Ein Kompendium wichtiger ESG-Vorschriften.
Das aktuelle Wirtschaftsmodell basiert immer noch auf dem Prinzip „nehmen-herstellen-ersetzen“. Es erschöpft unsere Ressourcen, verschmutzt unsere Umwelt und schädigt die Biodiversität und das Klima.
EU: Mitteilung der Kommission: Nachhaltige Produkte zur Norm machen
Die letzten zwei Jahre haben eine deutliche Verschiebung des internationalen Fokus auf klimabezogene Risiken und Geschäftsstrategien gezeigt. Länder und Behörden haben eine Vielzahl von Maßnahmen vorgeschlagen und umgesetzt, die darauf abzielen, die Berichterstattung über geschäftliche Auswirkungen zu verbessern. Diese Vorschläge sind in drei verschiedenen, aber miteinander verbundenen Bereichen aufgetaucht:
- in der Taxonomie;
- in Wertpapiervorschriften; und
- in der staatlichen ESG-Regulierung.
Die folgenden Tabellen erfassen die wichtigen jüngsten Aktivitäten sowohl von Regierungen als auch von Behörden, die sich mit klima- und ESG-bezogener Berichterstattung und Metriken befassen.
Ein kürzlich häufig verwendetes Wort im ESG-Lexikon ist „Taxonomie“. Eine Taxonomie für nachhaltige Finanzen kann als Klassifizierungssystem definiert werden, das Investoren und anderen Stakeholdern hilft zu verstehen, ob eine wirtschaftliche Aktivität ökologisch und sozial nachhaltig ist (oder, genauer gesagt, die von der Taxonomie definierten sozialen und ökologischen Kriterien erfüllt).
In der Praxis umfassen Taxonomien für nachhaltige Finanzen in der Regel eine Liste von Aktivitäten, die als im Einklang mit bestimmten sozialen oder ökologischen Zielen stehend gelten, neben technischen Kriterien (z. B. Leistungskennzahlen oder Schwellenwerte), um zu beurteilen, wann diese Aktivitäten mit Nachhaltigkeitszielen übereinstimmen.
Eine der entscheidenden Fragen für die Entwickler von Taxonomien ist, inwieweit nationale oder regionale Taxonomien (z. B. innerhalb der Europäischen Union) mit anderen Taxonomien übereinstimmen sollten. Beachten Sie unten, dass Taxonomien, die in der EU ihren Ursprung hatten, sich schnell auf andere Länder ausgebreitet haben. Es wird interessant sein zu sehen, wie diese Taxonomien aufeinander abgestimmt oder interoperabel werden, das heißt, wie sie gemeinsame Prinzipien und Metriken teilen und Prozesse zur Überwindung potenzieller Inkonsistenzen einführen.
Bis zu diesem Jahr gab es eine gewisse mangelnde Einheitlichkeit bei den Metriken und Standards, die zur Identifizierung und Quantifizierung von Nachhaltigkeit verwendet werden können. Im Jahr 2022 wurden drei wichtige Nachhaltigkeitsstandards rasch entwickelt. Alle liegen derzeit als Entwurf vor. KPMG hat dazu erste Beobachtungen gemacht:
- SEC – anlegerorientiert und Berichterstattung zum Klima
- ISSB – anlegerorientiert, mit allgemeinen Grundsätzen und der Anforderung, über alle wesentlichen nachhaltigkeitsbezogenen Risiken und Chancen zu berichten. Standards für Branchengruppen (~30) vorgestellt.
- EFRAG – auf mehrere Stakeholder ausgerichtet mit Kernprinzipien sowie detaillierten Anforderungen für Nachhaltigkeitsauswirkungen, -risiken und -chancen, einschließlich der doppelten Wesentlichkeit. Fokus auf die Datenrelevanz für EU-Unternehmen und den EU Green Deal.
Im Jahr 2022 gab es eine rege Tätigkeit der Wertpapieraufsichtsbehörden im Bereich nachhaltiger Geschäftspraktiken. Dies geschah sowohl in Erwartung als auch als Reaktion auf die COP26 sowie als Reaktion auf die Festlegung von Klima- und Emissionszielen durch die Regierungen. Der Schwerpunkt der neuen Berichtspflichten scheint sich zu verlagern:
- von staatlichen Verordnungen und Richtlinien, die überwiegend nicht durchgesetzt, unzureichend durchgesetzt oder nicht durchsetzbar waren (Empfehlungen);
- zu anlegerorientierten Wertpapierregelungen, die verpflichtend sind.
Eine neue Datenbank, die von den UN Sustainable Stock Exchanges (UN SSE) ins Leben gerufen wurde, zeigt, dass weltweit 69 Börsen Maßnahmen ergreifen, um die klimabezogene Finanzoffenlegung auf ihren Märkten zu verbessern.
Die häufigste Offenlegungsmaßnahme von Börsen bestand darin, die Empfehlungen der TCFD in ihre ESG-Berichtsrichtlinien für ihre Märkte aufzunehmen. Während 40 Börsen die TCFD-Empfehlungen in ihren ESG-Berichtsrichtlinien referenzieren, haben drei Börsen zusätzlich klimaspezifische Offenlegungsrichtlinien bereitgestellt (HKEX, JSE und LSEG). Die Musterleitlinien zur Klimaoffenlegung der SSE sprechen sich für klimaspezifische Offenlegungsrichtlinien aus, angesichts der einzigartigen materiellen Risiken und Chancen, die sich aus dem Klimawandel ergeben.
Diese Verschiebung der Aktivitäten zeigt sich in den Empfehlungen, Leitlinien und verbindlichen Anforderungen, die in den folgenden Tabellen aufgeführt sind. Könnte es sein, dass die finanziellen Risiken gestiegen sind?
Die EU war aktiv bei der Ausarbeitung von Verordnungen und Richtlinien, um die Angleichung an die Klimaziele des Pariser Abkommens und die UN-Ziele für nachhaltige Entwicklung zu erleichtern. Diese neuen Richtlinien (SFDR; CSRD; CSDD; ESPR) wurden in einem wesentlich verbindlicheren Ton verfasst als frühere Vorschriften.
ESG-Regulierungsarchiv
CMISA: Circular on Investment related to environmental, social and corporate governance, cyber and technology risks
EU Taxonomy Regulation EU 2020R852
The EUTR establishes a classification system (or a taxonomy) which provides businesses with a common language to identify whether or not a given economic activity should be considered when reporting
Code of Conduct for ESG Evaluations and Data Providers
Issues regarding current status of ESG evaluation and data by ESG data providers, including transparency, and fairness of evaluation, were pointed out in a report by the Expert Panel on Sustainable Finance in June
APRA CPG 229 – Prudential Practice Guide on Climate Change Financial Risks
Guidance on sound practice in relation to managing climate change financial risks
EU Conflict Mineral Regulation EU 2017R821
In politically unstable areas, armed groups often use forced labour to mine minerals. They then sell those minerals to fund their activities, for example to buy weapons. These so-called 'conflict minerals', such as tin, tantalum, tungsten and gold, can find their way into our mobile phones, cars and jewellery. To stem the trade in conflict minerals, the EU passed this regulation to stop:
- conflict minerals and metals from being exported to the EU;
- global and EU smelters and refiners from using conflict minerals, and;
- mine workers from being abused.
Reporting on TCFD recommendations: Guidance on Climate Disclosures
To assist companies on complying with TCFD recommendations
EU Directive on Corporate Sustainability Reporting (CSRD)
EU2021D0189
The CSRD wants companies to disclose how their sustainability/ business strategies align with limiting global warming to 1.5C and how they contribute to the EU’s own climate goals.
CMISA: Circular on Risk Management for Regulated Financial Service Providers
To create a risk management framework for financial service providers. It does so by examining both the responsibility imposed on the regulated entity and the domino effect a risk management failure could trigger in one of the related entities, due to the relations and interconnectivity between these entities.
Basic Guidelines on Climate Transition Finance
To strengthen the position of climate transition finance ( “transition finance”) as a means of financing transitions, especially in hard-to-abate sectors, and introduce more funds in order to contribute to achieving the 2050 carbon-neutral goals and the Paris Agreement
Capital Markets Modernization Taskforce Final Report
Taskforce reporting to the Ontario government (Toronto Stock Exchange) on activities for ‘modernization’
Climate Innovation Finance Strategy 2020
From Ministry of Economy, Trade and Industry (METI) - Against the backdrop that global society, in particular, emerging countries in Asia and other regions, requires an enormous amount of investments to achieve decarbonization, the importance of the roles played by finance is growing for the purpose of not only promoting “green” investments (e.g., those in renewable energy), but also encouraging investment in companies committed to “transition” to a society which steadily advances low-carbonization and decarbonization or to “innovation” to dramatically decrease the emissions of carbon dioxide.
Ecodesign Requirements for Sustainable Products EU 2022R0095 (ESPR)
Establishes a framework to set ecodesign requirements for specific product groups to significantly improve their circularity, energy performance and other environmental sustainability aspects. It will enable the setting of performance and information requirements for almost all categories of physical goods placed on the EU market. It will enable the setting of performance and information requirements for almost all categories of physical goods placed on the EU market
EU Sustainable Finance Disclosure Regulation for Financial Institutions (SFDR) EU 2019R2088
Reduce greenwashing and the overstating of green credentials.
Nearly of 334 environmental claims reviewed by the EC were found to be false or deceptive, or 37% included purposely vague and misleading statements
EU Draft Directive on Corporate Sustainability Due Diligence (CSDD) EU2022D0051
Directive establishes a corporate due diligence duty. The core elements of this duty are identifying, bringing to an end, preventing, mitigating and accounting for negative human rights and environmental impacts in the company’s own operations, their subsidiaries and their value chains.
Circular to licensed corporations, Management and disclosure of climate-related risks by fund managers; Amendments to Fund Manager Code of Conduct on TCFD recommendations: Guidance on Climate Disclosures
To direct managers to take climate-related risks into consideration in their investment and risk management processes and make appropriate disclosure
EU Green Bond Standard 2021/0191 (COD)
To better regulate the green bond market, improve its supervision, reduce greenwashing, and add clarity when money goes to gas or nuclear.
EU COMMUNICATION FROM THE COMMISSION: On making sustainable products the norm
COM_2022_140
The current economic model is still based on “take-make-replace.” It depletes our resources, pollutes our environment, and damages biodiversity and climate. It also makes Europe dependent on resources from elsewhere.
To address these problems, the EU aims to move to a more circular economy model based on more sustainable products, to ensure that by 2030:
- a significant part of the products on the EU market are designed to be more durable and energy- and resource efficient, reparable, recyclable, and with preference for recycled materials
- companies from all over the world are able to compete on a level playing field without being undercut by others that leave society to deal with their environmental damage
- consumers have access to the information they need to make more sustainable choices, are better protected against practices harmful to the green transition and have longer-lasting products
- companies can access the data they need to ensure environmental sustainability and circularity of their products and business models
EU Platform on Sustainable Finance – Report on Social Taxonomy
While most economic activities have detrimental environmental impacts, social taxonomy Identifies the social benefits (e.g., job creation, paying taxes and producing socially beneficial goods /services), as well as human rights benefits.
ASEAN Taxonomy for Sustainable Finance (version1)
To serve as a common language across the different jurisdictions to communicate and coordinate on labelling for economic activities and financial instruments.
EFRAG (European Financial Reporting Advisory Group) European Securities and Markets Authority
EFRAG is a private association, influencing the development of IFRS Standards from a European perspective and developing draft EU Sustainability Reporting Standards, and related amendments for the European Commission. EFRAG’s mission is to serve the European public interest in both financial reporting and sustainability reporting by developing and promoting European views in the field of corporate reporting and by developing draft EU Sustainability Reporting Standards. These standards will likely be used for reporting under the EU Corporate Sustainability Reporting Directive (CSRD).
Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021
Circular on Business Responsibility and Sustainability Reporting (BRSR) by listed entities
A step towards bringing sustainability reporting at par with financial reporting
Sustainability Reporting Guidelines
Guidelines to encourage using internationally accepted reporting frameworks such as GRI when developing reports and seeking third part assurance
Climate Risk Disclosure in Investment Management
FSC is a peak body which sets mandatory Standards and develops policy for more than 100 member companies in one of Australia’s largest industry sectors, financial service. FSC provides guidance on sound practice in relation to managing climate change financial risks.
ED/2022/S2 Climate-related Disclosures
The IFRS (International Financial Reporting Standard) established a new standard-setting board, the ISSB, in November 2021, The IFRS has global influence in accounting standards, through their initial board, the IASB (International Accounting Standards Board). The former Value Reporting Foundation (VRF), itself a merger of the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB), has now merged with the ISSB.
US Securities and Exchange Commission Climate Risk Disclosure Rule
As investment dollars have followed the interest in ESG, the regulatory focus from the SEC has needed to increase to assure appropriate reporting
Resolutions on ESG disclosure
Model Guidance for Companies on Reporting on ESG information
A reference for listed companies to consider ESG disclosure.
Sustainability Reporting Guidelines for Publicly Listed Companies
Enable listed companies to measure and monitor their contributions towards achieving universal targets of sustainability, such as the UN's Sustainable Development Goals as well as national policies and programs, such as AmBisyon Natin 2040
UK Greening Finance: a roadmap to sustainable investing
To ensure that the information exists to enable every financial decision to factor in climate change and the environment
UK TCDF Guidance on Metrics, Targets, and Transition Plans
To address recent developments … provides additional guidance for preparers regarding disclosures of climate-related metrics and targets and key information from transition plan
Model Guidance for Companies on Reporting on ESG informatio
Investors are now taking into account ESG factors when evaluating mid- to long-term corporate value. Japanese and overseas entities have published standards, frameworks and guidance on ESG disclosure, but listed companies struggle to tell between them and want more information in Japanese
Law on corporate due diligence, for the avoidance of human rights abuses (Due Diligence Law)
Aims to protect the rights of people who produce goods for the German market.
Modelled after the United Nations Guiding Principles on Business and Human rights. They rest on three pillars:
- The duty to protect human rights. This is referring to states, whose job it is to ensure their citizens’ human rights are established and protected
- The responsibility to respect human rights. This is addressed at companies, who have to make sure their operations are conducted adhering to the international/national human rights legislations
Access to remedy. This pillar underscores the right of victims of corporate human right abuse to seek remedy before courts
UK London Stock Exchange Group: ESG Report Guidance
Make companies more aware of the importance of providing high quality ESG information, and engaging investors on sustainability-related issues
US Inflation Reduction Act
To make down payment on deficit reduction to fight inflation, to invest in domestic energy production and manufacturing, to reduce carbon emissions by roughly 40 percent by 2030, and to allow Medicare to negotiate for prescription drug prices
Singapore Green and transition taxonomy
To accelerate the development of green finance by (i) developing a taxonomy (ii) enhancing environmental risk management practices of financial institutions (iii) improving disclosures, and (iv) fostering green finance solutions.
Japan’s National Action Plan on Business and Human Rights (2020-2025)
Lists a series of measures related to business and human rights to be implemented by the Government, as well as expectations for business enterprises to promote introducing human rights due diligence
TCFD Guidance 2.0
From Ministry of Economy, Trade and Industry (METI), promotes disclosure in line with the TCFD recommendations
The Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022
Requires climate-related financial disclosures in their strategic report, with disclosure in line with TCFD recommendations provide
Sustainability Guidelines for Companies
Tool for companies to position themselves correctly to become more attractive for international investments
UK Financial Stability Board: Task Force on Climate-related Financial Disclosures (TCFD)
One of the essential functions of financial markets is to price risk to support informed, efficient capital-allocation decisions. To carry out this function, financial markets need accurate and timely disclosure from companies. Without the right information, investors and others may incorrectly price or value assets, leading to a misallocation of capital.
The Financial Stability Board (FSB) created the TCFD to develop recommendations on the types of information that companies should disclose to support investors, lenders, and insurance underwriters in appropriately assessing and pricing a specific set of risks—risks related to climate change
Sustainability Guidelines for Companies
Helps issuing companies understand the context, characteristics and market best practices in ESG factor disclosures
Global Reporting Initiative
Independent international organization helping businesses take responsibility for their impacts by providing a common language to communicate those impacts. GRI envisions a sustainable future enabled by transparency and open dialogue about impacts
South Africa Green Finance Taxonomy
Help the financial sector with clarity and certainty in selecting green investments in line with international best practice and South Africa’s national policies and priorities
Dodd-Frank Wall Street Reform and Consumer Protection Act – Section 1502
Written out of concern that the trade of 3TGs was funding "extreme levels of violence in the eastern Democratic Republic of the Congo, particularly sexual- and gender-based violence, and contributing to an emergency humanitarian situation therein...
US Department of Labor; Customs & Border Protection (CBP) : Uyghur Forced Labor Prevention Act
The UFLPA establishes a rebuttable presumption that any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in the XUAR (Xinjiang), China, are not entitled to entry at any of the ports of the U.S
