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.

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.

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.

Smart water management is a business imperative, especially as the impacts of climate change, water scarcity and pollution accelerate globally. Ceres released the fourth iteration of their biannual report, Feeding Ourselves Thirsty, which ranks 38 of the largest food & beverage companies on how effectively they respond to water risks.

The website report includes company scorecards and industry performance pages, in addition to analysis about key trends, regional analyses, and the downloadable Executive Summary.

This article, written by Marta Modelewska and Dan Storey, explores how and where gaps in climate disclosure will hit corporate access to capital.

This report provides an overview of contemporary evidence that climate change and the transition to a net-zero emissions economy presents foreseeable, material, and systemic financial risks that will affect corporations. It considers that evidence in the context of directors’ and officers’ fiduciary duties under Delaware law, particularly in light of recent case law on the duty of oversight. In so doing, it sets out the practical circumstances in which a failure by directors or officers to have adequate regard to climate change-related issues could fail to satisfy the standard of conduct required to fulfil their duties and lead to potential litigation and liability exposures.

This report provides an overview of contemporary evidence that climate change and the transition to a net-zero emissions economy presents foreseeable, material, and systemic financial risks that will affect corporations. It considers that evidence in the context of directors’ and officers’ fiduciary duties under Delaware law, particularly in light of recent case law on the duty of oversight. In so doing, it sets out the practical circumstances in which a failure by directors or officers to have adequate regard to climate change-related issues could fail to satisfy the standard of conduct required to fulfil their duties and lead to potential litigation and liability exposures.

Since the release of the first GARP Risk Institute (GRI) climate risk survey in 2019, the financial risks of climate change have only intensified.

Positively, the 2021 report reveals that boards are stepping up their oversight and engagement. Ninety-two per cent of surveyed firms report board oversight of climate risk, with C-suite level executives accountable for climate-risk assessments and management efforts at over 90% firms.

Read more about the state of climate risk management, with results from 78 of the top financial firms around the world, with GRI’s new report.