ESG

In anticipation of the first publication of transition plans mandated by the European directive on Corporate Sustainability Reporting (CSRD), the Autorité des marchés financiers (AMF), the French Financial Markets Authority, has published an educational guide. Developed by its Climate and Sustainable Finance Commission (CCFD), the guide delves into the intricacies of companies' climate transition plans, emphasizing the significance of short- and medium-term targets, resource allocation, and governance.

The European Council and Parliament have reached a provisional agreement on a groundbreaking proposal for a regulation governing environmental, social, and governance (ESG) rating activities. This regulatory initiative aims to bolster investor confidence in sustainable products, recognizing the crucial role ESG ratings play in shaping capital markets and fostering trust in sustainable investments.

In a strategic move to bolster environmental, social, and governance (ESG) initiatives, Deloitte has expanded its partnerships with Informatica and Workiva. This collaboration aims to provide clients with robust ESG implementation and data management capabilities, combining the strengths of Informatica's AI-powered Intelligent Data Management Cloud platform and Workiva's cloud-based regulatory reporting offering.

The European Central Bank (ECB) has revealed its comprehensive Climate and Nature Plan for the years 2024-2025. This plan signifies a proactive step, building upon the progress achieved since the ECB's climate agenda in 2022, and signals an expansion of efforts to address critical aspects of climate change and nature degradation.

The International Ethics Standards Board for Accountants (IESBA) has announced the launch of two Exposure Drafts (EDs), setting forth the first comprehensive suite of global standards on ethical considerations in sustainability reporting and assurance.

The European Parliament's Legal Affairs Committee voted 21-2 to approve a proposal for a two-year delay in key aspects of the Corporate Sustainable Reporting Directive (CSRD). The delay includes the adoption of sector-specific sustainability disclosures and sustainability reporting standards for companies outside the EU. The move is part of the EU Commission's effort to reduce reporting burdens for companies, as outlined in its 2024 Commission Work Programme.

The European Banking Authority (EBA) has opened a public consultation on draft Guidelines for environmental, social, and governance risks. These guidelines aim to establish robust requirements for financial institutions in the identification, measurement, management, and monitoring of ESG risks. The consultation period extends until April 18, 2024.