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EBA Instructs Regulators to Hold off on Enforcement of ESG Disclosure Requirements for Banks
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EU banking supervisor The European Banking Authority (EBA) announced the publication of a no action letter, recommending that regulators not prioritize the enforcement of new ESG Pillar 3 disclosure requirements for banks, as it awaits clarity on the outcome of the European Commission’s Omnibus initiative to simplify sustainability reporting and compliance obligations. The no action…
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UBS Exits Net Zero Banking Alliance
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Swiss banking and financial services group UBS announced today that it has decided to withdraw from the Net-Zero Banking Alliance (NZBA), becoming the first major European bank outside of the UK to exit the UN-backed coalition dedicated to advancing global net zero goals through their financing activities. UBS’ announcement marks a new blow to the…
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Florida AG Launches Investigation into CDP, SBTi
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Attorney General James Uthmeier announced the issuance of subpoenas to climate reporting and assessment organizations CDP and the Science Based Targets initiative (SBTi), launching an investigation into alleged potential antitrust violations and deceptive trade practices. Referring to CDP and SBTi as a “climate cartel,” the AG said that the investigation aims to determine whether the…
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China Releases New Green Finance Taxonomy
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China’s financial regulators announced the publication of the Green Finance Endorsed Project Catalogue, creating a new categorization system to determine which economic activities are eligible to be funded by green financial products. Released by the People’s Bank of China (PBOC), the National Financial Regulatory Administration and the China Securities Regulatory Commission, the new catalogue has…
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Blackstone Acquires Energy Data Analytics Platform Enverus
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Alternative asset manager Blackstone announced an agreement to acquire data analytics energy intelligence platform Enverus, from private equity investors Hellman & Friedman and Genstar Capital. Hellman & Friedman acquired a majority stake in Enverus from Genstar in 2021, at a valuation of $4.25 billion. While terms of the Blackstone acquisition were not released, a Bloomberg report…