Following the UK Competition and Markets Authority’s (“CMA”) recent investigation regarding ‘Green Claims’ in the fashion industry (discussed here), the CMA has now published a Compliance Guide to help fashion businesses “stay on the right side of consumer law”. This is part of the CMA’s “essential” work to ensure consumers can make informed choices based on environmental claims that they can trust.
Continue Reading Time To Tailor Up: Fashion businesses on warning with CMA’s new Compliance Guide for Green Claims
NATIONAL CONTACT POINTS: WHAT ARE THEY AND WHY SHOULD I CARE?
Multinational companies are facing increased pressure to ensure that they have adequate ESG-related policies in place and (more importantly) that they are implementing those policies in practice within both their business and associated supply chains via appropriate systems and controls. Companies that are found not to have implemented or adhered to those policies face increased
APLMA publishes Model Provisions for Green Loans
On 3 June 2024, the Asia Pacific Loan Market Association (“APLMA”) published its set of “Model Provisions for Green Loans” (“Model Provisions”), following the publication of the “Draft Provisions for Sustainability-Linked Loans” by the London-based Loan Market Association (“LMA”) a year earlier in May 2023. The markets expect that the Model Provisions will bring some clarity into the classification of green loans going forward.Continue Reading APLMA publishes Model Provisions for Green Loans
ESMA PUBLISHES GUIDELINES ON ESTABLISHING HARMONISED CRITERIA FOR USE OF ESG AND SUSTAINABILITY-RELATED TERMS IN FUND NAMES
On 14 May 2024, the European Securities and Markets Authority (“ESMA“) published its final report on “Guidelines on funds’ names using ESG or sustainability-related terms” (the “Guidelines“). The Guidelines aim to provide fund managers with clear and measurable criteria to assess their ability to use ESG and/or sustainability-related terms
HEY GEN AI: HOW DO YOU SOLVE A PROBLEM LIKE GREENWASHING?
First published in the Financial Times’ Banking Risk & Regulation, the article by Cail Wyn Evans and Oliver Williams explores the adoption of GenAI to identify greenwashing.
Continue reading at Mayerbrown.com.
EU lawmakers agree on proposal to regulate ESG ratings providers
On 5 February 2024, the Council of the EU and the European Parliament reached a provisional agreement for a regulation on ESG rating activities (the “Proposed EU Regulation“). The Proposed EU Regulation differs in certain respects from the version that was agreed upon by the Council of the EU in December 2023.
The
Council of the EU agrees on proposal to regulate ESG ratings providers
On 20 December 2023, the Council of the EU reached an agreement on its negotiating mandate on a proposal for a regulation on ESG ratings (the “Proposed EU Regulation“). This builds on the European Commission’s proposal, which was published on 13 June 2023.
The EU’s desire to regulate ESG rating agencies is a response to increasing concerns from a variety of stakeholders about the reliability, comparability and transparency of ESG ratings and the data behind these ratings.Continue Reading Council of the EU agrees on proposal to regulate ESG ratings providers
Singapore Launches World’s First Multi-Sector Transition Taxonomy
The Monetary Authority of Singapore (MAS) launched the Singapore-Asia Taxonomy for Sustainable Finance (the “Singapore-Asia Taxonomy”) at the COP28 climate conference on 3 December 2023. This development is noteworthy as the Singapore-Asia Taxonomy is the world’s first multi-sector transition taxonomy for defining green and transition activities across eight key sectors, namely: (1) energy; (2) industrial; (3) carbon capture and sequestration; (4) agriculture and forestry; (5) construction and real estate; (6) waste and circular economy; (7) information and communications technology; and (8) transportation. The Singapore-Asia Taxonomy uses the traffic lights system of “green” (environmentally sustainable), “amber” (transition) and “ineligible” to classify activities based on their contribution to the taxonomy’s environmental objectives, currently focused on climate change mitigation. We previously reported on the work leading up to the finalisation of the Singapore-Asia Taxonomy here and here.Continue Reading Singapore Launches World’s First Multi-Sector Transition Taxonomy
COP28 Insights Mini-Series – Part 1
This mini Q&A series will follow COP28, providing you with a quick and easy way to stay informed as the discussion evolves. Our coverage will highlight significant and recent developments from a legal perspective, allowing you to assess the impact of these on your business.
In this video, Tim Baines (Environmental partner, London, and founding
Hong Kong Promotes Product Eco-Responsibility: New Regulations on Disposable Plastic Products
Plastic pollution is a global environmental problem. To combat this issue, the United Nations Environment Assembly passed a resolution in March 2022 to develop a draft global agreement on plastic pollution by the end of 2024 (reported here). The third session of the Intergovernmental Negotiating Committee recently concluded in Nairobi, Kenya with the next session scheduled in April 2024 in Ottawa, Canada. Further, in April 2023, the international non-profit organisation, CDP, added plastic-related impacts to its global disclosure platform for companies and governments (reported here).
In Hong Kong, waste plastics continue to make up around 20% of municipal household solid waste disposal. To address growing concerns over the harmful effects of plastic waste on the environment and public health, the Hong Kong government recently passed the Product Eco-responsibility (Amendment) Bill 2023 (the “Bill“) to introduce regulations on disposable plastic tableware and other common plastic products, some of which will be banned from sale or free distribution in the coming year. Consequently, businesses in the food and beverage and hospitality industries will have to adapt their business operations. Hong Kong residents and visitors must also modify their consumption habits accordingly.Continue Reading Hong Kong Promotes Product Eco-Responsibility: New Regulations on Disposable Plastic Products