The FCA released a discussion paper which considers the next steps in UK policy on Sustainability Disclosure Requirements (SDRs) and investment product labels. INREV has responded to the discussion paper on a number of points that best represent the interests of the non-listed real estate industry. The response developed by the INREV ESG Committee substantially supports the initiative to a tiered framework including product labels and detailed disclosures at entity and product level, but encourages further harmonisation among ESG regulation and ensuring consistency with other regulatory initiatives, especially with the EU SFDR.