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Global Regulatory Watch November 2022

China Association for Public Companies has announced its first ESG committee meeting on Nov 3, 2022. EU Parliament and Council of the EU gave the final green light to the corporate sustainability reporting directive...

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  • China:

    • The General Office of the China Banking and Insurance Regulatory Commission (CBIRC) released the Notice of Green Insurance Business Statistics System.

    • Ministry of Science and Technology, Ministry of Ecology and Environment, Ministry of Housing and Urban-Rural Development, Meteorological Bureau, Forestry and Grass Bureau have issued the "14th Five-Year Plan" for Scientific and Technological Innovation in the Field of Ecological Environment.

    • The Ministry of Ecology and Environment published the draft Implementation Plan for the Distribution of the Total National Carbon Emission Allowance (CEA) for 2021 and 2022 (Power Generation Industry).

    • The Ministry of Industry and Information Technology, National Development and Reform Commission, Ministry of Ecology and Environment, and Ministry of Housing and Urban-Rural Development together announced the Carbon Peak Implementation Plan for the Building Materials Industry.

    • China Association for Public Companies has announced its first ESG committee meeting on Nov 3, 2022...

  • Indonesia: Indonesia Stock Exchange, or IDX, the country's sole securities bourse, has been working toward developing a carbon exchange system to support the government's initiative to establish a carbon trading scheme in the Southeast Asian country. The Indonesia Stock Exchange is looking to establish a carbon exchange by 2025 and has started discussions with potential partners - MetaVerse Green Exchange, a digital green exchange startup licensed by the Monetary Authority of Singapore (Jakarta Globe)…


  • EU:

    • ECB sets deadlines for banks to deal with climate risks by end of 2024:

    • Recovery, energy, climate, security, and many more topics are under the scrutiny of EU auditors.

    • EU Parliament and Council of the EU gave the final green light to the corporate sustainability reporting directive for multinationals (continue to read here).

    • EU Parliament approves landmark rules to boost gender equality on corporate boards: - 40% of non-executive director posts should go to the under-represented sex

    • ESAs' letter to the European Commission regarding a delay in delivery of mandate to review SFDR Delegated Regulation.

    • ESMA published Questions and answers (Q&A) on the SFDR Delegated Regulation (Commission Delegated Regulation (EU) 2022/1288)

    • European Green Deal: Putting an end to wasteful packaging, boosting reuse and recycling.

    • The Commission is proposing the first EU-wide voluntary framework to reliably certify high-quality carbon removals.

    • ESMA’s consultation on draft guidelines on funds’ names using ESG or sustainability-related terms run from Nov 18, 2022, to Feb 20, 2023…

  • Swiss: The Federal Council adopted the implementing ordinance on climate disclosures for large Swiss companies, and brought it into force as of 1 January 2024…

  • UK: The Transition Plan Taskforce (TPT) was launched by HM Treasury in April 2022 to develop the gold standard for private sector climate transition plans applicable to the UK, but globally transferable. In November 2022, TPT published draft recommendations for a Disclosure Framework and accompanying Implementation Guidance for consultation.


  • US:

    • Biden-Harris Administration Announces Roadmap for Nature-Based Solutions to Fight Climate Change, Strengthen Communities, and Support Local Economies.

    • The Administration Proposes Plan to Protect Federal Supply Chain from Climate-Related Risks. Under the proposed rule, the largest suppliers including Federal contractors receiving more than $50 million in annual contracts would be required to publicly disclose Scope 1, Scope 2, and relevant categories of Scope 3 emissions, disclose climate-related financial risks and set science-based emissions reduction targets.

    • SEC adopted new rules on Enhanced Reporting of Proxy Votes by Registered Management Investment Companies…

  • Canada: The federal government announced that the Department of Finance would engage with experts to establish an investment tax credit of up to 30 percent for investments in clean technologies, with a focus on net-zero technologies, battery storage solutions, and clean hydrogen. Following the adoption of the Inflation Reduction Act in the United States, the need for a competitive clean technology tax credit in Canada is more important than ever.

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