The recent communiqué from the G20 Finance Ministers and Central Bank Governors includes the use of carbon pricing mechanisms and incentives among the set of tools available to facilitate the shift to a more sustainable economy, alongside its support for global reporting standards discussed here.
The UK’s Financial Conduct Authority (FCA) is consulting on expanded climate-related disclosures, with comments due by 10 September.
The US Securities and Exchange Commission (SEC) has now closed its consultation on climate change disclosure rules and published the thousands of responses received, including heavyweight support for mandatory and digital approaches.
Yi Gang, Governor of the People’s Bank of China (PBOC), has promised ambitious new climate disclosure requirements and international collaboration as part of efforts to drive a ‘green transformation’ of Chinese banking.
The Group of Seven (G7) Finance Ministers and Central Bank Governors have issued a communiqué calling for the introduction of mandatory climate-related disclosures and endorsing international initiatives, among other concrete actions to address today’s historic challenges.
A recent post from the International Monetary Fund (IMF), on ‘How strengthening standards for data and disclosure can make for a greener future,’ lends its support to harmonised and consistent climate disclosures.
On 20 May 2021 US President Joe Biden signed a sweeping Executive Order on Climate-Related Financial Risk. It mandates greater disclosures to provide the information needed to understand climate risks and enable action to mitigate them.
Janine Guillot, CEO of the Sustainability Accounting Standards Board (SASB), has published a piece discussing the Board’s response to the US Securities and Exchange Commission (SEC) consultation on climate change disclosure, and welcoming SEC’s commitment to addressing the needs of 21st century investors in this arena.
In remarks to the Institute of International Finance on 21 April, US Secretary of the Treasury Janet Yellen laid out the Treasury’s ‘whole-of-government’ approach to climate change, and emphasised the importance of disclosure.
If you’re following developments in the international efforts to develop global environmental, social and governance (ESG) reporting standards and a Sustainability Standards Board (SSB), you may be interested in a recent interview in ESG Investor on ‘Making Climate Data Comparable’ with Ashley Alder, Chair of the International Organization of Securities Commissions (IOSCO).
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