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Brazil’s Central Bank Continues To Advance On Its ESG Agenda

On April 26, 2021, the Central Bank of Brazil (BCB) launched a new public consultation (No. 86/2021, the “Consultation”) on a proposed regulation for mandatory disclosure of social, environmental, and climate risks by financial institutions. Climate-related risks must be disclosed in accordance with the TCFD Recommendations (“Recommendations”), including both physical and transition risks. As for

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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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EU eyeing stronger corporate reporting rules for climate and pandemic risks

European Commission reportedly weighing up options for stronger disclosure rules governing climate, biodiversity loss and pandemic risks Green corporate reporting rules that could see European firms having to disclose the risks they face from climate change, biodiversity loss, and pandemics, in addition to linking executive bonuses to carbon targets, are currently being weighed up by

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CDSB warns a comply or explain approach is not sufficient in reaction to UK FCA’s Proposals to enhance climate-related disclosure by listed issuers and clarification of existing disclosure obligations

CDSB welcomes the UK Financial Conduct Authority’s (FCA) efforts to speed up the uptake of high-quality climate-related financial reporting by premium listed companies, but warns that a comply or explain approach will not result in a timely and adequate response to the climate risks faced by the market. On Friday, 6th March, the FCA published

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TCFD-based reporting to become mandatory for PRI signatories in 2020

The strategy and governance indicators of the PRI’s climate risk indicators are to become mandatory for signatories to report on from 2020. Supporting the adoption of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) is a high priority for the PRI as they provide a global framework for translating information about climate

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Japanese TCFD Implementation Guide launches at inaugural summit

The Japanese version of the TCFD Implementation Guide, which launched at the TCFD Summit this October, provides localised guidance for climate-related financial disclosure. This October marks the inaugural global TCFD Summit. Held in Tokyo and endorsed by the government of Japan, the event saw over 300 attendees, including policymakers, financial institutions and businesses with the aim

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Accounting for climate risk is now the auditor’s business

As the June reporting season looms, auditors have received further guidance on reporting climate change risk. Auditors have been put on notice that they need to consider their clients’ climate-related risks and, if material, determine whether those risks are adequately disclosed in the financial statements. A joint bulletin issued by the Australian Accounting Standards Board