Days ahead of the COP26 climate conference, the UK government announced formal plans to introduce legislation requiring mandatory climate-related disclosure by companies and financial institutions.The legislation is expected to become law in April 2022, at which time more than 1,300 of the country’s largest publicly listed companies and financial institutions will become the first to provide reporting in line with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).
Days before the UN COP26 climate conference, Australian Prime Minister Scott Morrison announced a new target for the country to reach net zero emissions by 2050, outlining a plan that relies heavily on technology investment and development, rather than legislation and taxes to achieve climate goals.According to the PM’s office, the plan aims to preserve the country’s industries during the net zero transition, without putting jobs at risk, keep energy prices low, and establish Australia as a leader in low emissions technologies.
LONDON, June 23 (Reuters) - A global securities watchdog plans to publish its first regulatory guidance for raters of corporate environmental, social and governance (ESG) performance in July to stem growing concern among asset managers about overstated green credentials. The concern over so-called greenwashing has grown as more investments are channelled into climate-friendly funds, giving rise to a burgeoning market for ratings on how different companies deal with ESG challenges. Ashley Alder, chair of the IOSCO body that groups securities regulators from the United States, Europe and Asia says that many countries have no rules for ESG raters.
LONDON, July 26 (Reuters) - Global regulators took a first step on Monday to unlock the "black box" of corporate environmental, social and governance (ESG) ratings, suggesting formal oversight of a sector which helps channel trillions of dollars into climate-friendly investment funds. Despite growing influence, ESG raters and data providers are largely unregulated, lack transparency in their methods, offer uneven coverage and harbour potential conflicts of interest, said the International Organization of Securities Commissions (IOSCO), which groups market regulators from the United States, Europe and Asia. Asset managers running ESG focused funds increasingly rely on about 160 raters globally to help pick stocks and bonds, raising investor protection questions, IOSCO said. Users,...
As world leaders prepare for the upcoming UN General Assembly (UNGA), the planet is facing simultaneous emergencies that are threatening our collective ability to respond: the ongoing global pandemic, increasingly extreme weather events, and a rise in humanitarian crises with far-reaching impacts for the world’s most vulnerable people, including women, girls, and those who have dedicated their lives in the pursuit of dignity and human rights.Like last year’s annual convening, this year’s UNGA — which takes place from Tuesday, September 14, until Thursday, September 30 — has been affected by the pandemic with multiple events and convenings taking place online instead of in person.