IFRS Foundation Trustees publish institutional arrangements for proposed new sustainability standards board IFRS
The Trustees of the IFRS Foundation (Foundation) today published proposed amendments to the Constitution of the Foundation to accommodate the potential formation of a new International Sustainability Standards Board (ISSB) within the governance structure of the organisation.
All decisions were discussed and agreed at the 26 April 2021 Trustees meeting. The Trustees recognised and appreciated the recent statements of support for a new sustainability board from the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO), and remain on track to make a final determination about a new board in advance of the November 2021 United Nations COP26 conference.
China, EU to Publish Common Taxonomy by Year-End
The China-EU common taxonomy for sustainable finance will make it easier for other countries to recognise China’s green financial assets, PBOC officials say.
PBOC (People’s Bank of China) deputy governor Chen Yulu has reportedly said the first set of common classification standards for sustainablefinance will be published by China and the EU by year-end.The common taxonomy, formulated based on both Chinese and European standards, will mean that China’s green bonds issued overseas will be recognised in Europe, and European institutions will be able to issue green bonds in China’s panda bond market.
Currently, China’s green bond market ranks second in the world based on domestic standards, which are not recognised by the international market. If adopted, the China-EU common standards will become a set of norms that will also allow other countries to recognise China’s green financial assets, said Ma Jun, a member of the PBOC’s monetary policy committee.
Source: Regulation Asia
China will not build new coal-fired power projects abroad
In September 2021, the President pledges to STOP building coalfired power plants overseas. The country also calls for more multilateral collaborations on combating the climate crisis.
With its top-down administration forces, ”1+N" policy system for peak emissions, carbon-neutral goals is set: as in “1” guiding opinion and “N” refers to the detailed schemes of various ministries, industries and areas. Supportive financial policies and carbon peak action plan to be accelerated as China’s Ministry of Finance (MOF) announced that a series of supportive financial and tax policies are now being drafted, aimed at backing the dual-carbon goals and fostering green and low-carbon development. The MOF said that the central government will continue to support technological innovation in the new energy vehicle (NEV) sector.
At the same time, the National Energy Administration (NEA) stepped up the formulation of an implementation plan for peaking carbon emissions by 2030, actively promoting low-carbon transformation and a new-energy power system.
Source: GC Insights
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