France

Topic: ESG

Subscribe to ESG RSS feed

UNEPFI – Guidelines for Climate Target Setting for Banks

On 21 April 2021, the United Nations Environment Programme Finance Initiative (UNEPFI) published guidelines for climate targets setting for banks. The guidelines outline key principles to underpin the setting of credible, robust, impactful and ambitious targets in line with achieving the objectives of the Paris Agreement. The guidelines outline four principles for target-setting: Banks shall … Continue Reading

European Commission adopts delegated regulations that amend existing regulations to introduce greater sustainability requirements into Solvency II, MiFID and the IDD

The European Commission has adopted a series of delegated regulations that help to drive investors towards more sustainable economic activities. The measures are part of the European Green Deal. The adopted delegated regulations are part of a suite of sustainability measures adopted at the same time including the EU Taxonomy Climate Delegated Act and the … Continue Reading

European Commission adopts legislative and regulatory package on sustainable finance

The European Commission (Commission) has published a number of legislative and regulatory initiatives in the context of its Sustainable Finance Action Plan. The aim of the Sustainable Finance Action Plan, which was first presented in 2018, is to channel more investment towards sustainable activities. The Commission has published the following initiatives: A Delegated Regulation under … Continue Reading

Basel Committee report on climate-related risk drivers and their transmission channels

On 14 April 2021, the Basel Committee on Banking Supervision (Basel Committee) published a report ‘Climate-related risk drivers and their transmission channels’. The report explores how climate-related financial risks can arise and impact both banks and the banking system. By synthesising existing literature, it illustrates how physical and transition climate risk drivers affect banks’ financial … Continue Reading

FSB chair updates G20 on COVID-19 support measures, and a roadmap to address climate-related financial risks

On 6 April 2021, the Financial Stability Board (FSB) published a letter from its Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting on 7 April. The FSB also delivered to the G20 a report on factors to be considered in extending, amending and ending COVID-19 support … Continue Reading

ECB blog – Shining a light on climate risks: the ECB’s economy-wide climate stress test

On 18 March 2021, the European Central Bank (ECB) published a blog post by its Vice-President, Luis de Guindos. The blog post, Shining a light on climate risks: the ECB’s economy-wide climate stress test, describes the framework for the economy-wide climate stress test that the ECB is currently conducting. The stress test is the first … Continue Reading

ESAs consult on Taxonomy–related product disclosures

On 17 March 2021, the three European Supervisory Authorities (ESAs) issued a consultation paper on draft regulatory technical standards (RTS) regarding disclosures of financial products investing in economic activities that contribute to an environmental investment objective. The Taxonomy Regulation empowers the ESAs, by amending the Regulation on sustainability-related disclosures in the financial sector (SFDR), to … Continue Reading

EBA advises the Commission on KPIs for transparency on institutions’ environmentally sustainable activities, including a green asset ratio

On 1 March 2021, the European Banking Authority published an opinion in response to the European Commission’s call for advice on key performance indicators (KPIs) and related methodology for the disclosure by credit institutions and by investment firms of information on how and to what extent their activities qualify as environmentally sustainable in accordance with … Continue Reading

EBA launches public consultation on draft technical standards on Pillar 3 disclosures of ESG risks

On 1 March 2021, the European Banking Authority (EBA) issued a consultation paper on draft implementing technical standards (ITS) on Pillar 3 disclosures on environmental, social and governance (ESG) risks. The draft ITS put forward comparable disclosures that show how climate change may exacerbate other risks within institutions’ balance sheets, how institutions are mitigating those … Continue Reading

ESMA proposes rules for Taxonomy-alignment of non-financial undertakings and asset managers

On 1 March 2021, the European Securities and Markets Authority (ESMA) published its final report on advice under Article 8 of the Taxonomy Regulation, which covers the information to be provided by non-financial undertakings and asset managers to comply with their disclosure obligations under the Non-Financial Reporting Directive (NFRD). According to Article 8(1) of the … Continue Reading

ESAs issue recommendations on the application of the Regulation on sustainability-related disclosures

On 25 February 2021, the European Supervisory Authorities (ESAs) published a joint supervisory statement designed to mitigate the risk of divergent application of the Regulation on sustainability related disclosures in the financial sector (SFDR) from 10 March 2021 to the application date of the regulatory technical standards (RTS) on the content, methodologies and presentation of … Continue Reading

IOSCO sees an urgent need for globally consistent sustainability disclosure standards and announces its priorities and vision for a Sustainability Standards Board

On 24 February 2021, the International Organization of Securities Commissions (IOSCO) issued a press release following a board meeting in which it discussed the progress made over the past year by its Sustainable Finance Task Force (STF). In the statement the ISOCO board identifies three priority areas for improvement in sustainability-related disclosures by companies and … Continue Reading

FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: February 2021

On 25 February 2021, the Financial Stability Board (FSB) published a letter from its chair to G20 Finance Ministers and Central Bank Governors. The letter notes the unprecedented challenges faced by the FSB due to the COVID-19 pandemic and the imposition of containment measures across the globe. The letter also discusses the key priorities in … Continue Reading
LexBlog