UK Sustainability Disclosure Requirements (SDR)
The UK’s Financial Conduct Authority (FCA) has introduced a set of measures designed to help consumers identify sustainable investments and protect them from greenwashing. These measures include four optional investment labels, new disclosure requirements, and an anti‑greenwashing rule.
SDR is a set of rules for UK asset managers and distributors of investment products. Its purpose is to ensure that products marketed as sustainable genuinely meet defined standards and provide clear, transparent information to consumers.
Key Features of SDR
Invetsment Labels
These labels are optional- providers may use them only if their funds meet the required criteria. Each reflecting a different type of sustainability objective and investment approach.
- Sustainability Focus
Funds that invest mainly in assets that are environmentally and/or socially sustainable.
- Sustainability Improvers
Funds investing mainly in assets that have the potential to improve environmental and/or social sustainability over time.
- Sustainability Impact
Funds that aim to achieve a positive measurable impact in relation to an environmental and/or social outcome.
- Sustainability Mixed Goals
Funds that invest in line with a combination of 2 or more of the other categories.
Non-Label funds
Investment funds that consider sustainability factors but choose not to use one of the FCA's official sustainability investment labels, or use only basic ESG integration. This will ensure any sustainability-related claims are transparent and reliable. For funds that do have sustainability features but choose not to apply a label, there is a requirement to provide certain disclosures.
Clear Disclosures
Products using sustainability labels—or sustainability-related terms, must provide:
- Consumer-facing disclosures: These standalone documents are simple summaries for investors that explain the sustainability characteristics of a fund, to help you make informed decisions.
- Pre-contractual disclosures: More detailed information about the sustainability characteristics of a fund.
- Ongoing disclosures: Provide regular updates on how the fund is performing against its sustainability objectives, or characteristics.
Naming & Marketing Rules
Products must follow strict rules on how sustainability-related terms like “green,” “impact,” or “sustainable” are used in names and marketing materials.
Anti-Greenwashing Rule
All FCA-authorised firms must ensure that any sustainability-related claims are fair, clear, and not misleading.
What are Consumer-Facing Disclosures and Product Reports?
A Consumer‑Facing Disclosure for a non‑labelled product provides a short, accessible explanation of the product’s sustainability related features.
A Product Report provides an annual, factual overview of any sustainability‑related features of the product, outlining how these elements have been applied in practice over the year.
Please find our Product Reports in the section below.
Our product reports
Our views on sustainable investing
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Sustainability
Infrastructure equity Q&A: Uniting innovation and rigour
3 Feb 2026
Angenika Kunne outlines Aviva Investors’ infrastructure equity strategy and the key themes driving origination, management and value creation.
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Sustainability
UK low-carbon policy: What to look out for in 2026
27 Jan 2026
Aviva’s Nick Molho looks at this year’s policy priorities and likely developments for the UK’s low-carbon agenda, and reflects on what it means for investors.
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Sustainability
Cities of the future: What will cities look like in 2050?
8 Jan 2026
Today’s private market investments will shape 2050 cities. We explore what this could look like, and the related challenges and opportunities.
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Fixed income
Buy and maintain credit: Taking the road to net zero
15 Dec 2025
Long-term trends like climate change are particularly important for buy-and-maintain investors. How can they integrate climate objectives, such as net zero by 2050, into their portfolios?
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Equities
Boosting low-carbon investment in the UK: 2025 Roadmap Update
11 Dec 2025
In 2024, we outlined our view on the most important public-policy interventions to unlock private investment in the low-carbon economy. In this update, we take stock of policy developments since, and look ahead to 2026 and beyond.
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Sustainability
Navigating nature: Opportunities for the investor of tomorrow
10 Dec 2025
Our society, economies and financial systems are embedded in nature, not external to it. This paper sets out the actions we are taking to understand nature-related risks and opportunities to deliver outcomes that meet our clients’ needs, and to support nature-related global goals.
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Sustainability
Aviva Investors’ Social Value Label: Recognising achievements during construction
11 Nov 2025
The newly launched Aviva Investors’ Social Value Label recognises quality practice in the construction supply chain. It will be awarded to contractors who deliver social value when building commercial real estate.
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Sustainability
A tale of two priorities: Aligning financial flows to climate mitigation
30 Oct 2025
Financial flows shall be “consistent with low greenhouse-gas emissions and climate-resilient development”, according to Article 2.1.c of the Paris Agreement. Yet most finance continues to flow to business as usual. How can this change?
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Sustainability
Solid foundations: The case is building for infrastructure equity
3 Oct 2025
In this article Viktor Dietrich, Research Director for infrastructure, venture capital and natural capital, revisits the case for investing in European infrastructure equity. He suggests reasons why small-to-mid-sized opportunities should feature prominently on investors’ radar.
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Sustainability
Moving beyond decarbonisation: From climate targets to transition credibility
29 Sep 2025
Holistic stewardship across corporates, value chains, and sovereigns is essential to shaping viable, investable climate transitions. But its focus must now move beyond targets to the real-world delivery needed to make those targets achievable.
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Equities
Energy-intensive industries: Unlocking low-carbon investment
16 Sep 2025
Vital industries for UK growth like steel or cement are also energy intensive, and their decarbonisation is essential. We convened a roundtable of experts to discuss barriers and solutions to unlocking low-carbon investment opportunities.
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Sustainability
Step by step: Policy progress towards a low-carbon UK economy
1 Sep 2025
The UK government has published a raft of policies and action plans on decarbonisation over the past 12 months. We assess the progress to date and discuss what remains to be done.
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Equities
The power of governance: Our key takeaways from the 2025 AGM season
20 Aug 2025
While fewer shareholder resolutions were tabled at company AGMs, we continued to encourage high standards of corporate governance practice, recognising individual company context and the importance of long-term value creation.
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Sustainability
Show me the value: Investing in carbon removal, part three
11 Jul 2025
In this article, we explore the potential benefits of carbon removal strategies for institutional investors.
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Private Markets
MegaTRENDs: Why TRENDs matter for investing in private markets
27 Jun 2025
A set of megatrends is reshaping the world, creating new opportunities and risks for investments in private markets.
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Equities
Decarbonising agriculture: Unlocking investment in sustainable land use
17 Jun 2025
Agriculture is integral to reaching net-zero emissions and reversing nature loss. Its transition also presents huge investment opportunities. We held a roundtable of experts to discuss challenges and solutions.