Small and Medium Size Enterprises represent a very significant part of the economy. The disclosures from those firms about their climate impacts, either through legal or regulatory requirements or because of pressure from banks, asset managers or investors, are crucial. But those companies are struggling to understand what they have to do, to put in [...]
The ECB report provides observations following its Supervisory Review of the self-assessments and implementation plans for management and disclosure of the Climate and Environmental risks of banks under its supervision. The report provides a picture of the current state and direction of travel of C&E risk management in the banking sector, in the light of [...]
IOSCO published a set of recommendations applicable to ESG Ratings and Data Products Providers. Amongst other items, IOSCO recommends that regulators could consider focusing greater attention on the use of ESG ratings and data products and the activities of ESG rating and data products providers in their jurisdictions. The word "could" is interesting; one would [...]
The UN PRI published a Position Paper on the EU Taxonomy discussion, opposing the inclusion of gas-fired power plants and nuclear energy in the Taxonomy, as acceptable "green" and DNSH activities. Access to the PRI paper: https://www.unpri.org/download?ac=15189&adredir=1
Was COP 26 a success or a resounding failure? Opinions are divided... But a few commitments were announced, some clarification was provided (on the Paris Agreement Article 6 in particular) - the big question remains: is everyone committed to respect their pledges, this time? The next COP is... COP 15 (!) which will take place [...]
Fitch is publishing a comprehensive analysis of ESG issues (not just Climate Change), the relevance of indicators to the ratings methodology applied by Fitch and the linkages between risks and products / activity sectors. Volume 1 focuses on: a) GHG and Air Quality Issues b) Energy c) Water d) Biodiversity and Waste e) Environmental Impact [...]
We had an EU Taxonomy, a China Taxonomy, a Common Ground Taxonomy between the 2 being worked out, a UK Taxonomy in the making, many other Taxonomies around the world... now we have a common Asean (10 States in South East Asia) Taxonomy for Sustainable Finance. It is clearly stated that this is only Level [...]
The Centre for Economic Policy Research publishes a compendium of articles on Climate Change covering such items as economics, growth, GHG emissions targets, carbon pricing, carbon taxes, green finance, the central banks impacts, the political aspects and North / South divide facing the climate risks. Access to CEPR on the VOX EU website: https://voxeu.org/content/combatting-climate-change-cepr-collection [...]
Only 2 days after the IFRS Foundation made key announcements about its ISSB initiative (cf our post dated 3rd November), the EU confirms the composition of the experts working group charged with drafting the EU Sustainability Reporting Standards. One major will be: how tightly will EFRAG and ISSB work on those issues? In particular, will [...]
The IPSF is, essentially, a collaboration between the EU and China to create a common Taxonomy, starting from the EU version perhaps but with a very strong lead by China. It will be very interesting to see the evolution of that initiative and how it may collide with the EU internal debates on whether, for [...]
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