Legal & Regulatory News

The Financial Conduct Authority (FCA) has published a new webpage on climate change and sustainable finance, containing a number of resources and information on the FCA's sustainable finance strategy.

On 23 April 2021, the Bank of England updated its stress testing webpage with information on the 2021 Climate Biennial Exploratory Scenario (CBES) for participating firms. The CBES will cover risks to the UK financial sector from climate change, and will be launched in June 2021.

The House of Commons Treasury Committee (the Committee) has published a report entitled 'Net Zero and the Future of Green Finance' (the Report) as part of its decarbonisation and green finance inquiry, which first launched in June 2019 and was refreshed in July 2020.

On 21 April 2021, the EU's College of Commissioners reached a political agreement on the text of a first delegated act for Regulation (EU) 2020/852 (the Taxonomy Regulation) on sustainable activities for climate change adaptation and mitigation objectives (the Climate Delegated Act).

On 21 April 2021, the United Nations Environment Programme Finance Initiative (UNEP FI) published the 'Guidelines for Climate Target Setting for Banks' (the Guidelines). The Guidelines outline four principles to underpin the setting of credible, robust, impactful and ambitious targets in line with achieving the objectives of the Paris Agreement.

On 21 April 2021, the European Commission adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD) which revises and strengthens the existing rules introduced by the Non-Financial Reporting Directive (NFRD).

On 31 March 2021, the Network for Greening the Financial System (NGFS) published a report on sustainable finance market dynamics (the Report) alongside a dashboard on scaling up green finance (the Dashboard). The Report provides an overview of the market dynamics for mobilising sustainable finance, and identifies three main channels through which financial markets can help steer the necessary transformation of the real economy towards higher levels of sustainability.

On 24 March 2021, the UK Government's Department for Business, Energy & Industrial Strategy published an open consultation on mandatory climate-related financial disclosures by publicly quoted companies, large private companies and Limited Liability Partnerships. The consultation closes at 11:45pm on 5 May 2021.

The European Commission has welcomed a report by the Platform on Sustainable Finance (the Platform) providing advice on financing the transition. In its advice, the Platform provides recommendations on how to strengthen the potential of transition financing through the Taxonomy criteria.

On 18 March 2021, the European Central Bank (ECB) published a blog post by Luis de Guindos, Vice-President of the ECB, which describes the framework and preliminary results of the economy-wide climate stress test currently being conducting by the ECB.

On 17 March 2021, the Department of Business, Energy and Industrial Strategy (BEIS) published a consultation on introducing a performance-based policy framework for assessing energy use and carbon emissions in large commercial and industrial buildings in England and Wales. BEIS has also published a consultation on how the framework could be implemented in commercial and industrial offices above 1000 square metres. Both consultations will close on 9 June 2021.

On 17 March, the Department for Business, Energy and Industrial Strategy (BEIS) published a consultation which seeks views on the proposed framework to implement a minimum energy efficiency standard (MEES) of EPC B by 2030 for privately rented non-domestic properties (the Consultation). The Consultation will close on 9 June 2021

The three European Supervisory Authorities (ESAs) have published a joint consultation paper (the Consultation) on the proposed Regulatory Technical Standards (RTS) on the content and presentation of disclosures under Articles 8(4), 9(6) and 11(5) of the Sustainable Finance Disclosure Regulation (SFDR) ((EU) 2019/2088). The deadline for responses to the Consultation is 12 May 2021 and the ESAs expect to issue a final report with draft RTS by late June or early July 2021.

The European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) have each published advice on key performance indicators (KPIs) under Article 8 of the Taxonomy Regulation, in response to the European Commission's call for advice on 15 September 2020.

The European Banking Authority (EBA) has published a consultation paper on draft implementing technical standards (ITS) on Pillar 3 disclosures on environmental, social and governance (ESG) risks. The deadline for responses is 1 June 2021.

The Sustainable Finance Committee appointed by the German federal government has published a report entitled Shifting the Trillions - A Sustainable Financial System to Facilitate the Great Transformation. The report contains 31 recommendations on how the transformation of the German economy can be financed with a sustainable financial system.

The International Organization of Securities Commission (IOSCO) has issued a press release highlighting the need for globally consistent, comparable, and reliable sustainability disclosure standards, and identified three priority areas for improvement in sustainability-related disclosures by companies and asset managers.

The UK Government has invested £10 million into the new UK Centre for Greening Finance and Investment, with two new physical research hubs due to open in Leeds and London in a matter of months.

The Cities Climate Finance Leadership Alliance has produced a report entitled An Analysis of Urban Climate Adaptation Finance, which has been published by the Climate Policy Initiative. The analysis aims to assess the state of urban climate adaptation finance and to prototype analysis methods to address current data and methodology limitations.

The Joint Committee of the European Supervisory Authorities (ESAs) have published a final report including draft regulatory technical standards (RTS) on the content, methodologies and presentation of disclosures under the EU Sustainable Finance Disclosure Regulation.

HM Treasury has announced that the UK has joined the International Platform on Sustainable Finance (IPSF), and has published the Joint Statement on the IPSF signed by Chancellor of the Exchequer Rishi Sunak. The UK’s membership of IPSF is said to support the comprehensive approach to greening financial systems, and mobilising finance for clean and resilient growth and the aims of COP26.

The Dasgupta Review (the Review), an independent global review on the Economics of Biodiversity, published its final report on 2 February 2021. The Review was commissioned by HM Treasury in 2019 and calls for changes in how we think, act and measure economic success to protect and enhance our prosperity and the natural world.

The European Securities and Markets Authority (ESMA) has written to the European Commission (EC) sharing its views on the main challenges in the area of ESG ratings and assessment tools. In the letter, ESMA highlights the need to match the growth in demand for these products with appropriate regulatory requirements to ensure their quality and reliability.

The European Central Bank (ECB) has published the outcome of its 2020 Supervisory Review and Evaluation Process (SREP) and announced its supervisory priorities for 2021. Overall, SREP requirements and guidance are stable as a result of the pragmatic SREP approach.

The European Banking Federation and the United Nations Environment Programme Finance Initiative have published a report that assesses how the EU Taxonomy can be applied to core banking products and proposes a set of recommendations to enhance applicability.

The Environmental Audit Committee (EAC) have written to the Governor of the Bank of England, urging the Bank to show continued leadership on climate change by ensuring that its future actions to promote economic recovery from Covid-19 reduce the UK’s exposure of climate risk. The Bank has since responded to the letter, highlighting that climate change is a strategic priority for the Bank.

The European Central Bank (ECB) has published a keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, in which he considers the debate on sustainable development and climate-related risks in the light of the shock caused by the Covid-19 pandemic.

The European Commission has launched a consultation to seek general and technical views on the way to establish a European single access point (ESAP) for companies’ financial and sustainable investment-related information made public pursuant to EU legislation. The deadline for responses is 3 March 2021.

The Ministry of Housing, Communities & Local Government have published a consultation setting out proposals for a Future Buildings Standard which provides a pathway to highly efficient non-domestic buildings which are zero carbon ready, better for the environment and fit for the future. The deadline for responses is 13 April 2021.

The Financial Conduct Authority (FCA) has published a policy statement including a final rule and guidance promoting better climate-related financial disclosures for UK premium listed commercial companies. The policy statement also includes a Technical Note clarifying existing disclosure obligations in EU legislation and the FCA Handbook.

Five global sustainability and integrated reporting organisations have co-authored a paper showing how the relevant components of their frameworks and standards, along with the recommendations set out by the Task Force on Climate-related Financial Disclosures (TCFD), could form the basis for development of a climate-related financial disclosure standard.

The French Autorité des Marchés Financiers (AMF) and the Dutch Autoriteit Financiële Markten (AFM) have published a joint position paper proposing a European regulatory framework for sustainability-related service providers (SSPs) who provide ESG data, ratings, and other related services to financial market participants. The aim of the proposed regulatory framework would be to prevent misallocation of investments, greenwashing and to ensure investor protection.

The Sustainability Working Group (SWG) of the International Chamber of Commerce Global Export Finance Committee has announced a new project aiming to engage the export finance industry in a conversation on how it can contribute to the global sustainability agenda and deliver greater volumes of sustainable export financing.

The European Central Bank (ECB) has published its final guide (the Guide) on climate-related and environmental risks following a public consultation earlier this year. The Guide, which is not legally binding, explains how the ECB expects banks to prudently manage and transparently disclose such risks under current prudential rules. The Guide will apply immediately.

The Better Buildings Partnership (BBP) has announced the launch of a new scheme for rating the operational energy efficiency of UK offices, NABERS UK.

The Investment Association has published a report, produced by the HM Treasury-led Asset Management Taskforce (the Taskforce), on placing stewardship at the heart of sustainable growth.

The Financial Stability Board (FSB) has published a report that examines the potential implications of climate change for financial stability. The report analyses how climate-related risks might be transmitted across, and amplified by, the financial system, including across borders.

The Chancellor of the Exchequer has delivered a statement to the House of Commons on the future of UK financial services. Under the plans outlined, the UK will remain an open, attractive international financial centre, and extend its global leadership in green finance and financial technology.

The UK Financial Conduct Authority (FCA) has published a speech by Nikhil Rathi, CEO of the FCA, about rising to the challenge of climate change, highlighting the central role that finance will play in the transition to a cleaner and less carbon-intensive economy.

The Bank of England (BoE) has published a speech by Andrew Bailey, Governor of the BoE, explaining what is being done to ensure the financial system plays its part to tackle climate change.

The European Securities and Markets Authority (ESMA) has published its draft advice to the European Commission under Article 8 of the Taxonomy Regulation for public consultation. A final report containing a summary of consultation responses and a final version of ESMA’s advice is expected to be delivered to the Commission at the end of February 2021. The deadline for responses to the consultation is 4 December 2020.

The European Banking Authority (EBA) has published a Discussion Paper on environmental, social and governance (ESG) risk management and supervision. The purpose is to collect feedback for the preparation of the EBA's final report on this topic, expected to be released in June 2021. The consultation runs until 3 February 2021.

The Task Force on Climate-related Financial Disclosures (TCFD) has published its 2020 status report, highlighting that over the past 15 months the number of organisations expressing support for the TCFD has grown more than 85%, reaching over 1,500 organizations globally.

The European Commission has launched a public consultation on sustainable corporate governance which is intended to foster long-term sustainable and responsible corporate behaviour. The consultation closes on 8 February 2021.

The EU Commission has written to the European Supervisory Authorities (ESAs) regarding the application of the Sustainable Finance Disclosure Regulation (SFDR) and related regulatory technical standards (RTS).

The Basel Committee on Banking Supervision (BCBS) has published a speech by Kevin J Stiroh, Co-Chair of the Task Force on Climate-related Financial Risks (TFCR), at the 2020 IIF Annual Membership Meeting which outlines areas of focus of the TFCR.

The European Commission has published answers to a number of frequently asked questions regarding the setting-up and work of its Platform on Sustainable Finance. The Commission has also published a full list of members of the Platform on sustainable finance following the call for applications published in June 2020.

The IFRS Foundation (the Foundation) has published a consultation paper on sustainability reporting (the Consultation) with a view to assessing demand for global sustainability reporting standards and, if demand is strong, assessing whether and to what extent the Foundation might contribute to the development of such standards.

The Green Finance Institute (GFI) has launched the Green Home Retrofit Finance Principles (GHRFPs), which were developed in collaboration with the Loan Market Association (LMA). The GHRFPs provide a framework of guidelines that promote integrity in the retrofit finance market by providing financial institutions with a consistent and transparent methodology for the allocation of finance towards retrofitting works in the UK’s domestic buildings. The GHRFPs cover: use of proceeds; process for project evaluation and selection; management of proceeds; and reporting.

The Chancery Lane Project has published the third edition of its Climate Contract Playbook (the Playbook) along with the second edition of its glossary of key climate definitions (the Glossary).

The European Central Bank (ECB) has announced that bonds with coupons linked to sustainability performance targets will become eligible as collateral for Eurosystem credit operations and also for Eurosystem outright purchases for monetary policy purposes, provided they comply with all other eligibility criteria. The decision is applicable from 1 January 2021.

The European Supervisory Authorities (ESAs) have published a survey (the Survey) seeking public feedback on presentational aspects of product templates in accordance with the regulation on sustainability‐related disclosures in financial services (SFDR). Comments are due by 16 October 2020.

The CFA Institute has published a consultation paper (the Consultation) seeking feedback on the proposed scope, structure, and design principles for its forthcoming voluntary, global Environmental, Social and Governance (ESG) Disclosure Standards for Investment Products (the Standards). In addition, the CFA Institute has called for volunteers to support the next phase of the development of the Standards.

The European Banking Authority (EBA) has published an online survey (the Survey) to collect information on institutions’ current practices and views regarding the disclosure of information on environmental, social and governance (ESG) risks. The deadline for responses is 16 October 2020.

The Network for Greening the Financial System (NGFS) has published an overview (the Overview) of environmental risk analysis (ERA) by financial institutions, providing an extensive list of examples of how environmental risks are transmitted to financial risks.

The European Commission has published for consultation a roadmap (the Roadmap) on a delegated regulation on taxonomy-related disclosures by undertakings reporting non-financial information, which supplements the Taxonomy Regulation ((EU) 2020/852).

The Treasury Committee has announced that it is relaunching an inquiry (the Inquiry) into the decarbonisation of the UK economy and green finance. The Inquiry, initially launched on 5 June 2019, now seeks additional evidence on how and whether the UK’s response to Covid-19 should take the Government’s net zero carbon emissions by 2050 target into account.

The European Commission has published provisional delegated regulations (the Delegated Regulations) supplementing Regulation (EU) 2016/1011 (the Benchmark Regulation) on sustainable finance issues.

The UK Government has published the draft Greenhouse Gas Emissions Trading Scheme Order 2020 (the Draft Order) setting out the framework for the UK Emissions Trading Scheme (UK ETS), accompanied by a draft explanatory memorandum. The new scheme will replace the EU Emissions Trading System (EU ETS), which the UK will stop participating in when the transition period ends on 31 December 2020.

The Chancery Lane Project (TCLP) has published the second edition of its 'Climate Contract Playbook' together with a glossary of commonly used climate-related definitions (the Glossary).

The UK Prudential Regulation Authority (PRA) has published a Dear CEO letter from Sam Woods, Deputy Governor and CEO of the PRA, addressed to all PRA-regulated firms. The letter follows on from the expectations set out in Supervisory Statement 3/19 (SS3/19), providing feedback and clarifying expectations on timings in relation to firms' climate-related financial risk implementation plans.

The Climate Financial Risk Forum (CFRF) has published a guide (the Guide) which aims to help financial firms understand the risks and opportunities that may arise from climate change, and which provides support on how to integrate these considerations into risk, strategy and decision-making processes.

The Swiss Federal Council (the Federal Council) has released a report and corresponding guidelines on sustainability in the financial sector, with a view to making Switzerland a leading location for sustainable financial services.

The EU Parliament has adopted at second reading a regulation on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (the Taxonomy Regulation).

The European Banking Federation has, together with five other financial industry associations (together the Industry Associations), called for the European Commission to establish a common environmental, social and governance (ESG) data register for the European Union. The proposed purpose of this register would be to enhance the availability of relevant and reliable ESG data, facilitate disclosure and scale-up sustainable funding.

The EU Commission has published for consultation a number of delegated acts relating to the EU's Action Plan on Sustainable Finance. The draft delegated acts include provisions which seek to clarify the duties of financial institutions to provide their clients with clear advice on the social and environmental risks and opportunities attached to their investments.

The consultation closes on 6 July 2020.

The European Commission has published a set of FAQs regarding the work of the European Commission and the EU Technical Expert Group on Sustainable Finance (TEG) in relation to the EU Taxonomy and the EU Green Bond Standard (EU GBS).

The International Capital Market Association (ICMA) has released the Sustainability-Linked Bond Principles (SLBP), which provide a high level framework of market guidelines relating to sustainability linked bonds, and which follow on from the Green & Social Bond Principles. The SLBP define sustainability linked bonds as forward-looking performance-based bond instruments where the issuer is committing to future improvements in sustainability outcomes within a pre-defined timeline.

The European Leveraged Finance Association (ELFA) has published a draft ESG Fact Sheet which is designed to support borrowers in preparing environmental, social and governance (ESG) disclosure and to facilitate engagement between investors and the companies to which they lend. Market participants are encouraged to review the Fact Sheet and provide any comments by 6pm on Friday, 3 July 2020.

The European Investment Bank (EIB) and Unión de Créditos Inmobiliarios (UCI) have launched a new initiative to finance green investments in Iberia, which will help fund energy efficiency projects ranging from the refurbishment of existing buildings to the construction of Nearly Zero-Energy properties.

The UK Government announced the launch of the Clean Growth Fund (CGF) on 21 May 2020. The CGF is intended to speed up the deployment of innovative clean technologies that reduce greenhouse gas emissions, by making direct investments available for companies seeking to commercialise promising clean technologies.

The European Central Bank (ECB) has launched a public consultation on its 'Guide on climate-related and environmental risks: Supervisory expectations relating to risk management and disclosure' (the Guide).

The Network for Greening the Financial System (NGFS) has released a new technical document, 'Guide for Supervisors: Integrating climate-related and environmental risks into prudential supervision' (the Guide). The Guide sets out the NGFS's five recommendations for supervisors in terms of integrating climate-related and environmental risks into supervision. The guidance follows from the NGFS's previous report, 'A Call for Action', which was released in 2019.

The European Central Bank (ECB) has launched a public consultation on its draft paper, 'Guide on climate-related and environmental risks: Supervisory expectations relating to risk management and disclosure', which is intended to outline the ECB’s understanding of the safe and prudent management of climate-related and environmental risks under the current prudential framework.

The International Capital Market Association ("ICMA") has published 'High-Level Definitions for Sustainable Finance' (the "Definitions"). The Definitions aim to encourage convergence in the use of sustainable finance terminology among markets participants and wider stakeholders, as well as policy makers and regulators.

The European Commission (the "Commission") has announced in a recent webinar that it intends to introduce proposals for EU legislation relating to mandatory human rights and environmental due diligence requirements for companies. The proposed legislation will form part of the Commission's 2021 Work Plan and its European Green Deal strategy.

The Green Bond Guidelines (the "2017 Guidelines") were released in 2017 by the Ministry of the Environment, Japan ("MOEJ") with the objective of increasing the awareness of green bonds and expanding green bond issuance and investment within Japan. The MOEJ has now updated the 2017 Guidelines and expanded them to cover green loans and sustainability linked loans (the "2020 Guidelines").

In March 2020, the UK Financial Conduct Authority (FCA) published consultation paper 20/3, 'Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations'. The consultation period closes on 1 October 2020.

The Basel Committee on Banking Supervision (BCBS) has published a report summarising the main results of a stocktake of its members' initiatives on climate-related financial risks. The report was produced by the high-level Task Force on Climate-related Financial Risks.

The European Securities and Markets Authority (ESMA) has issued a No Action Letter to promote coordinated action by National Competent Authorities (NCAs) regarding the new environmental, social and governance (ESG) disclosure requirements for benchmark administrators under the Benchmarks Regulation (BMR).

The three European Supervisory Authorities – the European Banking Authority ("EBA"), the European Securities and Markets Authority ("ESMA") and the European Insurance and Occupational Pensions Authority ("EIOPA") – have issued a consultation paper that seeks input on proposed ESG disclosure standards for financial market participants, advisers and products. The deadline for responses to the consultation paper is 1 September 2020.

Regulation (EU) 2019/2089 (the "Low Carbon Benchmarks Regulation") was published in the Official Journal on 10 December 2019 in order to amend Regulation (EU) 2016/1011 (the “Benchmark Regulation”).

On 15 April 2020, the Council of the EU adopted, at first reading, the proposed Regulation on the establishment of a framework to facilitate sustainable investment (2018/0178(COD)) which sets out an EU-wide classification system, or "taxonomy", which will provide businesses and investors with a common language to identify those economic activities which are considered environmentally sustainable.

The European Commission has launched a public consultation on its renewed sustainable finance strategy. The strategy will provide a roadmap with new actions to increase private investment in sustainable projects and activities to support the different actions set out in the European Green Deal, and to manage and integrate climate and environmental risks into the EU's financial system.

The European Commission has published the draft text of three Commission Delegated Regulations which are aimed at promoting and encouraging sustainable finance practices.

On 31 March 2020, the European Commission launched a consultation which aims to gather opinions from a range of stakeholders on the EU’s 2030 climate ambition increase, and on the action and policy design necessary for deeper greenhouse gas emission reductions.

The Autorité des marchés financiers (AMF) has published a first stage policy aimed at enhancing investor protection in relation to investments that focus on non-financial criteria.

The EU technical expert group on sustainable finance (TEG) published its final report on the taxonomy for sustainable economic activities. The report contains recommendations relating to the overarching design of the EU Taxonomy, as well as extensive implementation guidance on how companies and financial institutions can use and disclose against the taxonomy.

The consultation proposes a new rule for commercial companies with a UK premium listing, which would require them to state whether they comply with the recommendations of the Taskforce on Climate-related Financial Disclosures, explaining any non-compliance. It also consults on guidance on existing obligations set out in EU legislation and in the FCA Handbook that may already require issuers to disclose information on climate-related and wider environmental, social and governance matters under certain circumstances.

The consultation closes on 1 October 2020.

The European Commission has presented a proposal to enshrine in legislation the EU's political commitment to be climate neutral by 2050. The proposed European Climate Law sets the 2050 target and the direction of travel for all EU policy, and is intended to give predictability for public authorities, businesses and citizens.

The European Central Bank (ECB) has published a speech by Christine Lagarde, ECB President, on climate change and the financial sector. In this speech, Ms Lagarde noted that, in broad terms, the main climate change-related risks for the financial sector fall into three categories, namely risks stemming from disregard, delay and deficiency.

The Chancery Lane Project has launched the first edition of its, 'Green Paper of Model Laws' (the Green Paper) and its 'Climate Contracts Playbook' (the Playbook). The Chancery Lane Project is a collaborative effort of UK lawyers to develop new contracts and model laws to help fight climate change.

Clifford Chance has launched a regular newsletter to assist banks, financial investors and corporates in keeping up to date with ESG developments.

ICMA recently launched its, 'Sustainable finance: Compendium of international policy initiatives & best market practice' (the Compendium). The Compendium is intended to provide stakeholders with an easy reference point to the numerous national and international developments in sustainable finance. The Compendium has been designed to be regularly updated.

As part of its 'Blueprint for responsible investment' – looking at how to take responsible investment forward over the next decade – the PRI committed to undertake a review of its current Reporting Framework. The aim of the review is to ensure that the PRI’s reporting and assessment framework is fit for purpose, remains relevant to evolving responsible investment practices and is useful for signatories and the responsible investment market as a whole.

The British Standards Institution ("BSI") has published Publicly Available Specification ("PAS") 7340 entitled, 'Framework for embedding the principles of sustainable finance in financial services organizations - Guide'. PAS 7340 is the first in an anticipated series of three PASs on sustainable finance. It is intended to give financial services organisations a framework and principles that will help them understand and apply sustainable finance practices, and is intended to be internationally applicable.

BaFin has published a guidance notice on dealing with sustainability risks (the Guidance Notice).

On 20 December 2019, the EU technical expert group on sustainable finance (TEG) published a handbook on climate benchmarks and benchmarks' environmental, social and governance (ESG) disclosures (the Handbook).

The Scottish Government recently launched a consultation which sought views on its proposals to set a minimum standard for energy efficiency for owner-occupied homes and to make it mandatory for homeowners selling or renovating from 2024 onwards to comply with this.

The consultation closed on 26 March 2020.

Political agreement has been reached on an EU-wide classification system, or 'taxonomy', which will provide businesses and investors with a common language to identify what economic activities can be considered to be environmentally sustainable.

The European Commission (the Commission) has announced the European Green Deal (the Green Deal) which is intended to form a roadmap towards a sustainable economy for the EU. The Green Deal aims to transform the EU into a fair and prosperous society, with a modern, resource-efficient and competitive economy where there are net zero emissions of greenhouse gases by 2050, and where economic growth is decoupled from resource use.

The European Banking Federation (EBF) has released a report, 'Encouraging and Rewarding Sustainability: Accelerating sustainable finance in the banking sector', which examines a range of potential incentives that may be used to accelerate sustainable finance in the banking sector.

The European Banking Authority (EBA) has published its action plan on sustainable finance, outlining its approach and timeline for delivering mandates related to environmental, social and governance (ESG) factors.

The European Union, together with relevant authorities from Argentina, Canada, Chile, China, India, Kenya and Morocco, launched the International Platform on Sustainable Finance ("IPSF"). The IPSF aims to increase private sector funding in environmentally sustainable investments.

The Technical Expert Group on Sustainable Finance (TEG) has issued its final report on climate benchmarks. The final report has provided disclosure requirements in areas such as ESG, and aims help to address problems such as greenwashing.

The Bank of England has released two speeches which were recently presented by Mark Carney. Three key areas highlighted are reporting, risk management and returns.

On 23 September 2019, the United Nations Environment Programme Finance Initiative, which consists of the UN and participating banks, published guidance relating to their Principles for Responsible Banking.

The aim of the guidance is to support the implementation of the Principles by providing non-binding guidance to banks on measures they can take to implement each principle. The guidance is expected to be updated periodically to include resources that offer practical guidance on implementing the Principles.