Resource Database

This report highlights three pilot studies looking at the risks and opportunities that climate change creates for the private sector.

The notice provides guidance to reporting issuers on existing continuous disclosure requirements relating to environmental matters under securities legislation in Canada. It is intended to assist issuers in determining what information needs to be disclosed, and how to enhance or supplement their disclosure as necessary.

The head of planning for a Fortune 500 consumer products company summarizes the lessons managers must master for successful scenario planning in diversified companies.

To help exchanges lead a transition to more climate-resilient markets using the various tools available to them, this document provides a voluntary practical Action Plan and bespoke guidance on creating climate-resilient markets. Stock exchanges can help their market to mitigate risks associated with climate change, access growing opportunities and help align climate-related disclosures to global standards and best practices to ensure their markets are both efficient and resilient.

Directors of Hong Kong-incorporated companies are obliged to take climate risk into account in the discharge of their obligations to the company or face the potential for personal liability, warns this legal opinion.

The proposals represent the views the Association of Real Estate Funds, British Property Federation, Commercial Real Estate Finance Council Europe, European Association for Investors in Non-Listed Real Estate Vehicles, Investment Property Forum, Pensions for Purpose, Social Market Foundation and The Good Economy – together the Associations.

It is submitted in response to a request from the UK Regulator, Financial Conduct Authority (FCA), for input on the development of real estate-specific metrics. The aim is to provide consistent, transparent, and comparable reporting and disclosure both across the EU and UK, as well as internationally for real estate portfolios, covering all real estate asset classes. The reporting and disclosure should be aligned with TCFD guidelines and the evolving UK Sustainability Disclosure Requirements.

The Associations look forward to progressing the FCA dialogue and resolving a time framework for implementation.

Luminous has developed and updated their TCFD briefing guide as, subject to parliamentary approval, new mandatory requirements will come into force which will require all large AIM listed and private organisations to report against TCFD, expected to take effect in April 2022.

UK listed companies with reporting periods beginning on or after 1 January 2021 are already required by the Financial Conduct Authority (FCA) to adopt TCFD reporting in their annual report. Under the proposed new legislation, TCFD reporting will also apply to AIM-listed or unlisted UK companies that have more than 500 employees globally and/or a turnover of more than 500 million, from April 6.

This guide is designed to help companies navigate the recommendations, identify where existing activity and data is relevant, and pinpoint where new information is required.

This TCFD reporting example on Storebrand focuses on key disclosures against the TCFD recommendations for the financial services industry.

Storebrand is a financial group, headquartered in Oslo, Norway, which offers pension, savings, insurance and banking products to individuals, businesses, and public enterprises.

The analysis of Storebrand’s TCFD disclosure highlights the role of the finance team, and the value that can be brought to the process.

This report serves as a source of information to guide Canadian policymakers, business leaders, pension fiduciaries, and civil society members in their efforts to align fossil fuel subsidies with the country’s net-zero policy targets.

It includes recent information on the government’s international policy commitments at the United Nations sponsored Twenty-Sixth Conference of the Parties (COP 26) that held from October to November 2021, federal ministerial mandates in December 2021 and other national responses as of February 2022 and forecasts other implications in Canada.

In 2022, the commercial real estate industry has a unique opportunity to influence how the TCFD reporting guidelines are applied to property assets and funds.

UK’s Financial Conduct Authority continues to take a leading role on ESG issues. Large UK pension funds and fund managers have to comply with the TCFD guidelines, and the FCA looks to expand and broaden the guidelines through its Sustainability Disclosure Requirements.

The industry must take forward this initiative and address the quantitative and qualitative components that are unique to the sector. The article suggests solutions to be developed for appropriate commercial real estate metrics.

With EU and UK regulators and the market are accelerating their focus on ESG climate-related disclosures in commercial real estate, the authors suggest solutions to be prioritised by fund managers and regulators.

They advocate for a dynamic, consensus-focused engagement between industry and regulators that dovetails with regulators flexibly endorsing industry initiatives. Industry collaborating with regulators must recognise the win-win outcome of solving the metrics challenges.

Key COP26 goals include collaboration to deliver net zero: this decade is decisive. Industry must work together with regulators to address the evolving metrics challenges and turn solutions to these challenges into action.

ICMS 3, the third edition to the International Cost Management Standard (ICMS), is a
global standard for benchmarking and reporting of construction project cost and
carbon, providing a consistent method to be delivered for carbon life cycle reporting
across construction projects, from buildings and bridges to ports and offshore
structures.

49 non-governmental and not-for-profit professional bodies, part of the ICMS Coalition,
came together to bring consistency in construction project cost reporting standards
internationally by creating ICMS 3 through a transparent and inclusive standard-setting
process.

Research from the World Economic Forum has shown that improvements in the design
and construction process can be achieved by using international standards like ICMS to
gain comparable and consistent data.

Through a high-level structure and format for classifying, defining, measuring,
recording, analysing and presenting carbon and other life-cycle costs, ICMS 3 will
contribute positively to efforts to decarbonise the sector in the most cost-effective way.
By bringing much needed transparency and cross-border comparability, the standard
will allow governments, professionals, firms and financial institutions to benchmark
with similar projects around the worlds and have transparency of costs and embodied
and operational carbon across the life cycle of projects. This will further support
sustainable investment strategies in the construction industry, enabling investors to
make informed decisions and support ESG goals.