The International Chamber of Commerce (ICC) unveiled its new Principles for Sustainable Trade Finance (PSTF) at Sibos 2024 in Beijing in effort to fight against greenwashing in global trade. The framework, developed in collaboration with leading financial institutions and Boston Consulting Group (BCG), addresses the critical challenge of evaluating sustainability in trade finance products.
The Securities and Exchange Commission (SEC) has taken action against New York-based investment adviser WisdomTree Asset Management Inc. for making false statements and failing to comply with its own investment criteria for ESG-marketed funds. The charges, announced on October 21, 2024, highlight the growing scrutiny of environmental, social, and governance (ESG) investment practices in the financial industry.
The world of environmental, social, and governance (ESG) risks has long been under scrutiny, and one of the key issues that continues to generate concern is greenwashing – the practice of making misleading claims about the environmental benefits of a company’s products or initiatives. RepRisk’s 2024 report on greenwashing has drawn attention to a significant, yet nuanced, shift in the greenwashing landscape. For the first time in six years, there has been an overall decline in the number of greenwashing incidents, though high-risk cases have surged, underlining an evolving and more complex regulatory landscape.
The International Financial Reporting Standards (IFRS) Foundation has unveiled a comprehensive guide to support companies in voluntarily adopting the International Sustainability Standards Board (ISSB) Standards. This initiative, titled "Voluntarily applying ISSB Standards—A guide for preparers," responds to the growing global investor demand for comparable and decision-useful sustainability-related disclosures.
In an era of increasing regulatory scrutiny, organizations are accelerating their sustainability initiatives, according to a new report from the Capgemini Research Institute. The study, titled "A World in Balance 2024: Accelerating Sustainability Amidst Geopolitical Challenges," reveals a shifting landscape where regulations are becoming the primary driver of corporate environmental strategies, presenting new challenges and opportunities for Governance, Risk, and Compliance (GRC) professionals.
Australia's House of Representatives has recently passed the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024, marking a pivotal step in both climate and financial market reforms. This significant piece of legislation introduces mandatory climate-related financial reporting for large and medium-sized companies and establishes the Net Zero Economy Authority to steer Australia towards its climate goals.
A new report sheds light on the crucial role that Environmental, Social, and Governance (ESG) ratings and data products are playing in shaping financial markets. The study, which analyzes the impact and regulation of ESG ratings, reveals how these tools are becoming instrumental in driving business efficiency, informing decision-makers, and allocating capital towards sustainable initiatives.