ESG Updates – The Bank of England Climate Biennial Exploratory Scenario

The Bank of England (“BoE“) has published the results of the Climate Biennial Exploratory Scenario (“CBES“), which explores the financial risks posed by climate change for the largest banks and insurers operating in the UK. In line with the findings of other central bank stress tests across the globe, the CBES found that while the … Read more

The Third Wheel Podcast Series: ESG in Australia Episode 15

By Timothy Stutt, Jojo Fan and Mark Smyth Episode 15 – Climate change and ESG litigation trends in the consumer sector with Jojo Fan and Mark Smyth In this episode, Tim invites our disputes team to share climate change and ESG litigation insights. Jojo Fan from our Hong Kong office and Mark Smyth from the … Read more

London Stock Exchange’s Proposed Voluntary Carbon Market

Further to the London Stock Exchange’s (“LSE”) announcement during COP26 that it was developing a market offering to support publicly traded carbon funds, the LSE launched a consultation last week on its new Voluntary Carbon Market (“VCM”). The consultation period closes on 11 July 2022 and the final rules are expected to be published by the end … Read more

THE IPCC 2022 AR6 GROUP III CLIMATE CHANGE REPORT – AN OVERVIEW

Introduction The third part of the Sixth Assessment Report, Climate Change 2022: Mitigation of Climate Change, the Working Group III contribution was due to be published early on Monday 4 April 2022. However, as a result of disagreements between major polluters on issues such as the definitions and relative responsibilities of developed and developing countries, … Read more

THE IPCC 2022 AR6 GROUP II CLIMATE CHANGE REPORT – AN OVERVIEW

The IPCC’s Working Group II has issued its latest Sixth Assessment Report (AR6) publication – the 2022 AR6 Group II Report (the “Group II Report“). This report addresses climate change through the lens of impacts, adaptation and vulnerability. It follows the 2021 AR6 report which was released pre-COP26 and was endorsed by 195 governments across … Read more

Starting shot for the implementation race – Initial thoughts on the SFDR RTS adopted on 6 April 2022

The wait is finally over: On 6 April 2022, the EU Commission adopted the Regulatory Technical Standards (“RTS”) for the Sustainable Finance Disclosure Regulation (“SFDR”). Below we have set out our initial thoughts on this text which will be a central working document for the full implementation of SFDR by the financial services industry. Based in part on … Read more

Future of Consumer APAC: Climate change and ESG litigation trends in the consumer sector

Mark Smyth (Partner, Sydney) and Jojo Fan (Partner, Hong Kong) discuss the rapidly increasing developments in climate change and ESG litigation globally including greenwashing, inadequate disclosure and challenges for manufacturing and governments. They share their insights on what the future of climate litigation may hold for the consumer sector. Watch Listen About the Future of … Read more

TNFD publishes beta version of Nature-related Risk & Opportunity Management and Disclosure Framework

The Taskforce on Nature-Related Financial Disclosures (TNFD) has published the first draft of its Nature-related Risk & Opportunity Management and Disclosure Framework (TNFD Framework); which, together with subsequent drafts, will be open to feedback from market participants for the next 18 months. The TNFD is aiming to publish a usable framework and set of recommendations … Read more

SEC Proposes New Rules Requiring Climate-Related Disclosures

On Monday, March 21, 2022, the U.S. Securities and Exchange Commission (SEC) issued highly anticipated proposed rules that would require the disclosure of climate-related information by domestic and foreign public companies in their registration statements and periodic SEC filings.  At present, members of the public have 60 days to submit comments to the SEC on … Read more