Michael Hurley

Banks underestimating climate risks from disorderly transition, ECB warns

Eurozone banks are "very likely" underestimating the risks they are exposed to because of climate change, amid increased likelihood of a disorderly transition, a senior figure at the European Central Bank (ECB) warned.

Asset managers exemption under CSRD sparks calls for clarification

A proposed exemption for asset managers from EU sustainability reporting rules has sparked calls for clarification, as an expert flagged potential inconsistencies given that banks and asset owners have not been given similar freedoms.

Concerns raised that draft ESRS leave investors short of data

Concerns remain that the latest draft of EU sustainability reporting standards could leave investors short of key information, according to initial analysis of the proposed text.

SEC asks US government to back rescinding climate disclosure rule

EU unveils near-final sustainability reporting standards

The EU has published revised European Sustainability Reporting Standards (ESRS) in a package it says would reduce the number of mandatory datapoints by about 60% compared with the current framework.

Iran-linked energy crisis shows 'shielding' effect of renewables, ECB says

The energy crisis sparked by the US war with Iran shows how renewable energy can "shield European consumers from fossil fuel price shocks" and tame inflation, the chief economist of the European Central Bank (ECB) said.

Eurosif laments absence of DNSH criteria in latest SFDR draft text

EBA to drop green asset ratio reporting for banks in Pillar 3 rules update

The European Banking Authority (EBA) is preparing to publish its final standards for ESG disclosures under EU Pillar 3 rules, which are not expected to demand banks restart reporting of the Green Asset Ratio (GAR) of their financing.

BlackRock remains 'misaligned' with NYC pension climate expectations, fund says

BlackRock still fails to satisfy 'net zero' expectations set by a group of New York City pension funds, months after the city's chief financial officer recommended replacing the asset manager on a major US equities mandate, the funds said.

Banking group warns EU against using capital buffer to tackle climate risks

Raising capital requirements for banks with greater exposure to climate risks would damage the EU's competitiveness and conflict with other parts of the bloc's prudential framework, the European Banking Federation (EBF) argued.