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

    APRA Sets LAC for D-SIBs, Proposes to Enhance Crisis Preparedness

    APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).

    December 02, 2021 WebPage Regulatory News
    News

    EC to Review Macro-Prudential Rules while ESRB Assesses Policy Stance

    The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).

    December 01, 2021 WebPage Regulatory News
    News

    FSB Sets Out Good Practices for Crisis Management Groups

    The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.

    November 30, 2021 WebPage Regulatory News
    News

    APRA Penalizes Heritage Bank for Incorrect Reporting of Capital

    The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.

    November 29, 2021 WebPage Regulatory News
    News

    OSFI Releases Annual Report 2021-2022

    The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.

    November 29, 2021 WebPage Regulatory News
    News

    OSFI Updates Timeline for Implementation of Certain Basel Rules

    Through a letter addressed to the banking sector entities, the Office of the Superintendent of Financial Institutions (OSFI) announced deferral of the domestic implementation of the final Basel III reforms from the first to the second quarter of 2023.

    November 29, 2021 WebPage Regulatory News
    News

    EC Defers Adoption of Regulatory Standards for Disclosures Under SFDR

    EIOPA recently published a letter in which EC is informing the European Parliament and Council that it could not adopt the set of draft regulatory technical standards for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) within the stipulated three-month period, given their length and technical detail.

    November 29, 2021 WebPage Regulatory News
    News

    FCA Releases MIFIDPRU Application Forms and Third Set of Rules on IFPR

    The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022.

    November 29, 2021 WebPage Regulatory News
    News

    APRA Finalizes Capital Adequacy Standards for Banks

    The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.

    November 29, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Seek Comments on Access to Central Clearing and Portability

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.

    November 29, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7751