HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda. The Finance Ministers and Central Bank Governors discussed the key roles of their ministries and central banks in the transition to net zero and how climate policies complement and amplify the role of the private sector in financing climate action. The meeting was chaired by the UK Chancellor, who highlighted the need for G7 to raise its climate finance ambition to support the USD 100 billion target and called for improved climate-related financial disclosures, international sustainability-related financial reporting standards, and international transparency to tackle illicit finance from illegal wildlife trade.
The G7 consists of the United Kingdom, Canada, France, Germany, Italy, Japan, the United States, and the EU. This meeting was the first of a series that the Chancellor will be holding with global counterparts this week. He will also call on the G20 to focus its efforts on taking collective action to tackle climate change and support the IMF in integrating climate change across its activities and to encourage Multilateral Development Banks to be Paris-aligned. The Chancellor also attended and spoke at the Coalition of Finance Ministers for Climate Action meeting where Finance Ministers discussed promoting strong recovery and growth while accelerating the transition to low carbon, climate risk management, and decarbonization policies.
Related Link: News Release
Keywords: Europe, UK, Banking, Securities, COP26, Climate Change Risk, G7, Sustainable Finance, Disclosures, Reporting, HM Treasury
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.
Previous ArticleFSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.