Featured Product

    EU Adopts Long-Term Climate Change Strategy for Submission to UNFCCC

    March 06, 2020

    European Council adopted the long-term low greenhouse gas emission development strategy of EU on behalf of the EU and its member states. This will now be forwarded to the United Nations Framework Convention on Climate Change (UNFCCC) as required by the Paris Agreement. The EU strategy refers to the endorsement by the European Council of the objective of achieving a climate-neutral EU by 2050. Individual member states are also required to prepare their own national strategies for submission to the UNFCCC. EU urges all parties to the Paris Agreement to communicate their strategies by 2020, in accordance with the Paris Agreement.

    European Council endorses the objective of achieving a climate-neutral EU by 2050, in line with the objectives of the Paris Agreement. The endorsement of the climate neutrality objective was reached following an inclusive institutional and societal debate based on the strategic long-term vision, proposed by EC, which includes a detailed analysis of solutions that could be pursued for the transition to a net zero greenhouse gas emissions economy and insights regarding the corresponding strategic priorities and an enabling framework that would allow reaching climate neutrality by 2050. One Member State, at this stage, cannot commit to implement this objective as far as it is concerned and the European Council will come back to this in June 2020. The EU strategy recalls the full commitment of EU and its member states to the Paris Agreement and its long-term goals.

    By agreeing and delivering on this ambitious social and economic transformation, EU and its member states are aiming to inspire global climate action and demonstrate that moving toward climate neutrality is not only imperative but also feasible and desirable. Earlier, on March 04, 2020, EC has also proposed the European Climate Law, which will make the 2050 climate neutrality objective legally binding. Achieving climate neutrality will, however, require overcoming serious challenges. Thus, the European Council recognizes the need to put in place an enabling framework that benefits all member states and encompasses adequate instruments, incentives, support, and investments to ensure a cost-effective as well as socially balanced and fair transition, taking into account different national circumstances in terms of starting points. 

    As conclusions to the December 12, 2019 meeting of the European Council state, all relevant EU legislation and policies need to be consistent with, and contribute to, the fulfillment of the climate neutrality objective while respecting a level playing field. Therefore, the European Council invites EC to examine whether this requires an adjustment of the existing rules, including on state aid and public procurement. It also invites the Commission to report regularly on the environmental and socio-economic impact of the transition to climate neutrality.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, ESG, UNFCCC, Paris Agreement, Climate Neutrality 2050, Climate Change Risk, EC, European Council

    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796