Featured Product

    European Council Adopts Climate Law

    June 28, 2021

    European Council adopted its position at first reading on the European climate law, thus setting into legislation the objective of a climate-neutral EU by 2050. This follows a political agreement reached with the European Parliament on April 21, 2021 and the Parliament’s adoption of its position at first reading on June 24, 2021. Now that the European climate law has been adopted by both the European Parliament and the Council, it will be signed and published in the Official Journal of the European Union, before it enters into force. The law shall enter into force on the twentieth day following that of its publication in the Official Journal.

    In addition to the goal of climate-neutrality and an aspirational goal for EU to strive to achieve negative emissions after 2050, the European climate law sets a binding EU climate target of a reduction of net greenhouse gas emissions (emissions after deduction of removals) of at least 55% by 2030 compared to 1990. To ensure that sufficient efforts to reduce and prevent emissions are deployed until 2030, the climate law introduces a limit of 225 million tons of CO2 equivalent to the contribution of removals to that target. EU will also aim to achieve a higher volume of carbon net sink by 2030. The European climate law establishes a European Scientific Advisory Board on Climate Change. The Board will provide independent scientific advice and produce reports on EU measures, climate targets, and indicative greenhouse gas budgets and their coherence with the European climate law and the EU's international commitments under the Paris Agreement.

    EC will also propose an intermediate climate target for 2040, if appropriate, at the latest within six months after the first global stocktake under the Paris Agreement. It will also publish a projected indicative EU greenhouse gas budget for 2030-2050, along with its underlying methodology. The budget is defined as the indicative total volume of net greenhouse gas emissions (expressed as CO2 equivalent and providing separate information on emissions and removals) that are expected to be emitted in that period without putting at risk EU commitments under the Paris Agreement. EC will engage with sectors of the economy that choose to prepare indicative voluntary roadmaps toward achieving the EU climate-neutrality objective by 2050. In additlon to monitoring the development of such roadmaps, EC will facilitate dialog at the EU-level, along with the sharing of best practices among relevant stakeholders.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Climate Change Risk, ESG, Paris Agreement, European Green Deal, European Climate Law, EC, European Parliament, European Council

    Related Articles
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Publishes Methodological Guide to Mystery Shopping

    The European Banking Authority (EBA) published a methodological guide to mystery shopping.

    July 21, 2021 WebPage Regulatory News
    News

    APRA Issues Update on Capital Reform Policy Settings for Banks

    The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.

    July 21, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Assess Continuity Planning of Market Infrastructures

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.

    July 21, 2021 WebPage Regulatory News
    News

    ESMA Responds to Proposal Related to Sustainability Standards Board

    The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7283