment or climate,” the party said in an official statement.

ESG reporting has been required for all major listed UK companies since April 2022, having been brought in under then-Prime Minister Rishi Sunak.

Shadow Business Secretary Andrew Griffith said the Conservatives are “under new management”.

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