The Basel Committee on Banking Supervision has introduced a new voluntary framework designed to guide the disclosure of such risks by banks worldwide. This framework, which offers flexibility in its implementation, aims to enhance transparency around the potential financial impact of climate change on the banking sector.
The wave of ESG reporting triggered by the EU’s Corporate Sustainability Reporting Directive (CSRD) is sweeping across Europe, with Denmark leading the charge. But while Danish companies are ahead of the curve, a new analysis reveals that achieving full compliance remains an ambitious and complex goal, even for the early movers.
Canada’s Competition Bureau has released its final guidelines aimed at curbing greenwashing, a growing concern in the marketing world. The new framework provides businesses with clear instructions on how to make legitimate environmental claims about their products and operations under the country’s amended Competition Act. This new set of rules comes on the heels of Canada’s broader push to address deceptive marketing practices, particularly those related to environmental sustainability.
The European Commission’s review of the Sustainable Finance Disclosure Regulation (SFDR) is drawing attention, and one key player is making its voice heard loud and clear. The Dutch Authority for the Financial Markets (AFM) has responded to the Commission's Call for Evidence, urging for a major rethink of the framework that governs ESG investing. At the heart of their message is simplification. According to the AFM, a clearer, more straightforward system will not only reduce the risk of greenwashing but also empower investors and regulators to make better decisions.
The Financial Reporting Council (FRC) is opening the door for UK stakeholders to shape the future of sustainability assurance. In a recent move to bring the UK into closer alignment with global practices, the FRC has launched a consultation on a proposed version of the International Standard on Sustainability Assurance (ISSA) 5000. The consultation aims to gather feedback on the introduction of ISSA (UK) 5000, a voluntary framework designed to bring consistency and transparency to sustainability assurance in the UK market.
A recent survey conducted by #WeAreEurope, in partnership with HEC Paris, reveals that most companies across Europe are not in favor of the European Commission’s “Omnibus” initiative, which proposes reducing the scope of the EU’s Corporate Sustainability Reporting Directive (CSRD). While a majority of businesses express satisfaction with the CSRD in its current form, they have reservations about the Omnibus proposals, which aim to ease the regulatory burden on companies.
The European Banking Authority (EBA) has opened a public consultation on proposed amendments to the European Commission’s Implementing Regulation on Pillar 3 disclosures under the CRR3. The consultation focuses on enhancing the transparency and consistency of disclosures related to environmental, social, and governance (ESG) risks, equity exposures, and the aggregate exposure to shadow banking entities.