Latest Global ESG Legislation Development Available from GC Insights
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APAC
• China: National Development and Reform Commission launches The National Carbon Peaking Pilot Scheme. // Beijing Green Exchange published the Rules for CCER - Voluntary Greenhouse Gas Reduction Trading and Settlement (Trial). // National Development and Reform Commission and
other departments released the Guiding Opinions on promoting green innovation and high-quality development in the refining industry. // Ministry of Ecology and Environment & other departments issued the ‘Methane Emission Control Action Plan’… Hong Kong: HKEX published an Update on Consultation on the Enhancement of Climate Disclosures under the ESG Framework: postponed adoption date to January 2025, working on the roadmap for the appropriate adoption of the ISSB standards for Hong Kong’s financial services to align with international standards. // HKMA issued a new Circular - "Sale and Distribution of Green and Sustainable Investment Products", to share with the industry the good practices observed in a recent review conducted by the Hong Kong Monetary Authority (“HKMA”) on sale and distribution of green and sustainable investment products, and set out the expected standards in respect of sale and distribution of green and sustainable investment products by registered institutions (“RIs”)...
• Australia: Australia’s government issued a new consultation on its sustainable finance strategy to help the country attain its climate ambitions. The strategy includes plans to develop a fund-labelling regime for sustainable investment products and explore nature-related disclosures.
EMEA
• EU: The European Parliament (EP) plenary approved the trialogue agreement on the European Single Access Point (ESAP). // The European Council and European Parliament has reached a provisional agreement on a proposed EU law that would improve the investigation and prosecution of environmental crime offences, and tougher penalties. // Agreement reached between European Parliament and Council on Nature Restoration Law. // Members of European Parliament back plans to boost Europe's Net Zero Industry Act...
• France: Minister of the Economy, Finance and Industrial and Digital Sovereignty, announced the outlines of a new Socially Responsible Investment (SRI) label that is more demanding and makes the fight against climate change a must.
• UK: UK Transition Plan Taskforce (TPT) released a set of sector specific guidance. // UK FCA released the PS23/16: Sustainability Disclosure Requirements (SDR) and investment labels...
• Netherlands: The Dutch Authority for the Financial Markets (AFM) proposes improvements to the Sustainable Finance Disclosure Regulation (SFDR) with the introduction of “transition”, “sustainability”, and “sustainability impact” labels among others…
AMER
• US: Biden-Harris Administration announces $2 billion for cleaner construction projects to tackle the climate crisis, spur American innovation, and create good-paying jobs as part of Investing in America agenda. // Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis announced with Chinese officials…
• Canada: Minister of Energy and Natural Resources announced a $5.4million investment over four years for the International Institute of Sustainable Development (IISD) to support its ongoing role as the Secretariat of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF)…