On February 17, the Brazilian Ministry of Foreign Affairs appointed Luiz Alberto Figueiredo as the Brazilian Ambassador for Climate Change. Figueiredo is an experienced diplomat who previously served as Brazil’s permanent...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
On February 1, the European Commission (EC) launched its Green Deal Industrial Plan to “enhance the competitiveness of Europe’s net-zero industry and support the fast transition to climate neutrality.” According to the...more
2/3/2023
/ Climate Action Plan ,
Climate Change ,
Energy & Climate Debates ,
Environmental Policies ,
EU ,
European Commission ,
Financing ,
Green Deal ,
Green Infrastructure ,
Investment Funds ,
Net Zero ,
Sustainable Projects
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
On January 9, the UK’s Department of Business, Energy & Industry Strategy (BEIS) launched a consultation aimed at better aligning the UK’s electricity generation market with the UK government’s net zero targets, including a...more
1/13/2023
/ BEIS ,
Carbon Emissions ,
Climate Action Plan ,
Climate Change ,
Electric Generation Suppliers ,
Energy Policy ,
Greenhouse Gas Emissions ,
Infrastructure ,
Oil & Gas ,
Power Plants ,
Regulatory Reform ,
UK
Luiz Inácio Lula da Silva assumed office on January 1 after being elected to a third term in a contentious and closely fought race. On his first day in office, Lula signed a package of executive orders, including seven that...more
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
On 25 November, the High Court of England and Wales ruled in a significant decision that suspected proceeds of crime linked to unnamed individuals must be transferred to the National Crime Agency (NCA). The funds were held by...more
12/7/2022
/ Banks ,
Barclays ,
Criminal Investigations ,
Criminal Proceeds ,
Criminal Prosecution ,
Fraud ,
National Crime Agency (NCA) ,
National Economic Crime Center (NECC) ,
Proceeds of Crime Act 2002 (POCA) ,
UK ,
White Collar Crimes
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
The UK authorities are taking further steps to bring crypto businesses within the regulatory perimeter. As of 30 August 2022, cryptoasset exchange and custodian wallet providers are required to comply with the reporting...more
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From 15 June 2022, the Office of Financial Sanctions Implementation (“OFSI”) has the power to issue monetary penalties for breaches of financial sanctions on a strict liability basis. The newly-published...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)