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President Biden’s May 20, 2021, executive order laid out an aggressive plan to address climate change risk, including a set of directives that will have a major impact on the operations of federal government and on regulation of financial markets participants.
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US President Joe Biden’s May 20, 2021, executive order laid out an aggressive, whole-of-government plan to address climate change risk, including a set of directives that will have a major impact on the operations of the federal government and on the regulation of financial markets participants. While the effects on regulation of banks and financial services companies are somewhat clearer, state-regulated insurance companies face a murkier, less well-defined future. This
On the Subject reviews recent developments in climate change risk management in the United States and in Europe, and outlines some of the challenges that lie ahead.
On 24 March 2021, the UK government’s Department for Business, Energy & Industrial Strategy (“
BEIS”) launched a consultation seeking views on its proposals to mandate climate-related financial disclosures by publicly quoted companies and large private companies, banks and insurance companies, and limited liability partnerships (the “
Consultation”). The Consultation runs to 5 May 2021 and seeks input on requiring large UK companies to make disclosures in line with the Financial Stability Board’s Task Force for Climate-Related Financial Disclosures (the “
TCFD”). Responses to the consultation may be made by email to climatedisclosure@beis.gov.uk or online here.
The Consultation
The proposal subject to the Consultation is to require certain publicly quoted and large UK companies and limited liability partnerships (“
Outlook for This Week in the Nation’s Capital
Congress. The House and Senate are both in session this week. The House will take up the DC statehood bill (H.R. 51), the NO BAN Act (H.R. 1333), which would prohibit religious discrimination in immigration-related decisions, and the Access to Counsel Act of 2021 (H.R. 1573), which would require lawyers to be given to migrants in danger of deportation. The Senate will consider the COVID-19 Hate Crimes Act (S. 937), which addresses the increase of hate crimes and violence targeted at Asian Americans and Pacific Islanders (AAPIs). The Senate is also still in the process of confirming President Joe Biden’s nominees, and on Wednesday the Senate Commerce, Science and Transportation Committee will hold a hearing on the nominations of former Sen. Bill Nelson (D-FL) to be NASA administrator and Lina Khan to be commissioner of the Federal Trade Commission.