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Brazil Appoints Luiz Alberto Figueiredo as Ambassador for Climate Change

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

UK Pensions Regulator Launches Regulatory Initiative to Monitor Climate and ESG Non-compliance by Trustees

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

PRA to Consider Impact of Climate Change on Financial Stability

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

EBA Seeks Input from Credit Institutions on Green Loans and Mortgages

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

European Commission Approves €515 Million in State Aid from Spain and Germany to Build Hydrogen-Powered Steel Plants

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

French Financial Regulator Calls for Review of SFDR Minimum Standards

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

FCA Publishes Discussion Paper on Sustainability-Related Governance

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

British Government to Establish Department for Energy Security and Net Zero

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

ESMA Announces Review Covering the Marketing of Financial Products across EU including Greenwashing

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

Sustainable Markets Initiative Task Force Launches Transition Categorization Framework

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

European Commission Announces Green Deal Industrial Plan

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

Brazil Carries Out First Anti-Deforestation Raids

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

BEIS Commissioned Review of UK Delivery of Net Zero

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

South America’s Anticipated Offshore Wind Boom

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

The UK Government Consults on Lower Emissions for Power Plants

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

New Brazilian Administration Signals Environmental Policy Despite Public Unrest

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

Recent Climate-Related Developments in Asia

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

COP15: The Global Biodiversity Framework

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

Greenwashing: Research Suggests European Banks “not doing enough to address ... climate change and biodiversity loss”

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

UK Crime Agency Secures Novel Court Ruling for Over £50 Million in Crime-Linked Funds

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

Disclosure: ‘Green Hushing’ Climate Targets

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

ESG Ratings: A Call for Greater Transparency and Precision

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

UK Crypto Regulation – Cryptoasset Exchange and Custodian Wallet Providers Now Required to Report on Suspected Sanctions Breaches

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

Sanctions Watch: UK Authority Outlines Powers to Impose Strict Liability Civil Penalties

Summary - 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

ESG Enforcement Watch: SEC Files Fraud Complaint against Brazilian Miner, Vale, over False Safety Claims prior to Environmental...

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

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