Digest:
- 鈥淭he timely issuance of a final global baseline climate reporting standard, ready for adoption across jurisdictions, is critical to provide decision- useful information to investors and other stakeholders on climate-related risks and opportunities鈥
- 鈥淕lobally consistent and comparable climate disclosures are an important tool to give investors and other market participants the information they need to manage risks, and seize opportunities, stemming from climate change鈥
- The survey responses showed that the most advanced economies and most EMDEs have taken active steps for firms to incorporate climate disclosures in their mainstream disclosures
Source/Context:
The FSB has surveyed its membership in July 2022 since the 2021 report to take stock of jurisdictions鈥 further progress on climate- related disclosure practices. This included implementing the FSB recommendations from the report, as well as jurisdictions鈥 potential approaches for adopting, applying, or otherwise making use of the ISSB climate-related disclosure reporting standard.
The recent survey responses as noted in the progress report showed that the most advanced economies and most EMDEs have taken active steps for firms to incorporate climate disclosures in their mainstream disclosures.
What does this mean for the FS and other industries?
Out of the 20 jurisdictions that have taken additional actions on advancing climate-related financial disclosures, the TCFD Recommendations continue to be referenced as the common basis in most cases.
Half of the 20 jurisdictions have further set out, or proposed for public consultation, in addition to the recommendations, more specific metrics or guidance that provide more detail than the TCFD Recommendations on disclosures to be made by non-financial companies and financial institutions.
Contents
- ESG in 3D, November 2022
- Investment Zones on hold?
- Lloyds becomes first UK bank to halt new oil and gas funding
- Floating offshore wind pipeline potential
- The FCA’s anti-greenwash proposals
- Environmental Act 2021 – statutory requirement to submit targets not complied with
- Investors groups are calling for action from the Government
- The Starling Bank disability discrimination decision
- FCA Financial Lives survey: Socio- demographics and financial vulnerability
- Disability and access in banking
- ESG in deals and investments
- Additional matters
- Summary of other ESG related news