The UK government publishes its third 5-year risk assessment of the climate change risks, based on the Independent Assessment of UK Climate Risk (provided by the CCC - Climate Change Committee). The risk assessment considers sixty-one UK-wide climate risks and opportunities cutting across multiple sectors of the economy and prioritises the following eight risk areas [...]
The WEF publishes its annual review of global risks. As can be seen in the image below, 5 out of the top 10 risks identified in the WEF survey are linked to Environmental risks, and one could say that 2 of the Societal issues are partly linked to Climate Risks too (livelihood crises, infectious diseases). [...]
An internal document to the European Commission (EC) proposing amendments to the EU Taxonomy has been released (see the Euractiv web URL below). On 1 January, the EC announced that it had begun consultations on a draft delegated act, with the Platform on Sustainable Finance and a Member States sustainable finance expert group, as it [...]
The ECB produces a Working Paper on the topic of the Low carbon Transition, Climate Commitments and the impacts on Credit Risk. This is a rather technical essay, focusing on the following topic: "whether and how two key measures of firm-level credit risk – credit ratings issued by rating agencies and the market-implied distance-to-default – [...]
The OCC wants to ensure that large banks properly identify and manage the risks associated with both physical and transition aspects of climate change. It publishes a first draft of Principles to provide a high-level framework for the safe and sound management of exposures to climate-related financial risks, consistent with the existing risk management framework [...]
The FCA issues 2 Policy Statement on climate-related disclosures: one for Listed Companies, issuers of Shares and GDRs (PS21-23) and one for Asset Managers and Asset Owners (PS21-24). The FCA introduced climate-related disclosure requirements in December 2020, through a Listing Rule for premium listed commercial companies referencing the TCFD’s recommendations. PS21-23 extends the application of [...]
This is not a typical post for this website, it has (on the surface) nothing much to do with Financial Markets and Financial Institutions. It is, however, an important element to take into account when analysing the economic future of many countries, whether those are countries from which people are fleeing or being displaced, or [...]
The UK Climate Change Committee is an independent, statutory body which "purpose is to advise the UK and devolved governments on emissions targets and to report to Parliament on progress made in reducing greenhouse gas emissions and preparing for and adapting to the impacts of climate change". The report may draw a slightly optimistic set [...]
HKEX takes an important step to help listed issuers with their existing and forthcoming requirements to ensure disclosure of ESG information to investors. The Net-Zero Guide introduces the essential steps for businesses to develop a pathway to net zero, aiming to help companies to understand their greenhouse gas (GHG) emissions in terms of where they [...]
Following the submission of draft RTS for the SFDR (Sustainable Finance Disclosure Regulation) by EBA, EIOPA and ESMA (jointly), the European Commission had 3 months to approve and adopt the text. But the complexity and length of the RTS mean that the EC won't be able to respect the deadline. Additionally, the EC wants to [...]
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