News & Analysis as of

Financial Services Industry Net Zero Climate Change

K&L Gates LLP

ESG—Australia - Carbon Offsets: Australian Regulatory Framework

K&L Gates LLP on

Taylor Swift’s “Eras Tour” was one of the highest grossing music tours of all time with approximate proceeds exceeding US$1 billion. While this is a monumental feat, Taylor Swift also gained negative attention during the tour...more

Cadwalader, Wickersham & Taft LLP

Cadwalader Climate - April 2024 #5

In this edition we discuss several updates aimed at the financial sector, including transition planning reports published by the Network for Greening the Financial System, prudential guidance from the Bank of England on how...more

A&O Shearman

Is more regulation the best route to deliver Net Zero?

A&O Shearman on

How to accelerate the transition to a sustainable economy is a hot regulatory topic for most major economies around the world – and is set to continue ascending the agenda in the years to come. As sustainability-related...more

A&O Shearman

10 lessons in sustainability regulation

A&O Shearman on

Creating an effective regulatory framework will be critical to deliver Net Zero. But does that mean more – or less – regulation? From trade agreements to taxonomies, carbon adjustment mechanisms to corporate sustainability...more

A&O Shearman

Sustainable lending – a growing role for Islamic finance and Middle Eastern financiers

A&O Shearman on

The aims of ESG investing and Islamic Finance structures are already closely – though not perfectly – aligned. Middle Eastern governments are looking to diversify away from oil and gas. This, Samer Eido and Afsha Karim...more

Cadwalader, Wickersham & Taft LLP

Assessment of Major Banks Shows Disclosure Gaps in Finance Directed Towards Climate Solutions

The Transition Pathway Initiative (TPI), in partnership with the Grantham Research Institute on Climate Change and the Environment, conducted a study “[t]racking progress with the TPI Net Zero Banking Assessment Framework.”...more

Cadwalader, Wickersham & Taft LLP

Hong Kong’s Central Banking Institution Directs Banks to Ramp Up Net Zero Transition Planning

The Hong Kong Monetary Authority (HKMA), Hong Kong’s de facto central banking institution, issued a directive for banks setting out high-level principles on planning for a transition to a net-zero economy. In a “Dear CEO”...more

Bradley Arant Boult Cummings LLP

State AGs Turn ESG Scrutiny on Financial Service Providers

By now, followers of the debate over use of ESG (environmental, social and governance) criteria in investing and business operations are well used to the “E” taking center stage. As we discussed two months ago in this space,...more

Cadwalader, Wickersham & Taft LLP

Science-Based Targets Initiative Releases Consultation Papers for Financial Institutions, Highlights Need for Renewable Power...

In June 2023, the Science Based Targets initiative (SBTi) published a draft of its Financial Institutions Net Zero (FINZ) Standard to enable financial institutions to establish targets consistent with achieving net-zero...more

Cadwalader, Wickersham & Taft LLP

JPMorgan Outlines Voluntary Carbon Market Principles

In a recently published white paper, JPMorgan outlined its approach to improving and strengthening voluntary carbon markets to promote scalable decarbonization efforts. JPMorgan focused its analysis on voluntary carbon...more

Cadwalader, Wickersham & Taft LLP

Bank of England Issues Updated Assessment of Climate-Related Risks and Regulatory Capital Requirements for Financial Institutions

The Bank of England released a report titled Climate-Related Risks and the Regulatory Capital Framework (Report) on March 13, 2023. The Report expands on the Bank’s 2021 Climate Change Adaptation Report (CCAR), in which it...more

Cadwalader, Wickersham & Taft LLP

Green Banks Express Frustration After Net-Zero Banking Alliance Declines to Impose Restrictions on Fossil-Fuel Financing

The Net-Zero Banking Alliance (“NZBA”), the UN-led coalition of global banks “committed to aligning their lending investment portfolios with net-zero emissions by 2050,” is facing backlash from certain sustainability-focused...more

Cadwalader, Wickersham & Taft LLP

UK’s Advertising Regulator Publishes Rules on Making Carbon Neutral and Net-Zero Claims

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

Cadwalader, Wickersham & Taft LLP

Investing: Dutch Bank Publishes Climate Strategy and Joins NZBA

On December 16, the Amsterdam headquartered bank ABN AMRO announced the publication of a climate strategy and its decision to join the Net Zero Banking Alliance (NZBA). ABN AMRO stated that it is “committed to making a...more

Latham & Watkins LLP

GFANZ Issues Guidance on Net Zero Plans for Financial Institutions

Latham & Watkins LLP on

The Final Report recommends five themes that financial institutions should incorporate into their net zero transition strategies. On 1 November 2022, the Glasgow Financial Alliance for Net Zero (GFANZ) issued its Final...more

Cadwalader, Wickersham & Taft LLP

“Climate Risk Is Investment Risk”: The Asset Management Industry Confronts The Challenges and Opportunities Presented By Climate...

Introduction - The asset management industry has been sounding the alarm for some time about the risks and opportunities posed by climate change.  While private equity giant, Carlyle, is the most recent financial institution...more

White & Case LLP

Energy transition: How to finance the race to net-zero

White & Case LLP on

Global momentum behind the fight against climate change has never being stronger, as governments and energy companies around the world make ambitious pledges to reduce carbon emissions to net-zero by 2050. The US, under the...more

Holland & Knight LLP

The Financial Sector and Government Contractors in the Environmental Bull's-Eye

Holland & Knight LLP on

The Biden Administration on May 20, 2021, issued its latest and long-awaited Executive Order (EO) on climate-related financial risk. This EO reflects how the administration is continuing to take a "whole of government"...more

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