2023 Breaking News in Sustainable Finance

Since March 2023, Carbon4 Finance selected the three or four main news per week in sustainable finance and submitted it with a poll on Linkedin. In order to make this summary, Carbon4 Finance selected the one news which has got the maximum of votes among the others per week and summarised it all per month in this document. This paper does not take into consideration the entire amount of news in the sustainable finance ecosystem and should not be considered as the only source of information. To read more about 2024 news, follow us on Linkedin.

Read the full report here.

March 2023

Synthesis of the IPCC sixth assessment report

The IPCC finalized the Synthesis Report for the Sixth Assessment Report during the Panel's 58th Session held in Switzerland. This report provides an overview of climate change knowledge, including its impacts, risks, and strategies for mitigation and adaptation, organized into three main sections: Current Status and Trends, Future Climate Change, Risks, and Long-Term Responses, and Responses in the Near Term.

See all the breaking news of March

April 2023

New set of EU Taxonomy

The European Commission opened a consultation about a New Set of EU Taxonomy criteria for economic activities that contribute substantially to one or more of sustainable use and protection of water and marine resources or transition to a circular economy orpollution prevention and control or protection and restoration of biodiversity and ecosystems.

See all the breaking news of April

May 2023

IEEP calls for excluding biodiversity offsets from the EU taxonomy

The Institute for European Environmental Policy (IEEP) raised concerns on the wording used in the EU Taxonomy that might allow biodiversity offsetting and called for a science-based approach in setting performance standards, urging the inclusion of agriculture and forestry in the criteria.

See all the breaking news of May

June 2023

ISSB issues global sustainability disclosure standards

The ISSB issued inaugural global sustainability disclosure standards, IFRS S1 and IFRS S2, promoting trust in company disclosures, creating a common language for climate-related risks, and meeting global demand for consistent sustainability reporting.

See all the breaking news of June

July 2023

Most sustainable funds not aligned with EU taxonomy

Most European sustainable funds lack EU taxonomy alignment due to insufficient disclosures, with only 1.9% reporting aligned revenue, according to this report published in July.

See all the breaking news of July

August 2023

New Zealand central bank releases climate stress test scenario

New Zealand's central bank, RBNZ, will conduct climate stress tests on major banks, evaluating their exposure to climate risks, including extreme weather events and transition costs. The tests aim to enhance banks' capabilities in managing climate-related risks beyond traditional areas like credit, market, and liquidity.

See all the breaking news of August

September 2023

SFDR article 8/9 future

The European Commission gathered feedback on the Sustainable Finance Disclosures Regulation (SFDR), focusing on its implementation, interaction with other sustainable finance laws, and potential changes in financial product categorization in funds article 8 and article 9, seeking insights from various stakeholders.

See all the breaking news of September

October 2023

ESAs reports on PAIs in SFDR

The European Supervisory Authorities (ESAs) report a second time on voluntary disclosures of principal adverse impacts (PAI) under SFDR, citing improved compliance but noting variations. The report suggests enhanced explanations for non-consideration of PAIs and offers recommendations for the European Commission and National Competent Authorities.

See all the breaking news of October

November 2023

ECB pressure on ESG rating

ECB Executive Board Member Frank Elderson calls for urgent action in sustainable finance, using the analogy of marathon running's "negative splits." Elderson highlights the financial sector's lag in adapting to climate crises, urging banks to manage environmental risks effectively. He emphasizes the need for clear strategies, regulatory consistency, and public-private collaboration.

See all the breaking news of November

December 2023

The TCFD incorporated in IFRS

The renowned Task Force on Climate-related Financial Disclosures (TCFD) concludes its work and is absorbed by the IFRS Foundation, aligning with the consolidation of private ESG reporting standards. The IFRS aims to be a cornerstone for the European reporting framework, while in France, the Accounting Standards Authority introduces an initial guide for ESRS standards application.

See all th breaking news of December