Global Regulatory Watch May 2022

The National Development and Reform Commission and National Energy Administration published the Notification of the high-quality development implementation plan for Renewable Energy. Higher Ambition in Proposed CBAM adopted by the MEPs...

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APAC

  • China: The National Development and Reform Commission (NDRC) unveiled the country’s first five-year plan for the development of the bioeconomy. The Ministry of Finance issued the Opinions on Financial Support for Carbon Peaking and Carbon Neutrality (“30·60” goals). The National Development and Reform Commission and National Energy Administration published the Notification of the high-quality development implementation plan for Renewable Energy...

  • New Zealand: Aotearoa New Zealand’s first emissions reduction plan contains strategies, policies, and actions for achieving the first emissions budget and contributing to global efforts to limit global temperature rise to 1.5˚C above pre-industrial levels…


  • Singapore: Monetary Authority of Singapore published the information papers on environmental risk management for banks, insurers and asset managers provide an overview of the progress made in implementing the MAS Guidelines on Environmental Risk Management...

EMEA

  • EU: Higher Ambition in Proposed CBAM adopted by the MEPs. The European Banking Authority (EBA) published a Discussion Paper on the role of environmental risks in the prudential framework for credit institutions and investment firms. European Green Bond Standard: new measures to reduce greenwashing: New labels created with restrictions to weed out ‘brown companies’, additional rules to strengthen supervision, and increased transparency to make it clear if bond proceeds will be used in gas or nuclear sectors…

  • UK: The Bank of England (Bank) has today published the results of the Climate Biennial Exploratory Scenario to explore the financial risks posed by climate change for the largest UK banks and insurers (participants). The UK Transition Plan Taskforce (TPT) was launched by HM Treasury to develop a gold standard for climate transition plans…



AMER
  • Canada: Canada’s Office of the Superintendent of Financial Institutions (OSFI) issued a draft version of Guideline B-15: Climate Risk Management. This guideline proposes a prudential framework that is more climate-sensitive and recognizes the impact of climate change on managing risk. The draft Guideline sets the stage for OSFI’s expectations of federally regulated financial institutions.

  • US: The Securities and Exchange Commission (SEC) proposed amendments to rules and disclosure forms to promote consistent, comparable, and reliable information for investors concerning funds’ and advisers’ incorporation of environmental, social, and governance (“ESG”) factors.…