Draft EU plans for a Carbon Border Adjustment Mechanism June 8, 2021 | City Talk Draft EU regulations last week provided businesses with their first opportunity to consider the Commission’s current thinking around embedding a carbon price on imported, emissions-intensive goods. The Carbon Border Adjustment Mechanism (CBAM) would introduce a charge aimed at ensuring that the cost of foreign products imported to the EU reflects their carbon content. Under the [...]
Bank of England launches climate stress test for banks and insurers June 8, 2021 The Bank of England has set out its first climate stress test for the UK’s top banks and insurers but have said the results will not currently be used to determine capital requirements. The test will scrutinise the resilience of Britain’s financial system to stresses from a shift to a net zero-carbon economy as well [...]
The race is on to put climate change centre stage June 8, 2021 | City Talk With the countdown to COP 26 well underway, this article looks at how the race is on to put climate change at centre stage. Sustainability is the key theme for ICAS for the month of June. Throughout June, we will be focussing on the three strands of sustainability: environmental, social and governance (ESG), in our [...]
Minister pushes back on claim of £90,000 bill to UK households for achieving net zero June 7, 2021 Minister pushes back on claim of £90,000 bill to UK households for achieving net zero
G7: Building back better will need a truly global approach to finance June 7, 2021 Over the weekend G7 finance ministers and financial leaders from across the world came together in London for arguably their most important meeting since the 2008 financial crisis. Top of their packed agenda was of course the recovery from COVID, against the backdrop of environmental issues and the challenges of reaching net zero emissions. Much [...]
Entrepreneurs and businesses – not politicians – will drive ESG forward June 6, 2021 When COP26 brings the world’s leaders together in Glasgow later this year, expect to hear plenty of talk about proposed regulation, but little in the way of real, strong action. The gap between rhetoric and result is best illustrated by the current approach to ESG, which risks flopping before it can even become the standard. [...]
Capitalism is the solution, not the problem, when we look at climate change June 5, 2021 One of the most frequently raised arguments against capitalism is that it is the primary driver of environmental pollution and climate change. But if we compare Yale University’s ranking of countries with the highest environmental performance with the Heritage Foundation’s Index of Economic Freedom, a very different correlation emerges. Read more: In the lead up [...]
For wind energy to be truly sustainable it needs to be circular and re-use retired turbines June 4, 2021 We are fast approaching COP26. It is now quarter of a century since the world first convened to agree action on climate change. At that time offshore wind was in its infancy with only one small farm located off the shores of Denmark. Few would have predicted that we could realistically target powering every home [...]
UK rallies Australia to up its net zero targets ahead of G7 summit June 3, 2021 The UK is rallying Australia to up its emission reduction target for the 2030s, the British high commissioner has said today, suggesting 2050 will be too late. Ahead of the UK hosted G7 meeting next week, British high commissioner Vicki Treadell said the UK was asking all attending nations to raise their interim net zero [...]
Chartered Accountants will bring about lasting change by embracing sustainability June 3, 2021 | City Talk Anne Adrain says now is the time for Chartered Accountants to spread their ESG skills throughout the business sector. Environmental, social and governance (ESG) concerns are mainstream and critical to business success. Yet, despite the speed with which customer and investor thinking has evolved, many firms haven’t adapted accordingly. That’s where Chartered Accountants (CAs) come [...]