The Financial Conduct Authority (FCA) has released findings from its recent review, indicating that although many Authorised Fund Managers (AFMs) have taken steps to comply with the FCA's expectations regarding Environmental, Social, and Governance (ESG) and sustainable funds, further enhancements are required.
In a recent survey conducted by Honeywell, it was revealed that more than four out of five companies are gearing up to increase their investments in environmental sustainability initiatives over the next 12 months. The findings signal the rising importance of sustainability goals among businesses and growing confidence in their ability to achieve these objectives.
Australia is making significant progress in its commitment to climate-related financial disclosure, as the Australian Accounting Standards Board (AASB) introduces a new exposure draft outlining proposed standards for reporting climate-related information. These standards align with the sustainability disclosure standards introduced by the IFRS Foundation's International Sustainability Standards Board (ISSB).
In a recent event held in Beijing, the UN Global Compact, the world's most extensive corporate sustainability initiative, introduced groundbreaking guidance and assessment tools to empower companies in advancing sustainable infrastructure within the framework of the Belt and Road Initiative (BRI). The event brought together high-level representatives from government, businesses, and academia.
The European Banking Authority (EBA), a European Union banking supervisor, has unveiled a new report focusing on the integration of environmental and social risks within its prudential supervision framework for banks and investment firms. This initiative aims to accelerate the incorporation of these risks into the Pillar 1 framework, which outlines banks' minimum capital requirements.
More than two-thirds of corporate boards in the United States struggle to grasp the intricacies of environmental, social, and governance (ESG) risks that may impact their companies, according to the Annual Corporate Directors Survey recently released by global professional services firm PwC. The study encompassed insights from over 600 directors of public companies across more than 12 industries, with 73% of those surveyed representing companies boasting revenues exceeding $1 billion.
On October 12, 2023, the Competition and Markets Authority (CMA) took a significant step in the realm of environmental sustainability by publishing its "Guidance on the application of Chapter I of the Competition Act 1998 to environmental sustainability agreements," commonly referred to as the 'CMA's environmental sustainability guidance.' This directive marks a substantial stride toward fostering sustainability in economic activities and partnerships.