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 [...]
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 [...]
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 [...]
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 [...]
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