In October 2023, the European Banking Authority (EBA) published a report addressing the need for a comprehensive prudential framework that adequately considers emerging environmental and social risks. The report is a response...more
In June 2023, the Australian government published an updated Statement of Expectations for the Australian Prudential Regulation Authority (APRA), requiring it to, among other things, “promote prudent practices and...more
The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) is assembling a team of modelling experts to develop short-term climate scenarios that capture the adverse implications in the near term of...more
In a speech delivered at the Australian Finance Review’s ESG summit on June 5, 2023, the Australian Securities and Investments Commission’s (ASIC) Chair, Joe Longo, warned companies that greenwashing is an ongoing concern for...more
6/27/2023
/ ASIC ,
Australia ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
Financial Reporting ,
Greenwashing ,
Securities Regulation ,
Sustainability
On May 3, 2023, the European Council adopted its position and commented on a March 22, 2023 proposal to amend EU consumer rules targeting greenwashing. The proposal was submitted by the European Commission in March 2022 as...more
As part of the European Central Bank’s (ECB) 2021 action plan to incorporate climate change considerations into its monetary policy, the ECB conducted a climate risk stress test of the Eurosystem balance sheet in 2022. Those...more
The European Central Bank (ECB) has published its first climate-related financial disclosures. The disclosures provide information on ECB portfolios, including detailing their carbon footprints and exposure to climate risks,...more
A report released by Dutch environmental advocacy group Changing Markets Foundation has highlighted alleged “greenwashing” in the UK and German food sectors, including via claims such as ‘carbon neutral,’ ‘climate positive,’...more
On March 22, 2023, the European Commission unveiled a proposal, the Green Claims Directive, (Proposal) aimed at combating greenwashing and misleading environmental claims. By virtue of the Proposal, the EC is attempting to...more
3/29/2023
/ Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Claims ,
Environmental Social & Governance (ESG) ,
European Commission ,
Greenwashing ,
Misrepresentation ,
Sustainable Business Practices ,
Unfair or Deceptive Trade Practices
On February 10, the UK’s advertising regulator, the Advertising Standards Authority (ASA), announced the publication of updated guidance for advertisers making environmental sustainability-related claims to consumers,...more
2/23/2023
/ Advertising Standards Authority ,
Carbon Emissions ,
Climate Action Plan ,
Climate Change ,
Environmental Claims ,
Environmental Liability ,
Environmental Policies ,
Financial Services Industry ,
Goods or Services ,
Greenwashing ,
Net Zero ,
New Guidance ,
Sustainable Business Practices ,
UK
On January 10, Isabel Schnabel, a member of the Executive Board of the European Central Bank (ECB), gave a speech at an international symposium on central bank independence on monetary policy tightening and the green...more
2/17/2023
/ Carbon Emissions ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
European Central Bank ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment ,
Lending ,
Paris Agreement
On January 16, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) in partnership with EU Member State national competent authorities (NCAs). The CSA will cover...more
2/13/2023
/ Climate Action Plan ,
Climate Change ,
Consumer Financial Products ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Greenwashing ,
Marketing ,
MiFID II ,
New Guidance ,
Regulatory Agenda ,
Regulatory Requirements
The Chair of the U.S. Federal Reserve Board (Fed), Jerome Powell, stated in a speech at the Swedish Central Bank’s symposium on January 10 that the Fed is not a “climate policymaker." He stated that it was critical for the...more