Singapore, Hong Kong Stock Exchanges Aim to Enhance Climate Disclosures, Diversity

Singapore, Hong Kong Stock Exchanges Aim to Enhance Climate Disclosures, Diversity

September 16, 2021

https-www-globalelr-com-files-2021-09-stock-images-places-asia-singapore-singapore-cityscape-300x228-jpg

Both bourses are seeking to incorporate the TCFD recommendations into their sustainability reporting regimes, extending a trend of convergence in regional ESG reporting standards. By Paul A. Davies and Timothy Hia On August 26, 2021, the Singapore Exchange Regulation (SGX RegCo) released a consultation paper proposing amendments to the sustainability reporting (SR) regime of the Singapore Exchange (SGX). The proposed changes would require Singapore-listed issuers to move toward including in their sustainability reports climate-related disclosures…

UK Government Launches Hydrogen Strategy and Business Model Consultation

August 20, 2021

https-www-globalelr-com-files-2019-06-stock-images-places-europe-united-kingdom-uk-big-ben-and-westminster-bridge-at-night-300x200-jpg

Strategy positions UK as a world leader in the hydrogen space, supporting 9,000 plus jobs and unlocking £4 billion in investment by 2030. By Paul Davies, John-Patrick Sweny, and James Bee On 17 August 2021, the Department for Business, Energy and Industrial Strategy (BEIS) published the UK’s first Hydrogen Strategy (the Strategy). The Strategy sets out the government’s roadmap for achieving its ambition of 5GW of low carbon hydrogen production capacity by 2030,…

SEC Approves Nasdaq’s Board Diversity Proposal

August 17, 2021

https-www-globalelr-com-files-2020-08-sec-building-istock-155235616-300x200-jpg

The proposal encourages board diversity for companies listed on the exchange and provides stakeholders with consistent, comparable disclosures concerning board composition. By Paul Davies, Paul Dudek, Colleen Smith, Andra Troy, and James Bee On August 6, 2021, the US Securities and Exchange Commission (SEC) voted to approve Nasdaq’s proposed changes to its listing rules (the Board Diversity Objective), which seek to encourage board diversity for companies listed on the exchange and…

China’s National ETS Launches Trading

August 9, 2021

https-www-globalelr-com-files-2019-07-stock-images-industry-construction-hardhat-and-bulldozer-300x228-jpg

The start of trading represents a significant opportunity for businesses able to achieve meaningful reductions. By Paul A. Davies and R. Andrew Westgate Nearly four years after China’s national emissions trading scheme (ETS) was announced in late 2017, trading of emissions quotas officially commenced on July 16. The start of trading represents a significant step in China’s adoption of market-based mechanisms for addressing climate change, while also signifying a major opportunity for businesses able to…

Sustainability Linked Leveraged Loans in Europe: LMA and ELFA Release Best Practice Guide

August 3, 2021

Guidance will help borrowers, lenders, and advisers in applying Sustainability Linked Loan Principles. By Paul Davies, Karan Chopra, Edward Kempson, and Sindhoo Vinod On 28 July 2021, the Loan Market Association (LMA) and European Leveraged Finance Association (ELFA) published a best practice guide (the Guide) to Sustainability Linked Leveraged Loans (SLLLs). The Guide provides practical guidance for market participants on the application of the Sustainability Linked Loan Principles (SLLPs) to leveraged loans,…

IOSCO Consults on Regulation of ESG Data and Ratings Providers

July 28, 2021

https-www-globalelr-com-files-2021-03-gettyimages-626394534-1-300x200-jpg

The consultation is part of IOSCO’s broader goal to establish global sustainability disclosure standards. By Paul A. Davies, Nicola Higgs, and Anne Mainwaring On 26 July 2021, the Board of the International Organization of Securities Commissions (IOSCO) published a consultation report (the Report) that proposes a set of recommendations to mitigate risks flowing from activities of ESG ratings and data products providers and to address some of the challenges faced by users of…

FCA Seeks to Improve Quality of ESG Fund Disclosures

July 21, 2021

https-www-globalfinregblog-com-files-2020-11-abstract-architectural-refraction-300x200-jpg

FCA has published guiding principles on the design, delivery, and disclosure of ESG and sustainable investment funds. By Nicola Higgs, David Berman, Paul Davies, Anne Mainwaring, and Charlotte Collins On 19 July 2021, the FCA published a letter sent to chairs of authorised fund managers, which sets out the regulator’s expectations regarding disclosures by funds that make ESG-related claims. The FCA aims to ensure that any ESG-related claims are clear and…

European Commission Releases Legislative Package to Meet Emissions Target

July 16, 2021

https-www-globalelr-com-files-2019-12-sunrise-865395800-300x199-jpg

The package aims to deliver on the targets agreed in the European Climate Law and fundamentally transform the EU’s economy and society for a greener future. By Paul A. Davies, Nicola Higgs, David Little, Elisabetta Righini, JP Sweny, and Michael D. Green On 14 July 2021, the European Commission (the Commission) unveiled a long-awaited package of proposals that seeks to align the EU’s climate, energy, land use, transport, and taxation…

European Commission Publishes New Green Bond Standard and Unveils Latest Sustainable Finance Strategy

July 14, 2021

The new green bond standard aims to hit EU Green Deal targets, address environmental challenges, and increase investment in sustainable activities. By Paul Davies and Edward Kempson The European Commission (the Commission) recently issued two key announcements relating to the newly published EU Sustainable Finance Strategy (the Strategy) and the new EU Green Bond Standard (the EUGBS). This blog will highlight key areas of focus in the Strategy and will explore anticipated dynamics in the…

UK Regulators Launch Discussion on Diversity and Inclusion