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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 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
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
On 26 May 2021, the Hague District Court handed down its judgment in the Milieudefensie et al. vs. Royal Dutch Shell (“RDS“) case regarding RDS’s compliance with the objectives of the 2016 Paris Agreement. The claim was brought by seven environmental associations and NGOs acting as co-claimants – led by Milieudefensie (Friends of the Earth … Read more
The Australian Government has committed over AUS$1.1 billion for hydrogen, CCS/CCUS and international technology partnerships. The funding comes from the 2021-2022 Federal budget and broadly consists of: AUS$275.5m for the development of four hydrogen hubs AUS$263.7m for the development of CCS/CCUS projects AUS$565.8m for international technology partnerships This week’s Federal Government’s commitment sees some AUS$1.1 … Read more
The Department for Business, Energy and Industrial Strategy (BEIS) has launched a consultation on mandatory climate-related disclosures by publicly quoted companies, large private companies and limited liability partnerships (LLPs). Context of the proposed mandatory disclosure requirements The UK Government aims under its 2019 Green Finance Strategy for all listed companies and large asset owners to make disclosures … Read more
The UK Chancellor of the Exchequer delivered the 2021 Budget to the UK Parliament on 3 March 2021. The budget delivered includes a package of related policy documents, some of which relate to planned commitments to tackle climate change and achieve the Government’s net zero by 2050 ambition. Two of the more interesting aspects of this budget … Read more
In November 2020, the UK Joint Government Regulator TCFD Taskforce published its “roadmap towards mandatory climate-related disclosures”, which set out a vision for the next five years. As an initial step towards fulfilling that vision, in January 2021, the new Listing Rule 9.8.6(8) (LR) came into force. The LR requires premium-listed issuers, in their periodic … Read more
On the 17 March 2021, the UK’s Department for Business, Energy and Industrial Strategy (BEIS) published a comprehensive 175 page decarbonisation strategy placing the industrial sector at the core of the UK’s ambition to reach net-zero carbon emissions by 2050. The strategy, which BEIS describes as the “world’s first” to set a specific vision for a low-carbon … Read more
