Featured Product

    HM Treasury Establishes New Group on Green Investments Advisory

    June 09, 2021

    HM Treasury announced the appointment of the Green Technical Advisory Group, which is a new independent expert group to advise government on standards for green investment. The Green Technical Advisory Group will oversee the delivery of a Green Taxonomy, which is a common framework setting the bar for investments that can be defined as environmentally sustainable. The Group will first meet in June 2021 and is expected to run for at least two years. It will provide initial recommendations to the government in September 2021. The launch of the Group comes shortly after the UK has been instrumental in getting G7 countries to move toward making climate disclosures mandatory across their respective economies, in line with recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD). HM Treasury, FCA, BoE, and other relevant government departments and regulators will be observers to the Group.

    The Green Technical Advisory Group will be chaired by the Green Finance Institute and will comprise financial and business stakeholders, taxonomy and data experts, and subject-matter experts drawn from academia, NGOs, the Environment Agency, and the Committee on Climate Change. The role of the Group will be to provide non-binding advice to government on market, regulatory, and scientific considerations for developing and implementing a UK Taxonomy, which will facilitate more informed investment decisions. This includes advising on:

    • Approach to developing a UK Taxonomy that is usable and practicable for financial and non-financial firms
    • UK Taxonomy requirements which drive informed decision-making for investors whilst placing a proportionate burden on business
    • Drawing together scientific and subject matter expertise to assist Government in determining technical screening criteria. The technical screening criteria will be subject to appropriate, open consultation prior to making.
    • Rationale, implications, and recommendations for any deviations from existing international frameworks or taxonomies
    • Dealing and Managing any data gaps
    • How the UK Taxonomy can best support the UK’s transition to Net Zero
    • How the UK Taxonomy could be used to align and accelerate the delivery of wider Government policy, including its net zero strategy, green finance strategy, and 25 Year environment plan
    • Role that UK Taxonomy could play in tracking green financial flows

    During the first 12 months, the Group will meet on a quarterly basis undertaking work, as needed, in between these meetings. Additional ad hoc meetings may be convened if deemed necessary. Outputs will consist of a series of issues papers developed to fulfil the agreed scope of work. These will be delivered according to an indicative timetable agreed after the inaugural meeting of the Group.  In addition to this strategic group that will advise on cross-cutting issues, sub-groups will be established, where appropriate, to provide specific technical expertise on a given sector (for example, on energy). Sub-groups will include additional technical experts to those in the strategic group.

     

    Related Links

    Keywords: Europe, UK, Banking, Green Taxonomy, Climate Change Risk, ESG, GTAG, Sustainable Finance, Taxonomy, HM Treasury

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    HKMA Announces Launch of Data Repository on Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) announced that the Green and Sustainable Finance (GSF) Cross-Agency Steering Group has launched the information and data repositories and outlined the progress made in advancing the development of green and sustainable finance in Hong Kong.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    NGFS Report on Integration of G-Cubed Model into NGFS Scenarios

    The Network for Greening the Financial System (NGFS) published a report that explores the feasibility of integrating the G-Cubed general equilibrium model into the NGFS suite of models.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8301