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On October 17, 2023, Themis, a technology platform that helps its clients manage their financial crime risk exposure, and World Wildlife Fund (WWF) UK, announced that they are working together to produce a Deforestation and Land Conversion-Linked Financial Crimes Toolkit to be launched next year.
On October 26, 2023, the UN Environment Programme (UNEP) published a report with recommendations for linking climate-related actions taken by non-state actors (NSAs) to the Enhanced Transparency Framework (ETF) established by the Paris Agreement.
On October 17, 2023, the Competition and Markets Authority (CMA) announced that it had opened an investigation into a distributor of heating and insulation products, following allegations that it had made misleading claims about the use of hydrogen in boilers.
On October 2, 2023, the EU markets regulator, the European Securities and Markets Authority (ESMA), published a study indicating that the proportion of investment funds in Europe using ESG-related terms in their fund names has grown by 400% over the past ten years.
At a September legal conference convened by the European Central Bank (ECB), Frank Elderson, a member of the ECB’s executive board and vice-chair of its supervisory board, observed the increasing risk of climate lawsuits and stressed the need for banks and their clients to implement Paris-aligned transition plans to mitigate that risk.
In September 2023, the UK’s Institute of Directors (IoD) announced its broad support for changes to the UK Corporate Governance Code proposed by the Financial Reporting Council (FRC).
On September 6, 2023, climate-focused investor engagement initiative Climate Action 100+ (CA100+) published the Net Zero Standard for Diversified Mining (the Standard), allowing investors to assess the transition plans of companies in the mining sector.
On September 19, 2023, the European Parliament and European Council agreed on a proposed set of rules to ban misleading advertisements and enhance product information provided to consumers.
In September 2023, the European Central Bank (ECB) published its second economy-wide stress test, shedding light on the credit risks that European banks may face as a result of the ongoing climate transition.
In August 2023, the UK pensions regulator’s climate and sustainability lead, Mark Hill, authored an article setting out how trustees can improve the climate-scenario analyses used by their schemes, in order to make them more “decision-useful.”