Featured Product

    FSC Taiwan Launches Green Finance Action Plan 2.0

    November 02, 2020

    FSC Taiwan launched the “Green Finance Action Plan 2.0” for joint creation of a sustainable finance ecosystem by public and private sectors. The Action Plan was created to use financial mechanisms to increase the awareness of companies and investors of environmental, social, and governance (ESG) issues, to facilitate sustainable development and cooperation between the public and private sectors to achieve carbon-reduction and sustainable development goals of Taiwan.

    The “Green Finance Action Plan 1.0” included 25 measures that covered seven aspects: credit, investment, capital market fundraising, professional development, promotion of further development of green financial products and services, information disclosure, and promotion of the concept of green sustainability. For the Green Finance Action Plan 2.0, short-term and medium-term objectives have been established and these include three core strategies and eight major aspects to be addressed through the implementation of 38 concrete measures (of which 17 measures are a continuation of Plan 1.0 while 21 have been newly added for Plan 2.0). The short-term objective for the Action Plan includes building a framework and the foundation conducive to the effective operation of green and sustainable finance market, increasing information transparency, and channeling funds to support green and sustainable development industries. The medium-term objective involves guiding the financial market on addressing the potential risks of climate change, capitalizing on the associated opportunities, and strengthening the competitiveness of our financial industry and market. The major aspects to be addressed through the implementation of various measures include the following:

    • Credit—Eight measures that aim to encourage, through incentives and support programs, financial institutions to grant credit and loans to green energy industries and sustainable development projects and to adopt measures in line with international norms
    • Investment—Five measures that aim to advocate responsible investment by amending relevant rules and guidelines and encourage financial institutions and government agencies to invest in sustainable development projects
    • Capital market fundraising—One measure involving continued promotion of green bond issuance and investment and the other involving development of sustainability bonds to diversify the financial products and financing channels in the country's capital market
    • Professional development—A measure for cultivating financial professionals with expertise in green and sustainable finance in the hope to build capability for developing sustainable finance
    • Promotion of further development of green financial products or services—Seven measures that aim to encourage financial institutions to develop innovative green financial products or services that will meet the financial demands of businesses and investors pursuing low-carbon transformation and sustainable development
    • Information disclosure—Five measures that aim to improve the quality, consistency, and transparency of corporate ESG disclosure by amending related regulations and establishing integration platforms in an effort to provide the financial market participants with comparable, reliable, and comprehensive information
    • Prudential supervision—Two measures involving a new aspect to the Action Plan 2.0 that aims to prompt financial institutions to examine climate-related risks and their ability to address such risks
    • International connections and incentive mechanisms—Eight measures pertaining to studying the scope (taxonomy) of sustainable finance in reference to international practices and through incentives

     

    Related Links

    Keywords: Asia Pacific, Taiwan, Banking, Insurance, Securities, Green Finance, ESG, Climate Change Risk, Disclosure, Action Plan, Sustainable Finance, FSC Taiwan

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BCBS Issues Climate Risk Principles while HKMA Expresses Its Support

    The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8280