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New Zealand introduces climate change law for financial firms in world first

The new law will require banks, insurers and investment managers to report the climate impacts of their businesses and explain how they will manage risks. New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business, minister

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New Guidance on ESG disclosure in leveraged finance transactions: a step toward improved consistency

On January 19, 2021, together with the Principles for Responsible Investment (PRI), the European Leveraged Finance Association (ELFA) and the London-based Loan Market Association (LMA) jointly published a Guide for Company Advisers on ESG Disclosure in Leveraged Finance Transactions (Guide). As sustainable investing continues to gain traction, environmental, social and governance (ESG) considerations are being given increasing

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AFME calls for more consistent ESG Reporting Requirements to help deliver Europe’s Sustainable Finance ambitions

The Association for Financial Markets in Europe (AFME) has launched today (14th) a report highlighting the need for financial institutions to have access to consistent non-financial reporting from corporates to be able to support the transition to a low-carbon economy. The European ESG Disclosure Landscape for Banks and Capital Markets report, written in partnership with Latham &

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S&P Global Launches Data Solution to Help Investors with SFDR Disclosure Requirements

Leading credit ratings, benchmarks and analytics provider S&P Global announced today the launch of the SFDR Data Solution, aiming to help investors meet disclosure requirements under the European Unions’ new Sustainable Finance Disclosure Regulation (SFDR). The EU SFDR, which went into effect in March, forms part of the EU’s Action Plan on financing sustainable growth.

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What is the sustainable finance disclosure regulation?

The European Union’s (EU’s) Sustainable Finance Disclosure Regulation (SFDR) came into effect on March 10, marking a major milestone in the bloc’s efforts to ensure financial firms such as fund managers, insurers and banks that provide financial products and services within the region are comprehensively disclosing just how committed to sustainability they truly are. The

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SASB Publishes Updated Climate Risk Technical Bulletin

The Sustainability Accounting Standards Board (SASB) today published an updated Climate Risk Technical Bulletin, which shows how climate risks and opportunities manifest in unique ways across 77 industries and recommends industry-specific standards companies can use to measure, manage, and communicate those factors . “There’s overwhelming consensus that climate change is a business risk and capital

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The rise of ESG and the importance of compliance

Environmental, social and governance issues have shot up the corporate, social and political agenda over the past 18 months; ‘ESG’ is the acronym du jour, and the need to align business models with these concerns has never been greater. The pressure from stakeholders, be they lawmakers or shareholders, regulators or activists, or indeed society at

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New IAASB guidance helps advance assurance for non-financial reporting

Marking a significant step forward in supporting assurance for non-financial reporting, the International Auditing and Assurance Standards Board (IAASB) today published Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements in collaboration with the World Business Council for Sustainable Development (WBCSD). The Guidance responds to ten key stakeholder-identified challenges commonly encountered in

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GRI and SASB reporting ‘complement each other’

Joint research from the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB) explores the experiences of companies that use the two sets of standards together to fulfil their reporting needs. A Practical Guide to Sustainability Reporting Using GRI and SASB Standards is based on extensive interviews with four global companies: UK-based Diageo, City

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Should sustainability reporting and storytelling should go hand in hand?

What will happen to storytelling? There have been many pushes over the last few years for integrated reporting — folding sustainability reporting into financial reports, such as annual reports and 10-Ks. Earlier this month, the Securities and Exchange Commission (SEC) announced the creation of a Climate and ESG Task Force in its division of enforcement.