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.
The Institute of International Finance (IIF) has recently published an interesting report, titled ‘Navigating Climate Headwinds: Reference Approaches for Scenario-based Climate Risk Measurement by Banks and Supervisors.’
The Financial Stability Institute (FSI) has published an Insights paper on ‘Stress-testing banks for climate change risk – a comparison of practices.’
The European Central Bank (ECB) is pulling out all the stops to guide Europe’s banks toward carbon neutrality and rigorously hold them to account on climate risks, according to a speech by Frank Elderson, Vice-Chair of the Bank’s Supervisory Board and Member of the Executive Board.