On 10 October 2024, the Financial Conduct Authority (FCA) updated its Climate Financial Risk Forum (CFRF) webpage to add links to three new guides on key areas of climate risk: Nature-related Risk: Handbook for Financial Institutions, Short-term Scenarios, and Mobilising Adaptation Finance to Build Resilience.
The handbook on
On 8 October 2024, the United Nations Environment Programme Finance Initiative (UNEP FI) published the Responsible Banking Blueprint – A roadmap for action on climate, nature and biodiversity, healthy and inclusive economies and human rights (the Blueprint).The Blueprint is designed to be read in conjunction with the UNEP FI’s strategy note, Leading
On 7 October 2024, the European Securities and Markets Authority (ESMA) issued its first EU carbon markets report.
The report provides details and insights into the functioning of the EU Emissions Trading System (EU ETS) market.
It has four key sections covering prices and volatility, auctions, secondary markets trading and
On 1 October 2024, the United Nations Environment Programme Finance Initiative (UNEP FI) published the Net-Zero Banking Alliance (NZBA) 2024 Progress Report, which concludes that most NZBA banks are taking significant steps towards meeting their climate goals.
Banks voluntarily commit, when joining NZBA, to:
On 26 September 2024, the Department for Energy Security and Net Zero updated its webpage on the UK Emissions Trading Scheme (UK ETS): free allocation review by adding a note on extending the UK ETS first Free Allocation period to 2026. The note states that the UK ETS Authority is consulting operators in
In the latest episode of our podcast series, Let’s talk asset management, Cédric Danois and Simon Lovegrove discuss some of the key issues that ESMA and the other ESAs raise in the updated Q&As on the SFDR:
Listen to the episode here.
We have published a new briefing note ‘Climate adaptation: what steps should financial institutions be taking now?’
Previous financial services related ESG notes and podcasts can be found on our Financial Services Regulatory Developments in ESG hub.
On 9 September 2024, the FCA published a new webpage stating that it was offering firms temporary flexibility to comply with the ‘naming and marketing’ rules under the Sustainability Disclosure Requirements (SDR).
The FCA states that:
On 21 August 2024, the European Securities and Markets Authority (ESMA) announced that it had published the translations in all official EU languages of its guidelines on funds’ names using ESG or sustainability-related terms.
Following the publication of the translations:
On 19 August 2024, the Financial Conduct Authority (FCA) updated its webpage on the sustainability disclosure requirements (SDR) and investment labelling regime, to include a new section on downloadable labels.
The new section is intended for distributors who are subject to the new requirements in ESG 4.1.16R to 4.1.19R, which were introduced into