US banking regulator the Office of the Comptroller of the Currency will ask for feedback on proposed climate risk management supervisory expectations for large banks at the end of the year, according to a speech by its acting head, Michael Hsu, yesterday. This will be followed in 2022 with more detailed guidance for each risk area, he added.
The current policies of G20 countries are aligned with a 3°C global warming trajectory – double that of the Paris agreement – warns a new study by FTSE Russell. It found that the UK had the most ambitious climate target among the G20 at 1.5°C, while Saudi Arabia had the least ambitious at 2.9°C. It added several G20 countries are yet to set Net Zero targets, including Mexico and Russia. The study was carried out in partnership with the International Institute for Applied Systems Analysis research centre and the New Climate Institute.
A group of 150 lawmakers from 25 countries are due to launch a set of demands for global economies to end new fossil fuel expansion and exit fossil fuels, pursue plans to develop a fully renewable energy mix and provide financial assistance to lower income countries to support a Just Transition. The declaration, which is coordinated by Fossil Fuel Treaty, will be launched tomorrow.
Signatories to the Fashion Charter for Climate Action, an industry-led initiative to decarbonise by 2050, have committed to halving their emissions by 2030 or to adopt an emissions target endorsed by the Science Based Targets initiative. Additional pledges announced this week include the sourcing 100% of electricity from renewable sources by 2030, sourcing of environmentally friendly raw materials, and phasing out coal from the supply chain by 2030 among others. A total of 130 brands have signed the Charter to-date.
A UK-based coalition has unveiled a series of minimum climate expectations aimed at holding asset managers to account and preventing greenwash. The declaration, which was launched in conjunction with COP26, introduces expectations that managers will exit coal and tar sands, vote in favour of shareholder resolutions on climate action and have a firm-wide strategy to achieve Net Zero by 2050. The group is led by UK-based asset owner the Friends Provident Foundation and was profiled in RI last month.