On October 17, 2023, Themis, a technology platform that helps its clients manage their financial crime risk exposure, and World Wildlife Fund (WWF) UK, announced that they are working together to produce a Deforestation and...more
On October 26, 2023, the UN Environment Programme (UNEP) published a report with recommendations for linking climate-related actions taken by non-state actors (NSAs) to the Enhanced Transparency Framework (ETF) established by...more
On October 2, 2023, the EU markets regulator, the European Securities and Markets Authority (ESMA), published a study indicating that the proportion of investment funds in Europe using ESG-related terms in their fund names...more
At a September legal conference convened by the European Central Bank (ECB), Frank Elderson, a member of the ECB’s executive board and vice-chair of its supervisory board, observed the increasing risk of climate lawsuits and...more
On September 6, 2023, climate-focused investor engagement initiative Climate Action 100+ (CA100+) published the Net Zero Standard for Diversified Mining (the Standard), allowing investors to assess the transition plans of...more
In September 2023, the European Central Bank (ECB) published its second economy-wide stress test, shedding light on the credit risks that European banks may face as a result of the ongoing climate transition....more
In August 2023, the UK pensions regulator’s climate and sustainability lead, Mark Hill, authored an article setting out how trustees can improve the climate-scenario analyses used by their schemes, in order to make them more...more
On August 24, 2023, at World Water Week in Stockholm, the COP28 UAE Presidency announced its Water Agenda ahead of COP28, formally known as the 2023 United Nations Climate Change Conference, to be held between November 30 and...more
On August 10, 2023, the Australian Securities and Investments Commission (ASIC) announced its third civil penalty proceeding this year for greenwashing against LGSS Pty Limited, which is trustee for superannuation fund Local...more
9/27/2023
/ ASIC ,
Australia ,
Climate Action Plan ,
Climate Change ,
Corporate Social Responsibility ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Investment ,
Misleading Impressions ,
Securities Regulation ,
Sustainable Business Practices
On August 9, 2023, the Brazilian city of Belém hosted a summit of the Amazonian Cooperation Treaty Organization (ACTO) with the participation of Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname and Venezuela. The...more
On July 6, 2023, the European Securities and Markets Authority (ESMA), in collaboration with National Competent Authorities (NCAs), launched the Common Supervisory Action (CSA) aimed at assessing the compliance of supervised...more
The Association of British Insurers published guidance (the Action on Nature Guide) setting out what insurers and long-term savings providers can do to help prevent biodiversity loss in the UK and become more “nature...more
On June 5, 2023, Brazil’s President, Luiz Inácio “Lula” da Silva, and the Minister of the Environment, Marina Silva, announced a package of eight presidential decrees designed to increase Brazil's leadership in mitigating...more
In May 2023, Global Feedback, an environmental advocacy group based in the UK and the Netherlands, announced that it had filed legal proceedings against the UK government, claiming that it failed to adequately assess the...more
6/27/2023
/ Agribusiness ,
Australia ,
Climate Action Plan ,
Climate Change ,
Environmental Impact Statements ,
Exports ,
Free Trade Agreements ,
Imports ,
Popular ,
Supply Chain ,
Tariffs ,
UK
On May 4, 2023, the United Nations announced the formation of a 35-member bank-led working group to promote nature- and biodiversity-related target setting that is aligned with the Kunming-Montreal Global Biodiversity...more
According to the recently published MSCI May 2023 Net Zero Tracker report, more listed companies are making climate commitments, setting decarbonization targets, and providing related disclosures, but these steps have not...more
On May 3, 2023, the European Council adopted its position and commented on a March 22, 2023 proposal to amend EU consumer rules targeting greenwashing. The proposal was submitted by the European Commission in March 2022 as...more
On March 28, 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) announced the release of the fourth and final iteration of its beta framework for nature-related risk management and disclosures, including a...more
A review by The Pensions Regulator (TPR) of the published annual climate reports of more than 71 UK pension schemes found several areas where improvement is needed as well as emerging “good practices.”...more
On May 2, 2023, the Brazilian Senate approved legislation that amends rules relating to public forest concession contracts and, significantly, now allows the use and commercialization of carbon credits. The amendment, which...more
5/19/2023
/ Agricultural Sector ,
Amazon ,
Brazil ,
Carbon Off-Set Credits ,
Climate Action Plan ,
Climate Change ,
Environmental Justice ,
Financial Services Industry ,
Forestry ,
Greenhouse Gas Emissions ,
Logging
MSCI has announced significant changes to its ESG investment fund ratings methodology that “aim to raise the requirements for a fund to be assessed as ‘AA’ or ‘AAA’ rated, improve stability in Fund ESG Ratings and add...more
As we have been regularly reporting, the European Union is pursuing major changes in its climate policy. The next significant development is a new legislative policy package, dubbed “Fit for 55.” The planned reforms would...more
The European Commission has launched a public consultation and a call for evidence seeking opinions on the EU’s intermediary climate targets for 2040. This is a scheduled step in the EU’s ambition to reach net-zero emissions...more
5/8/2023
/ Air Pollution ,
Climate Action Plan ,
Climate Change ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Financial Transactions ,
Green Deal ,
Greenhouse Gas Emissions ,
Pollution Control ,
Public Consultations ,
Renewable Energy
On April 20, during a meeting of the Major Economies Forum on Energy and Climate (MEF), President Biden pledged $500 million to the Amazon Fund, Brazil’s signature fund set up to raise donations for investments to prevent,...more
A new report by professional services firm EY has found that only 5% of FTSE 100 companies have disclosed “credible” and sufficiently detailed transition plans to become net zero by 2050....more