Latest Global ESG Legislation Development Available from GC Insights
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In an unprecedented move, the COP28 agreement has called for a strategic shift in our energy systems, and transition away from fossil fuels - the first time fossil fuels have been explicitly included in a COP agreement. Read more from our COP28 coverage here.
APAC
China: The China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission jointly issued a notice on supporting central enterprises to issue green bonds". // “Action Plans for Continuous Improvement of Air Quality” announced by the State Government. // Green Bond Standards Committee issued “Guidelines on Ongoing Information Disclosure During the Life of Green Bonds”… Taiwan: The Ministry of Environment announced the Management Regulations for Voluntary Greenhouse Gas Reduction Projects and the Management Regulations for GHGe Increase Offsets. // The carbon fee rates planned for the power generation industry and large-scale operators in the manufacturing industry with annual emissions exceeding 25,000 metric tons will be discussed and decided in the first quarter of 2024…
Australia: Australian Securities Exchange (ASX) to explore the development of Australia’s first Carbon Exchange…
Singapore: Monetary Authority of Singapore Publishes Code of Conduct for Providers of Environmental, Social, and Governance (“ESG”) Rating and Data Products…
EMEA
EU: The EU Council and Parliament reached a deal on a proposal to revise the energy performance of buildings directive. // EU Commission welcomes a deal to decarbonize EU gas markets and promote hydrogen. // EU Commission adopts antitrust Guidelines for sustainability agreements in agriculture. // Deal for EU Artificial Intelligence Act reached. // Parliament and Council negotiators agreed on new EU Corporate Sustainability Due Diligence Directive. // EU Council agrees negotiating mandate on ESG ratings…
Switzerland: Swiss Climate Scores updated best practice transparency on the Paris Alignment of investments to be implemented by January 2025. The Swiss financial centre should further enhance its credibility and international competitiveness with regard to the climate transparency of financial products…
Germany: BAFA issued risk database for corporate due diligence obligations in supply chains...
UK: UK government commits more than £85 million funding at COP28 to tackle deforestation and cut methane emissions. // UK to implement a new import carbon pricing mechanism by 2027 to support the decarbonisation drive…
AMER
US: U.S. Senator Chris Van Hollen and U.S. Representative Lloyd Doggett introduced bicameral legislation to phase out single-use plastic foam food service products. The Farewell to Foam Act will prohibit the sale and distribution of these items beginning January 2026 while aiming to support the transition to alternatives.// The Commodity Futures Trading Commission (CFTC) Issues Proposed Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts…
Canada: The Government of Canada takes action to restore and protect nature with a commitment to introduce a nature accountability bill in 2024. The bill would intend to establish an accountability framework for the federal government in fulfilling its nature and biodiversity commitments under the Global Biodiversity Framework…