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

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

EUROPEAN COMMISSION PUBLISHES COMPLEMENTARY CLIMATE DELEGATED ACT COVERING NUCLEAR AND GAS ENERGY ACTIVITIES UNDER THE EU TAXONOMY

On 2 February 2022 the European Commission approved in principle a Complementary Climate Delegated Act (the “Complementary Delegated Act“) which includes criteria for nuclear and gas energy activities under the EU taxonomy. The Complementary Delegated Act will amend Delegated Regulation (EU) 2021/2139, which supplements the EU Taxonomy Regulation 2020/852, and provides a set of criteria … Read more

The European Commission’s proposal on deforestation and forest degradation

Deforestation and forest degradation are increasing at an alarming rate, exacerbating climate change and biodiversity loss. The increasing use of agricultural land to produce commodities (such as wood, beef, palm oil, soy, cocoa, and coffee) is one of the primary causes of deforestation and forest degradation. As a result, the European Commission has proposed a … Read more

COP26 SERIES: NATIONALLY DETERMINED CONTRIBUTIONS

As the 2021 United Nations Climate Change Conference (COP26 or the Conference) draws near, the spotlight on international efforts to tackle climate change intensifies. COP26 is an important Conference for many reasons, one of which is that it will be the first Conference at which new and/or updated Nationally Determined Contributions (NDC) will be discussed. WHAT ARE … Read more

COP26 SERIES: NATURE BASED SOLUTIONS

EXECUTIVE SUMMARY There is increasing interest in the role Nature-based Solutions’ (“NbS”) are to play in adaptation and mitigation of climate change at COP26. Its role, especially in the context of Article 6 relating to carbon markets, will be of critical concern to many countries and blocs especially Brazil and the African Group of Negotiators. … Read more

COP26 SERIES: CLIMATE FINANCE

The COP26 Private Finance Hub was set up to help bridge the gap between the Paris Agreement targets and the very significant changes across world economies that are required to meet those targets. It is led by Mark Carney, and its objective for COP26 is to ensure that every professional financial decision takes climate change … Read more