Tuesday, 06 Apr 2021 07:23 PM MYT
A man stands next to a board with the G20 Meeting of Finance Ministers logo in Buenos Aires March 19, 2018. Reuters pic
Subscribe to our Telegram channel for the latest updates on news you need to know.
LONDON, April 6 G20 companies will face common disclosure requirements on climate change risks under plans by the Financial Stability Board, which coordinates financial rules for the group.
In the latest sign of how policymakers want faster action to replace the patchy progress seen so far, the FSB said today that said it will set out in July ways to promote consistent, high-quality climate disclosures.
Daily on Energy: Pro-carbon tax House Democrats make their move Print this article
Subscribe today to the
Washington Examiner magazine and get Washington Briefing: politics and policy stories that will keep you up to date with what s going on in Washington. SUBSCRIBE NOW: Just $1.00 an issue!
THE PLAY FOR CARBON PRICING: A group of House Democrats is making a push for the Biden administration to include a carbon price as part of its green infrastructure package, going against the grain of the party, which has largely moved on to favor other climate policies.
Rep.
Ted Deutch of Florida told reporters today that he and 28 co-sponsors introduced a carbon tax and dividend bill last week, one that would return the revenue to households, in order to force the policy into negotiations between Congress and the administration.
G20 Companies to Face Common Disclosure Requirements for Climate Risks
LONDON – G20 companies will face common disclosure requirements on climate change risks under plans by the Financial Stability Board, which coordinates financial rules for the group.
In the latest sign of how policymakers want faster action to replace the patchy progress seen so far, the FSB said on Tuesday that said it will set out in July ways to promote consistent, high-quality climate disclosures.
Investors have long called for globally comparable disclosures to stop so-called greenwashing, where firms exaggerate their responses to climate change or underplay how global warming is likely to affect their business.
By Susanna Rust2021-04-06T12:13:00+01:00
The Financial Stability Board (FSB) is aiming to this summer present the G20 with a “coordinated, forward-looking” roadmap to address climate-related financial risk.
In a letter to the G20 and central bank governors, FSB chair Randal Quarles, vice chair of the US Federal Reserve, indicated that the purpose was to provide “strategic vision, good coordination, and clear communication to the G20 and the public,” which had become more importance as momentum in work on climate change increased.
He said the roadmap would leverage work being carried out by standard-setting bodies and international organisations, while also using the FSB’s “mechanisms to identify vulnerabilities and build consensus on ways forward”.
U.S. regulators lag on addressing climate s financial risk – report
Flames engulf a home during the Hennessey fire in Napa County, Calif.
Most U.S. financial regulators lag their global peers when it comes to addressing the systemic risks of climate change, according to a report released Tuesday by the Ceres Accelerator for Sustainable Capital Markets. The good news is that more regulators than ever are stepping up and speaking out about the systemic financial risks of climate change. The bad news is that they aren t moving fast enough, many of their peers aren t moving at all yet, and the dangers of inaction are mounting by the day, said Steven M. Rothstein, managing director of the Ceres Accelerator for Sustainable Capital Markets, in a release.