Climate change poses complex risks for financial systems that regulators don’t yet fully understand. In order to properly assess how physical risks and transition risks will interact with each other and other economic vulnerabilities, we need good quality, standardised non-financial data.
Joining regulators around the world who are increasingly concerned about the impact of climate change on financial institutions, the Hong Kong Money Authority (HKMA) recently set out a supervisory approach designed to ensure banks build resilience to climate-related risk.
The Sustainability Accounting Standards Board (SASB) is seeking feedback on recently published updates to its primary governance documents.
The Securities and Exchange Board of India (SEBI) is conducting a consultation into widening their environmental, social, and governance (ESG) disclosures with a new mandatory report.
Europe are seeking expert input as they take the next step in the all-important process of building data standards for non-financial reporting.
The European Securities and Markets Authority (ESMA) has emphasised the need for standardised Environmental, Social and Governance (ESG) disclosures in its response to the European Commission’s (EC’s) consultation on the renewed sustainable finance strategy.
As repeat readers of this newsletter will know, sustainability reporting has long been troubled by a confusing proliferation of competing and complementary standards and frameworks that reduce usability and comparability.
The European Commission (EC) continued making headway on non-financial reporting this week with an announcement that the European Financial Reporting Advisory Group (EFRAG) is to develop recommendations for non-financial reporting standards.
An article by Romane Maguet and Thomas Verdin, of XBRL Europe, in Revue Banque this week calls for ESEF-style tagging to be extended to non-financial information.
Non-financial (or environmental, social and governance – ESG) reporting is very much on the radar right now, especially in Europe. This week Accountancy Europe added to the debate with a number of new reports, including a follow up to their recent paper, Interconnected Standard Setting for Corporate Reporting.