Amalthea Biweekly on Green Finance and Regulation, July 24th - August 4th
1) New FSB Report
The Financial Stability Board's recent annual report highlights the growing significance of transition plans for companies and financial institutions in addressing climate-related financial risks. These plans are pivotal for decarbonizing the economy and providing essential insights to regulators. The report emphasises the ongoing efforts to enhance climate data, vulnerability analysis, and regulatory practices while stressing the need for forward-looking measures, like climate scenario analysis, to assess and manage climate risks. The report underscores the importance of regular and flexible monitoring, integrating climate scenarios, and forward-looking approaches to bolster financial system resilience against climate challenges.
Link to the report can be found?here.?
2) Securities regulators endorse ISSB standards
??Global market regulators have approved the International Sustainability Standards Board's (ISSB) new disclosure rules, urging jurisdictions to adopt them. The International Organization of Securities Commissions (IOSCO), representing 95% of global financial markets, praised the ISSB standards (IFRS S1 and S2) as a universal framework for assessing sustainability risks and opportunities. IOSCO is encouraging its 130 member jurisdictions, including Canada, the UK, Singapore, and Australia, to integrate or be informed by the ISSB Standards, signifying a significant move towards global financial regulation.
3) IAASB launches public consultation on landmark proposed global sustainability assurance standard
????????????The?International Auditing and Assurance Standards Board (IAASB)?has introduced its proposed?International Standard on Sustainability Assurance (ISSA) 5000, known as?General Requirements for Sustainability Assurance Engagements. ISSA 5000 is a versatile, principles-based standard suitable for various levels of assurance on sustainability information across different topics and reporting frameworks. The IAASB's commitment to outreach includes roundtables and engagement with stakeholders to gather insights for a robust final standard. Stakeholders are encouraged to provide comments on the proposed revisions by?December 1, 2023, via the IAASB website.?
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4)?Climate litigation more than doubles in five years
The?UN Environment Programme (UNEP)?and the Sabin Center for Climate Change Law at Columbia University have revealed that climate change court cases have more than doubled since 2017, indicating a global surge. This shift underscores the vital role of climate litigation in ensuring climate action and justice. The report, titled?"Global Climate Litigation Report: 2023 Status Review,"?examines cases up to December 2022, advocating for improved climate data, vulnerability analysis, and regulatory practices. As the frequency and significance of climate litigation grows, it establishes a well-defined legal landscape.
Link to the report can be found?here.
5)?Global benchmark for high-integrity carbon credits
The Integrity Council for the Voluntary Carbon Market has introduced a comprehensive global benchmark for high-integrity carbon credits, aiming to strengthen the voluntary carbon market's support for global climate goals. Carbon-crediting initiatives can seek CCP assessment via the Integrity Council's portal, using the CCP label for approved credits. Expert groups will assess different carbon credit categories against CCP criteria, with the first approved programs and categories expected by the end of 2023. The Integrity Council's Continuous Improvement Work Programs will enhance requirements and address key market issues, influencing the 2026 CCP Assessment Framework.