China's State Council sets the 2023 Legislative Work Plan with draft proposals or amendments for areas in ecological protection, water conservation, data security, and protection of minors on the internet among others...
More ESG Research and Insights are Available from Subscription to GC Insights Monthly ESG Regulatory Watch: info@gc-insights.com
APAC
China: China's State Council sets the 2023 Legislative Work Plan with draft proposals or amendments for areas in ecological protection, water conservation, data security, and protection of minors on the internet among others. // Ministry of Ecology and Environment (MEE) and other departments have jointly issued the Ten Code of Conduct for Citizens' Ecological and Environmental Behaviour...
"Technical specification for Two-dimensional code identification of pollutant discharge outlet of the pollutant discharge unit (HJ 1297—2023)" published by the MEE, asking for standardized coded information on pollution. (排污单位污染物排放口二维码标识技术规范)
MEE and the Ministry of Industry and Information Technology (MIIT) published the "Recommendation List of Alternatives to Substances for the Ozone Depletion Layer in China" (中国消耗臭氧层物质替代品推荐名录).
MEE among other departments announced the monitoring of "The environmental risk control requirements of 5 types of persistent organic pollutants such as polychlorophthalene" (关于多氯萘等5种类持久性有机污染物环境风险管控要求的公告) with a "List of persistent organic pollutants restricted by the Amendment"...
Hong Kong: The Hong Kong Green Building Council Launches Hong Kong’s First “Climate Change Framework for Built Environment” Provides Definitions, Calculation Tools, and Benchmarks to Achieve Industry Goals Contributes to the Path of Carbon Neutrality. // The Green Technology & Finance Development Committee was established by the Hong Kong Government, the committee was set up pursuant to the Financial Secretary's announcement in the 2023-24 Budget to assist in the formation of an action agenda for promoting the development of Hong Kong into an international green technology and financial centre...
Singapore: The Monetary Authority of Singapore (MAS) to Set Expectations on Credible Transition Planning by Financial Institutions. // Carbon credit transaction network Carbonplace and Climate Impact X (CIX), a global marketplace and exchange for quality environmental credits, have today announced a successful series of proof-of-concept transactions that will dramatically increase the speed, security, and accessibility of carbon market trading...
The United Nations Development Programme (UNDP), Global Legal Entity Identifier Foundation (GLEIF), and Monetary Authority of Singapore (MAS) signed a Statement of Intent to embark on a collaborative initiative to develop digital Environmental, Social, and Governance (ESG) credentials for micro, small and medium-sized enterprises (MSMEs) worldwide. Known as Project Savannah, this initiative aims to help simplify the ESG reporting process for MSMEs by leveraging on digital initiatives such as MAS’ Project Greenprint , to generate ESG data credentials that can be housed in MSMEs’ Legal Entity Identifier (LEI) records . MSMEs will thus be able to transmit verified entity information and key ESG data to their business partners, strengthening their ability to gain access to global financing and supply chain opportunities...
The Monetary Authority of Singapore (MAS) launched a public consultation on an industry code of conduct for providers of Environmental, Social, and Governance (ESG) ratings and data products. This is part of a proposed approach centred on an industry code of conduct that was co-created by MAS with industry players. The proposed code of conduct establishes minimum industry standards of transparency in methodologies and data sources, governance, and management of conflicts of interest. MAS will monitor the implementation of the industry code and observe global developments before taking further steps to formalise a regulatory framework for ESG rating providers...
Australia: The Government’s policy priorities for the Australian Prudential Regulation Authority (APRA) are to promote prudent practices and transparency in relation to climate‑related financial risks and the adoption of climate reporting standards by regulated entities. // The Australian Government is seeking views on proposed positions for the detailed implementation and sequencing of standardised, internationally‑aligned requirements for disclosing climate‑related financial risks and opportunities in Australia...
Japan: Government set up a legal framework for hydrogen under the “green transformation” policy, to make an upfront investment of 20 trillion yen (approximately USD 150 billion) as an inducement to further public and private investment at the size of over 150 trillion yen over the next ten years...
Thailand: The Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC) published the Thailand Taxonomy Phase I (comprehensive version)...
EMEA
EU: European Council agrees for industrial installations to provide better data on their environmental emissions. // Sustainable transport: rules to boost intelligent transport systems for safer and more efficient transport agreed. // The Carbon Border Adjustment Mechanism starts applying in its transitional phase as of 1 October: Commission consults on reporting obligations...
The first delegated act - European Sustainability Reporting Standards (ESRS) sets out cross-cutting standards and standards for the disclosure of environmental, social, and governance information. The feedback period runs from 09 June 2023 to 07 July 2023.
Fighting human trafficking: Council agrees on position for stronger rules: The Council has today agreed on its position for an update of the EU’s anti-trafficking law. Forced marriage and illegal adoption will explicitly feature as types of exploitation covered by the directive. EU countries must also make sure that people knowingly using services provided by victims of trafficking can face sanctions.
Stronger press freedom and free speech protection: Council agrees position on anti-SLAPP law: EU member states have reached a common position (general approach) on a draft law which will protect journalists and human rights defenders against manifestly unfounded claims or abusive court proceedings. Such so-called strategic lawsuits against public participation (SLAPPs) are an increasing phenomenon to silence people who speak out on issues of public interest.
Exposure to chemicals in the workplace: Council sets out its position: The Council is ready to begin negotiations with the European Parliament on a new initiative to protect workers from health risks linked to exposure to dangerous chemicals. The amending directive on limit values for lead and its inorganic compounds and diisocyanates will set new exposure limits in the workplace and ensure that the EU’s green transition does not come at the expense of workers’ health.
Members from the EU European Parliament (MEPs) adopted its position for negotiations with member states on rules to integrate human rights and environmental impact into companies’ governance - Corporate Sustainability Due Diligence Directive (CSDDD), aim to push companies to mitigate their negative social and environmental impact.
Due diligence must be integrated into the way companies are managed
Addressing child labour, slavery, labour exploitation, pollution, environmental degradation and biodiversity loss
Fines of at least 5% of a company’s net worldwide turnover if they do not comply
Sustainable Finance: The commission takes further steps to boost investment for a sustainable future:
The Taxonomy Delegated Acts will facilitate investments in more sectors and economic activities that will be recognized as contributing to the EU's climate objectives. Today's package also introduces the first-ever environmental taxonomy, including activities and associated criteria for four environmental objectives of the Taxonomy Regulation, other than climate.
From European Union
The proposal for a Regulation on transparency and operations of environmental, social, and governance (ESG) rating providers will ensure that ESG ratings become a more reliable and transparent component of the sustainable finance value chain.
From European Union
EU AI Act: first regulation on artificial intelligence, the use of artificial intelligence in the EU will be regulated by the AI Act, the world’s first comprehensive AI law. The new rules establish obligations for providers and users depending on the level of risk from artificial intelligence. While many AI systems pose minimal risk, they need to be assessed. more risk segementation are available here
The EU Council reached an agreement (general approach) on a proposal for a nature restoration law. The proposal aims to put in place recovery measures that will cover at least 20% of the EU’s land and 20% sea areas by 2030, and all ecosystems in need of restoration by 2050. It sets specific legally binding targets and obligations for nature restoration in each of the listed ecosystems - from agricultural land and forest to marine, freshwater and urban ecosystems. The general approach will serve as a mandate for negotiations with the European Parliament on the final shape of the legislation.
Germany: Federal Chancellor Scholz on Alliance for Transformation: energy transition as an opportunity for employment and growth. // 100 million euros announced for sectoral decarbonisation in developing and emerging economies as announced by Federal Minister Habeck.
Norway: to Mandate Solar Power for New Government Buildings from 2024...
AMER
U.S.: Biden-Harris Administration Releases First-Ever National Clean Hydrogen Strategy and Roadmap to Build a Clean Energy Future, Accelerate American Manufacturing Boom. // Senators Coons, Cramer introduce legislation to study global emissions intensity and hold countries with dirty production accountable…
Canada: Canada’s Federal Government lead on Sustainable Development Goals, Minister of Families, Children and Social Development, Karina Gould, shared a preview of Canada’s progress on the SDGs, which will be released next month when Canada delivers its second Voluntary National Review (VNR) at the United Nations High-Level Political Forum on Sustainable Development...