China Updates its Law for the Use and Report of Single-Use Plastics...
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APAC
China: The National Development and Reform Commission (NDRC) and National Energy Administration (NEA) issued guidance on accelerating the construction of charging infrastructure and better supporting the revitalization of new energy vehicles in the countryside and rural areas. // Ministry of Industry and Information Technology (MIIT) issued consultations on Guidelines for the Construction of Carbon Peak Carbon Neutral Standard System in the Industrial Field. // Legal Updates for the Use and Report of Single-Use Plastics…
Hong Kong: Prototype of a Green Classification Framework for Hong Kong released by Hong Kong Monetary Authority (HKMA)…
Malaysia: Bank Negara Malaysia and Securities Commission Malaysia to review and take into account the requirements under the new ISSB standards…
Australia: The Albanese Government will legislate a national Net Zero Authority to ensure the workers, industries, and communities seize the opportunities of Australia’s net zero transformation…
EMEA
EU: EU Council adopts its position on empowering consumers for the green transition, which aims at enhancing consumers´ rights by amending the unfair commercial practices directive and the consumer rights directive. // Eurosif shared its new report on the use of climate-related data in investment processes. // G7 Clean Energy Economy Action Plan announced. // The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched its fifth Stress Test Exercise for Central Counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR) covering the following components:
Credit Stress: assesses the sufficiency of CCPs’ resources to absorb losses under a combination of market price shocks and member default scenarios;
Concentration risk: assesses the impact of liquidation costs derived from concentrated positions;
Liquidity Stress: assesses the sufficiency of CCPs’ liquid resources under a combination of market price shocks, member/liquidity provider default scenarios and additional liquidity stress assumptions;
Climate risk: assesses the degree to which the CCP’s business model is affected by the transition to a carbon-neutral economy, the consequences of the transition on the collateral posted by clearing members, and explores the impact of physical risk on CCPs; and
Reverse Stress: increases the severity of the contemplated scenarios and identifies breaking points of the eco-system for credit, concentration and liquidity risks.
UK: Prime Minister Sunak at the G7 has redoubled the UK’s commitment to mobilising $40 billions in finance to help get the Sustainable Development Goals back on track by the end of 2027 for global infrastructure and economic development…
France: French formally banned domestic flights on short routes that can be covered by train in less than two-and-a-half hours -- a move aimed at reducing airline emissions…
AMER
US: U.S. Environmental Protection Agency (EPA) announced proposed new carbon pollution standards for coal and gas-fired power plants that will protect public health, reduce harmful pollutants and deliver up to $85 billion in climate and public health benefits over the next two decades. // Biden-Harris Administration Announces New Actions and Investments to Lower Energy Costs, and Make Affordable Homes More Energy Efficient and Climate Resilient for Hard-Working Families. // EPA announces initial steps to invest new Inflation Reduction Act resources for zero-emission trucks and port upgrades to reduce pollution and advance environmental justice…
Canada: On May 17, 2023, Parliamentary Secretary to the Minister of Natural Resources and to the Minister of Environment and Climate Change, announced a combined federal investment totalling nearly $5.9 million in 28 organisations across Canada to undertake zero-emission vehicle (ZEV) awareness projects. // Minister of Environment and Climate Change announced the publication of the draft State of Per- and Polyfluoroalkyl Substances (PFAS) Report…