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Policy and Regulation


REGULATORY ROUND-UP

By Victor Smart and Silvia Pavoni

March 17, 2022


EU finance ministers have agreed a unified position on a proposed Carbon Border
Adjustment Mechanism that will introduce a levy on imports of carbon-intensive
products, such as steel, aluminium, fertiliser and cement. A draft
regulation establishing CBAM was released this week. It is the world’s first
major climate import tariff and could be introduced as early as 2026.

CBAM will initially complement the EU’s greenhouse gas emission allowance
trading system by applying an equivalent set of rules to imports into the bloc,
and will progressively become an alternative to the mechanisms established under
the existing trading system.

‘Climate club’: “CBAM has to be part and parcel of an open climate club. We want
to encourage other countries to make similar and appropriate efforts, and we
have to react to these efforts,” said German finance minister Christian Lindner,
as reported by Euractiv.

Timing: The agreement shows the EU’s commitment to the ‘Fit for 55’ climate
package, which some feared would take a back seat as policymakers deal with the
energy crisis erupting from Russia’s invasion of Ukraine. Moscow is Europe’s
biggest supplier of carbon-intensive products (including gas and oil), which in
2019 amounted to an estimated €10bn.

But: There's no agreement yet over the use of proceeds from the levy.

 

The Taskforce on Nature-related Financial Disclosures (TNFD) has invited
feedback on a prototype framework it published this week. The TNFD, formally
recognised by both the G7 and G20, is designed to do for biodiversity what the
hugely influential Task Force on Climate-related Financial Disclosures (TCFD)
has done on climate change. The idea is to create uniform but voluntary
disclosures to help corporates, investors, lenders and others manage
nature-related risks, such as species loss or soil infertility. 

The TNFD is backed by Global Canopy, the UN Development Programme, the UN
Environment Programme Finance Initiative and the World Wide Fund for Nature. The
proposed disclosure framework has been designed to align with the work being
finalised by the new International Sustainability Standards Board.  

In their words: We spoke to TNFD’s co-chair David Craig, here, while Elizabeth
Mrema, the organisation's other co-chair, said she hoped governments will agree
on an “ambitious and effective” post-2020 global biodiversity framework, as
proposed by the UN. “The process towards the Global Biodiversity Framework and
the TNFD are two key initiatives, among others, that support a shift in global
financial flows away from nature-negative outcomes and toward nature-positive
outcomes,” she wrote in the statement announcing the framework.

 

Japan’s Financial Services Agency intends to make it mandatory for listed firms
to disclose their ratio of women in senior managerial positions, according to
The Asahi Shimbun newspaper, and is also considering mandating the disclosure of
gender gaps in wages. The new rules could come in next year. Japan lags
“woefully behind other advanced nations in this regard”, said the publication. 

Rules needed: The country’s new corporate governance code, which took effect in
June 2021 asks companies to set voluntary targets for promoting diversity in
senior management positions by appointing women, non-Japanese and mid-career
professionals. However, under the Tokyo Stock Exchange reorganisation plan, only
so-called prime section companies will be subject to the code.

 


IN OTHER POLICY NEWS

The general secretary of the International Organization of Securities
Commissions (Iosco) says countries reconsidering their energy policies following
Russia’s invasion of Ukraine should retain a sustainable approach as this is
vital for the long term. Iosco’s Martin Moloney told Sustainable Views: “However
the debates around energy policy dictated by the concerns around Ukraine turn
out, the merits of developing a fit-for-purpose financial market with a
sustainable finance focus remain, and they will remain as important over the
next 30 years as they are now.” 

The International Sustainability Standards Board is set to publish a draft of
its “game-changing” standards for climate reporting later this month. Janine
Guillot, chief executive officer of the Value Reporting Foundation and special
adviser to the chair of the ISSB, said the group intends to publish for
consultation drafts of the ISSB’s first two standards, a climate standard and a
general requirements standard. These standards are built on prototype documents
published at COP26. Guillot was speaking on a webinar hosted by the
International Corporate Governance Network, said Environmental Finance.

The UK’s Competition and Markets Authority has published an open letter to
government, proposing standardised definitions enshrined in law of environmental
terms that are commonly used in product marketing, such as ‘net zero’.

Sarah Bloom Raskin has withdrawn her nomination to serve as the US Federal
Reserve’s top financial regulator after what US president Joe Biden described
as “baseless attacks” from industry and conservative groups because of her calls
for regulators to be more proactive in addressing financial risks related to
climate change.

Alison Herren Lee, a prominent environmentally-aware commissioner at the US
Securities and Exchange Commission, has announced she will not seek a second
term amid speculation that the SEC will water down proposals on climate
disclosure next week.


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