In an interim report just issued for consultation, the Financial Stability Board (FSB) aims to assist supervisory and regulatory authorities in developing their approaches to monitoring, managing and mitigating stability risks arising from climate change, and to promote consistency across sectors and jurisdictions.
The US National Association of Insurance Commissioners (NAIC) has announced a new framework requiring insurance companies to report their climate-related risks, in alignment with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).
We are still seeing lots of discussion and information on the US Securities and Exchange Commission (SEC) proposal to introduce mandatory digital climate disclosures.
We were interested to note an addition to the latest semi-annual Trends, Risks and Vulnerabilities Report from the European Securities and Markets Authority (ESMA), which finds a continuing high risk of market corrections.
The European Insurance and Occupational Pension Authority (EIOPA) has launched a consultation on draft application guidance on carrying out assessments of climate change materiality and using climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
If you are interested in learning more about sustainability rules in the Asia-Pacific (APAC) region you will find a wealth of useful detail in a recent post from Intercontinental Exchange, titled ‘How Asia-Pacific regulators approach the ‘E’ of ESG.’
The Basel Committee on Banking Supervision has issued a public consultation on principles for the effective management and supervision of climate-related financial risks.
With COP26 upon us, it is no surprise that climate and sustainability have been at the forefront of our minds around the world in recent days and weeks. In the UK, a number of announcements are set to have important impacts for reporting into the future.
On 14 October, the White House published ‘A Roadmap to Build a Climate-Resilient Economy’ for the US. It outlines both a climate risk accountability framework and, based on these guiding principles, a whole-of-government implementation strategy to address climate-related financial risk.
While new disclosure standards and requirements appear to be on the horizon, we’ve seen different perspectives this week on how environmental, social, and governance (ESG) factors are reflected in current reporting.