The ECB publishes a document describing the main characteristics of the 2022 climate risk stress test exercise and providing banks with guidance on how to conduct the exercise. There are 2 main chapters: • Chapter 2 which sets out the process for the banks’ submissions and provides a high-level overview of the quality assurance process [...]
The ECB publishes the results of its economy-wide climate stress test, spanning more than four million firms worldwide and 1,600 euro area banks under three different climate policy scenarios. The results highlight a couple of major conclusions: 1) Firms and banks will benefit from early adoption of green policies and a transition plan towards a [...]
The EU publishes updates on its Next Generation (NGEU) Bonds & Bills, with Green bonds coming soon as part of the Recovery & Resilience Plan (37% of that Plan should be devoted to the green transition). The new Green Bonds Framework was published on Sept 7th and the first issuance is scheduled for October this [...]
IRIS Carbon / FIN_X Solutions Webinar on ESG Reporting and ESEF solutions Speakers: Thomas Toomse-Smith, Head of Innovation and Digital – Regulatory Standards at the FRC (Financial Reporting Council) Emiliano Salcines, Chairman LEXI Xavier Pujos, CEO XP 49 Limited More info on LinkedIn.
Publication of the final text and adoption by the European Commission are expected at the earliest in October 2021. See the European Commission website here - https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12732-Banking-Union-review-of-bank-crisis-management-&-deposit-insurance-framework-BRRD-review-_en See also a European Parliament Briefing which includes a number of useful links - https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/659620/IPOL_BRI(2021)659620_EN.pdf
07/09/2021 NextGenerationEU is a "recovery instrument" designed to raise up to about €800 billion through bond issuance in the Capital Markets. It is at the heart of the European Union (EU) response to the coronavirus crisis and has the ambition to support the economic recovery and build a greener, more digital and more resilient future. [...]
31/08/2021 ISDA stresses the need to have clear Implementing Regulations in place as soon as possible, to facilitate the transition or alternative arrangements, in particular for complex contracts. This is a recurring theme across jurisdictions, with a risk that legal disputes will derail a smooth transition. See the European Commission publication here - https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13120-Interest-rates-Statutory-replacement-rate-for-the-EONIA-benchmark_en See [...]
30/08/2021 A summary for policy makers of key principles in developing an impact evaluation framework for nature-based solutions. See the full report here - https://op.europa.eu/en/publication-detail/-/publication/aeb73167-0acc-11ec-adb1-01aa75ed71a1/language-en/format-PDF/source-search
27/08/2021 A very comprehensive study, delivered for the European Commission by Blackrock, on the tools, mechanisms and processes deployed by EU banks to integrate ESG into their prudential framework. See the full report here - https://ec.europa.eu/info/publications/210827-final-study-esg-factors-banking_en
20/08/2021 Impacts of an EU Carbon border tax on its trade partners, especially the most vulnerable countries. The concept of CBAM needs to be carefully thought through in its implementation, so that it is neither discriminatory nor favouring specific trade partners, while at the same not overly penalising the low developed countries which are heavily [...]
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