Key ESG developments in selected countries. By Sullivan & Cromwell.

Sullivan & Cromwell (S&C) lawyers. The highlights of key recent developments in environmental, social and governance (ESG) matters of relevance to public and private companies globally. Impacting people, companies and financial institutions in several jurisdictions.

European Union (EU), actions focus on boosting low carbon industries:

• the Net-Zero Industry Act

• the Critical Raw Minerals Act

• the new European Hydrogen Bank

United States (USA):

• conflict over ESG investing continues at the federal and state level

• resolution - vetoed by Biden - to overturn a new Department of Labor rule that permits retirement fund fiduciaries to consider ESG factors in their investment decision-making

• similar efforts across many U.S. states to limit financial market participants’ consideration of ESG factors

• SEC disclosure controls

• Institutional Shareholder Services releases new Global Board-Aligned Voting Policy to counter ESG-focused policies

United Kingdom (UK):

• Parliamentary committee and regulator’s anti-greenwashing proposals

• critical mineral supply chain

• nuclear power as environmentally sustainable

• Competition and Markets Authority and draft guidance on environmental sustainability agreements

• FTSE Women Leaders Review finds companies met voluntary gender diversity targets early

Financial Institutions and Sustainable Finance Developments:

• USA International Development Finance Corporation and revisions to environmental and social policy and procedures

• EU to review how early climate-related shocks could generate significant stress for the financial system in the period up to 2030 as well as review how the financial system can support green investments under stress

• EU legislators reach deal on European Green Bond Standard

• Bank of England releases report on climate risk and regulatory capital framework

• Canadian Office of the Superintendent of Financial Institutions and new guideline on climate risk management

Plus Australia on greenwashing and IPCC report

Click at the image below for more details at the S&C ESG Monthly Newsletter .

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