The Transition Finance Market Review (TFMR) recommendations published in October 2024 set out a blueprint for a transition finance market that will provide capital to support decarbonisation pathways and bolster finance flows...more
In November, we got a tantalizing glimpse into what the future looks like for sustainable finance in the UK in the annual Mansion House speech. We highlight some of the key ESG regulatory announcements below. November also...more
On 14 November 2024, the UK government published its consultation response and draft legislation proposals to regulate ESG ratings providers. Entities providing ESG ratings (however named) which are likely to influence...more
On 14 November 2024, the Chancellor, Rachel Reeves, set out a number of significant developments in connection with sustainable finance in her Mansion House speech and in related publications. We saw the long awaited...more
The New Collective Quantified Goal (NCQG) (finance to support developing countries to meet climate transition and adaptation goals) was set at $300 billion. Countries reached an agreement on carbon market standards under...more
On 8 July 2024, the European Commission Delegated Regulation (EU) 2024/17001 entered into force, providing long-awaited regulatory technical standards (RTS) as mandated under Articles 22(6) and 26d(6) of the EU Securitisation...more
October was a busy month. COP 16 on Biodiversity was held at the end of the month, the UK Autumn Budget was heard on 30 October 2024, and the UK focused Transition Finance Market Review was published. All this has been...more
On 3 October 2024, the G20 Environment and Climate Sustainability Working Group released a Ministerial Declaration reaffirming its commitment to tackle climate change. The Ministerial Declaration focuses on four key areas...more
With the deadline to transpose the requirements of the Corporate Sustainability Reporting Directive (EU) 2022/2464 (CSRD) into national law expiring on 6 July 2024, we have reviewed and summarised the transposition status for...more
This month, amidst the Labour party conference in the UK, we have seen a number of policy initiatives communicated via speeches and followed up with official government announcements, for example announcing the upcoming...more
The European Commission has opened infringement procedures against 17 Member States that have failed to fully transpose the Corporate Sustainability Reporting Directive (CSRD) by the 6 July 2024 deadline. Formal letters are...more
Although we might have expected a complete lull over the Summer, there has still been activity in the ESG regulatory world. In the UK, we have seen a continuation of the work on the sustainable disclosure requirements regime...more
On 9 September 2024, the FCA confirmed that it is offering “limited temporary flexibility” until 2 April 2025 for firms to comply with the ‘naming and marketing’ rules under the UK Sustainability Disclosure Requirements....more
On 7 August 2024, the European Commission published draft FAQs on the Corporate Sustainability Reporting Directive (CSRD) clarifying the interpretation of certain provisions within the CSRD, the European Sustainability...more
On 25 July 2024, the European Supervisory Authorities (ESAs) updated the consolidated Q&As on the Sustainable Finance Disclosure Regulation 2019/2088 (the SFDR) and SFDR Delegated Regulation 2022/1288 (the SFDR Delegated...more
The UK General Election on 4 July 2024 resulted in a change of government in the UK. This has meant that the usual summer slowdown has been replaced with a flurry of activity as new ministers pick up portfolios and start to...more
June 2024 was another busy month for ESG regulation both in the EU and internationally. In the EU, the ESAs have published their final reports on greenwashing in the financial services sector and an opinion on the assessment...more
May 2024 was another busy month for ESG regulation both in the UK, EU and internationally. In the UK, the anti-greenwashing rule came into effect on 31 May 2024, an update on the Sustainability Disclosure Requirements (SDR)...more
April 2024 has been another busy month for ESG regulation both in the UK, EU and internationally. Key developments include the long-awaited Financial Conduct Authority (FCA) finalised guidance on the UK anti-greenwashing...more
Three rulings of the European Court of Human Rights given on 9 April 2024 have set the global tone for climate protection actions before national courts. The Court found that Article 8 of the European Convention on Human...more
Our latest ESG regulatory round-up highlights the key UK, EU and international financial services regulatory developments during Q1 2024. Key ESG developments this quarter include the publication of the FCA’s Business Plan...more
The growth in size and influence of ESG ratings and data markets coupled with concerns about the transparency and credibility of ESG ratings and data products have led to IOSCO developing recommendations to regulators and ESG...more
On 14 March 2023, a Call for Evidence in relation to the Transition Finance Market Review (TFMR) was published. Responses are due by 25 April 2024 from a wide range of stakeholders, including financial institutions. The...more
The term “regenerative finance” or “ReFi” describes finance for projects that are designed to increase prosperity in terms of regenerating environment, nature and providing a more sustainable future for all. ReFi recognises...more
After dramatically protracted negotiations at COP28, some have been left disappointed but transformational agreements were made that will impact businesses around the world. We’ve collected the key issues and takeaways from...more