Featured Product

    EC Affirms Signing of Declaration on Green and Digital Transformation

    March 19, 2021

    EC announced that 24 member states, along with Norway and Iceland, have signed a declaration, at the online Digital Day 2021, to accelerate the use of green digital technologies for the benefit of environment. The signatories will deploy and invest more green digital technologies to achieve climate-neutrality and accelerate the green and digital transitions in priority sectors in Europe. The key areas of action include the promotion of green cloud, artificial Intelligence and blockchain technologies, sustainable hardware, green public procurement, and support for green tech startups and small and medium size enterprises (SMEs).

    The signatories of the declaration on a green and digital transformation of the EU will take action, at the national level, in the following key areas:

    • Make data available in common European data spaces
    • Lead on energy-efficient artificial intelligence solutions
    • Support smart and sustainable mobility systems
    • Promote eco-designed products and accessible digital public services
    • Contribute to the use of a climate-neutral, sustainable and energy-efficient European cloud and blockchain infrastructure
    • Propose permits for deployment of networks and data centers that comply with the highest environmental sustainability standards
    • Make green public procurement the default option
    • Use EU funding programs and private equity to support European green tech startups and SMEs

    The signatories will regularly assess their progress made and feed it into the ongoing monitoring activities of EC. They will also contribute to a shared repository of best practices and experiences to implement the declaration. In addition, 26 CEOs from the information and communications technology (ICT) sector joined the "European Green Digital Coalition," committing, on behalf of their companies, to significantly reduce their carbon footprint by 2030 and to become climate-neutral by 2040. The companies that have joined the European Green Digital Coalition include Accenture, IBM, Microsoft, and SAP SE. Solutions include investing in the development of more energy- and material-efficient digital technologies and working with expert organizations to measure and monitor the net environmental impact of green digital solutions. This also includes a commitment to co-create deployment guidelines of green digital solutions, along with other industry leaders, to accelerate the transition to sustainability of sectors. 

     

    Related Links

    Keywords: Europe, EU, Banking, Securities, Sustainable Finance, Climate Change Risk, ESG, Green Technology, Cloud, Artificial Intelligence, EC

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697