China ESG - Weekly News: China and the US Issue a Joint Statement on Response to the Climate Crisis

China and the US Issue a Joint Statement on Response to the Climate Crisis

According to news from the Ministry of Ecology and Environment on April 18, China’s Special Envoy for Climate Change Xie Zhenhua and the US President’s Special Envoy for Climate Issues John Kerry will hold talks in Shanghai on April 15-16, 2021, to discuss issues related to the climate crisis.

China and the United States are committed to cooperating with each other and working with other countries to resolve the climate crisis, responding to it as required by its severity and urgency. This includes strengthening their respective actions and cooperating in multilateral processes such as the United Nations Framework Convention on Climate Change and the Paris Agreement. The two sides reviewed their leadership and cooperation in the field of climate change and made historic contributions to the formulation, adoption, signing and entry into force of the Paris Agreement.

Source: The paper

China approves the "Kigali Amendment" to address climate change actions

On April 16, 2021, at the China-France-Germany Leaders' Video Summit, the leaders of the three countries exchanged in-depth views on cooperation in addressing climate change, China-EU relations, anti-epidemic cooperation, and major international and regional issues. China has decided to accept the "Montreal Protocol" Kigali Amendment to strengthen the control of non-carbon dioxide greenhouse gases such as HFCs.

The "Montreal Protocol" Kigali Amendment was reached by the 197 parties to the "Montreal Protocol" on October 15, 2016, to reduce the powerful greenhouse gas hydrofluorocarbons (HFCs) that cause global warming Reach an agreement. According to the requirements of the amendment, this landmark international convention in human history entered into force on January 1, 2019.

Source: CCTV

​Taiwan's FSC set to impose tighter rules for ESG funds in July

The Taiwan Financial Supervisory Commission will in the next few months impose more stringent rules for fund products touting an environmental, social and governance focus, modeled after the Hong Kong and European standards.

Chang Chen-shan, director-general of the Financial Supervisory Commission’s Securities and Futures Bureau, said on Wednesday during a Legislative Yuan parliamentary meeting that the regulator will tighten rules for all new ESG fund launches in July to prevent greenwashing.

Chang added that the new rules will require fund houses to provide and disclose their own ESG investment principles, as well as explain why they choose certain companies to include in their ESG fund products over others and what international principles they are following when making these decisions.

The FSC will also require a fund firm to maintain at least 60% of the NAV of an ESG or sustainability-labeled fund to be invested in the cause it claims in the strategy’s name.

Source: ignites Asia

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