As April begins, it’s a critical time for businesses and individuals alike to reflect on the recent budget announcements and their potential impacts. The 2024 Budget has brought significant changes, particularly in the environmental, social, and governance (ESG) regulations, which are increasingly shaping financial landscapes across industries. At Oasis, we understand the importance of staying aware of such developments to offer our clients the best financial advice possible. Let’s delve into some key points from the recent budget and what they mean for sustainable finance and accounting.

Extension of North Sea Oil and Gas Windfall Tax

One of the standout announcements from the Budget 2024 is the extension of the North Sea oil and gas windfall tax. This tax, aimed at capturing windfall profits from the oil and gas sector, is part of the government’s broader strategy to balance economic gains with environmental responsibilities. For companies operating in this sector, understanding the implications of this tax extension is crucial for effective financial planning and compliance.

We, at Oasis, are closely monitoring these developments to help our clients navigate the complexities of energy taxes and optimise their financial strategies accordingly. Our expertise in tax planning ensures that businesses can adapt to regulatory changes while maximising their operational efficiency and profitability.

ESG Rating Regulations

In line with global trends towards sustainable finance, the Budget 2024 also confirmed stricter ESG rating regulations. These regulations are designed to enhance transparency and accountability regarding environmental, social, and governance practices within companies. For businesses, maintaining a favourable ESG rating is not just about compliance but also about building trust with investors, stakeholders, and consumers.

We recognise the integral role of ESG considerations in modern finance. We work closely with our clients to integrate sustainable practices into their financial strategies, improve ESG performance, and demonstrate their commitment to responsible business practices. From ESG reporting to sustainability audits, we offer tailored solutions to meet the evolving needs of sustainable finance.

The Role of Accountants in Sustainable Finance

As the intersection between finance and sustainability grows stronger, accountants play a pivotal role in guiding businesses towards responsible and profitable practices. At Oasis, we leverage our expertise in financial management, tax planning, and regulatory compliance to support sustainable initiatives across sectors. Whether it’s advising on renewable energy investments, conducting ESG risk assessments, or optimising resource utilisation, we are committed to helping our clients thrive in a rapidly changing economic landscape.

The 2024 Budget brings significant implications for sustainability and finance, highlighting the interconnectedness of economic policies, environmental responsibilities, and financial strategies. By staying informed and proactive, businesses can leverage these changes to drive innovation, resilience, and long-term value creation.