ESG Round-Up: Standards body seeks feedback on net zero rules for real assets

The latest developments in sustainable finance: Switzerland’s Federal Council launches consultation on climate reporting rules; TCFD seeks feedback on companies’ implementation of its recommendations.

The British Standards Institute has proposed a new standard for net zero real estate and infrastructure. The body, which feeds into the International Standards Organisation, is asking for comment until 24 April. Commenting on the launch of the consultation, Robbie Epsom, head of ESG for EMEA at CBRE Investment Management, said: “there is a need for a formal standard that will provide some much-needed consistency for investors… covering all real assets… This standard would seek to signpost the agreed best practice for net zero target setting, GHG accounting (including required scope and boundary) through to offsetting guidance, baseline assumptions on things like Whole Life Carbon and periodic monitoring/reporting and assurance.”

Switzerland’s Federal Council has launched a consultation on its climate reporting rules for large Swiss firms. Expected to come into force at the beginning of the 2023 financial year, the rules will provide for the binding implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The consultation, which builds on benchmarks announced by the Council last summer, is open until 7 July.  

The TCFD, is calling for feedback on how companies have implemented its recommendations over the past five years, and how useful the additional disclosures have been for investors and other stakeholders. It will publish aggregated survey results in its October status report.  

The Government of Nepal is drafting a national action plan on business and human rights, according to Livio Sarandrea, who leads business and human rights activities in Asia for the UN Development Programme. The government reiterated its plans for an action plan during this week’s UN South Asian Forum on Business and Human Rights.