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

    Related Articles
    News

    ECB Amends Guideline on Temporary Collateral Easing Measures

    ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.

    June 17, 2021 WebPage Regulatory News
    News

    HKMA to Increase Focus on Suptech and Regtech Cloud Adoption

    HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.

    June 17, 2021 WebPage Regulatory News
    News

    EC Consults on Improving Transparency in Secondary Markets for NPLs

    EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).

    June 16, 2021 WebPage Regulatory News
    News

    BIS and Nordic Central Banks Launch Innovation Hub in Stockholm

    BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked

    FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.

    June 16, 2021 WebPage Regulatory News
    News

    EC Releases Sustainable Finance Taxonomy Compass

    EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Proposes Amendments to Real Estate Lending Standards

    FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.

    June 15, 2021 WebPage Regulatory News
    News

    EIOPA to Consider Liquidity Risk in Stress Test for 2021

    EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.

    June 15, 2021 WebPage Regulatory News
    News

    ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending

    The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.

    June 15, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7116