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This month, there have been some significant regulatory announcements in relation to climate-related disclosures. These announcements are a result of the increasing focus on climate change and sustainability risks across governments, regulators and industry and a continued move towards corporate compliance with the Task Force on Climate-related Financial Disclosures’ (TCFD) recommendations. While not launching new … Read more
Today the Prime Minister Boris Johnson has set out the Government’s ten point plan for what it is calling the green industrial revolution. This is part of the blueprint for the UK to meet the legally-binding target to produce net zero carbon emissions by 2050. The ten points of the plan are: Offshore wind – increasing … Read more
Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the Financial Conduct Authority (FCA)’s proposals for regulating climate-related disclosures and the litigation risks which may arise for issuers from such proposals. Climate change has been part of the political and regulatory discourse for years. However, it … Read more
Spain´s Government is fully committed to take the lead in decarbonization of economy and is in the path of approving a full set of regulations aiming for net-zero emissions that should be carefully taken into account by companies and investors. In this regard, last 21rst January 2020, in line with EU declaration, the Spanish Government … Read more
For some time, it has been recognised that climate related risks should figure in long term planning for all organisations. There is now increasing appreciation of the extent to which climate change considerations are important to business decision making today, encompassing the physical changes to the environment resulting from climate change, and the transitional risks … Read more
The UK government has announced that it will introduce a “world leading” new law that is aimed at protecting rainforests and clamping down on illegal deforestation. The proposed law would introduce mandatory supply chain due diligence obligations in relation to “forest risk” commodities. Whilst civil society has welcomed this announcement, there is a risk that the UK’s … Read more
There has been a significant rise over the past five years in the number of climate change claims that have been based (at least in part) on human rights principles, according to the latest report from the London School of Economics Grantham Research Institute on Climate Change and the Environment (“Report”). The Report highlighted the increasing number … Read more
On 18 June 2020, the European Parliament adopted the regulation on the establishment of a framework to facilitate sustainable investment[1] (the Taxonomy Regulation), a milestone in the EU’s Action Plan on Sustainable Finance (the Action Plan). It has since been published in the Official Journal and entered into force on 12 July 2020. The EU-wide green taxonomy set out … Read more
The Hong Kong Monetary Authority (HKMA) has recently published its White Paper on Green and Sustainable Banking, as well as a circular to share a range of practices adopted by major authorised institutions (AIs) for managing climate risks (7 July Circular). These form part of a series of initiatives by the HKMA that are intended to help shape a greener and more climate-resilient banking system. … Read more
