On March 30, 2023, the UK government announced the publication of its 2023 green finance strategy, updating its earlier 2019 strategy, which is intended to mitigate climate-related risk and damage while increasing the amount...more
4/4/2023
/ Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
Financial Regulatory Reform ,
Green Finance ,
Investment ,
IOSCO ,
New Guidance ,
Regulatory Standards ,
Risk Mitigation ,
UK
On March 15, 2023, the UK’s Chancellor of the Exchequer, Jeremy Hunt, announced that nuclear power will be classified as “environmentally sustainable” in UK’s green taxonomy, “giving it access to the same investment...more
On March 22, 2023, Malaysian stock exchange Bursa Malaysia and the London Stock Exchange Group announced the development of a centralized ESG-reporting platform (Platform), due to launch in April 2023. The Platform has been...more
3/29/2023
/ Capital Markets ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Global Economy ,
Investment ,
Investors ,
London Stock Exchange ,
Malaysia ,
Stock Exchange
In a recent report, the UK-based NGO ShareAction claimed that “[t]he asset management industry needs to change urgently if it is to demonstrate proactive stewardship that safeguards against key social and environmental risks...more
On February 22, 2023, the UK’s Pensions Regulator (TPR) announced the launch of a new initiative aimed at tightening regulation around ESG data published by trustees, as part of a wider campaign to assess whether trustees are...more
Under a proposed amendment to the UK’s Financial Services and Markets Bill, the Prudential Regulation Authority (PRA) could be empowered to review appropriate risk weighting and capital requirements associated with a...more
On February 13, 2023, as part of the European Commission’s Strategy for financing transition to a sustainable economy, the European Banking Authority (EBA) launched an industry survey seeking input on green loans and...more
3/6/2023
/ Climate Action Plan ,
Climate Change ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
Financial Institutions ,
Financial Services Industry ,
Green Loans ,
Mortgages ,
Small and Medium-Sized Enterprises (SMEs) ,
Sustainable Finance
On February 17, 2023, the European Commission granted approval for the Spanish and German governments to subsidize the construction of two renewable hydrogen-powered steel production facilities for Europe’s largest...more
3/3/2023
/ Carbon Emissions ,
Climate Action Plan ,
Climate Change ,
Environmental Social & Governance (ESG) ,
EU ,
Foreign Subsidies ,
Germany ,
Infrastructure ,
Spain ,
State Aid ,
Steel Industry ,
Sustainable Business Practices
On February 13, the Autorité des marchés financiers (AMF), the French financial regulator, proposed the introduction of legislation to establish “minimum environmental requirements” that must be met in order for financial...more
On February 10, the UK’s Financial Conduct Authority (FCA) published a discussion paper titled “Finance for positive sustainable change: governance, incentives and competence in regulated firms.” The paper considers whether...more
On February 7, the British government announced the creation of four new departments, including the Department for Energy Security and Net Zero. The new department has been tasked with “securing [Britain’s] long-term energy...more
On January 16, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) in partnership with EU Member State national competent authorities (NCAs). The CSA will cover...more
2/13/2023
/ Climate Action Plan ,
Climate Change ,
Consumer Financial Products ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Greenwashing ,
Marketing ,
MiFID II ,
New Guidance ,
Regulatory Agenda ,
Regulatory Requirements
On January 17, the Sustainable Markets Initiative (SMI) announced that its Asset Manager and Asset Owner Task Force (AMAO Task Force) has released a Transition Categorization Framework. The AMAO Task Force is comprised of 34...more
Recently, agents from Brazil’s environmental protection agency, the Institute of Environment and Renewable Natural Resources (Ibama), carried out the first significant environmental enforcement activity under the new...more
On January 13, an independent report was published into the UK government’s approach to delivering on its net zero obligations. The review, commissioned by the Department for Business, Energy & Industrial Strategy (BEIS), was...more
Foreign energy companies are taking initial steps to develop a large number of offshore wind farms along the coasts of Brazil and Colombia. As governments seek to reduce their carbon emissions to meet climate goals and...more
1/18/2023
/ Brazil ,
Clean Energy ,
Climate Action Plan ,
Climate Change ,
Colombia ,
Energy Projects ,
Environmental Social & Governance (ESG) ,
Infrastructure ,
Offshore Wind ,
Renewable Energy ,
South America ,
Wind Power
Taiwan’s central bank announced it will begin incorporating climate change related risks into its forecasts and modelling for inflation and economic growth. The central bank will also amend its monetary policy to better...more
The United Nations Biodiversity Conference (COP15) ended in Montreal, Canada, on December 19, 2022 with a landmark agreement to protect at least 30% the planet’s lands, inland waters, coastal areas and oceans by 2030 (known...more
1/3/2023
/ Biodiversity ,
Board of Directors ,
Carbon Emissions ,
Climate Action Plan ,
Climate Change ,
COP ,
Corporate Issuers ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
Environmental Summit ,
Greenhouse Gas Emissions ,
Infrastructure ,
United Nations
The UK-based responsible investing non-profit ShareAction announced the publication of a report into the biodiversity and climate strategies of the 25 largest European banks, measured by total assets. The report concludes...more
South Pole, a Swiss carbon finance consultancy, has published a report which suggests that one in four companies around the globe have decided not to publicize details of their climate targets. This development has been...more
In early 2022, the ESG ratings industry attracted attention when electric vehicle manufacturer Tesla Inc. was dropped from the S&P 500 ESG Index. Explaining its decision, S&P cited perceived deficiencies in many ESG areas,...more
Summary -
In an important development, on April 28, 2022, the Securities and Exchange Commission (SEC) commenced an action in the United States District Court for the Eastern District of New York in which it asserted that...more
5/3/2022
/ Corporate Governance ,
Disclosure Requirements ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
False Statements ,
Intent to Defraud ,
Investment Fraud ,
Mining ,
Misleading Statements ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC)
As investors’ calls for greater climate-related corporate accountability grow louder, the “E” in ESG—environmental, social and governance—looms larger than ever, particularly from the perspective of directors facing oversight...more