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January 12, 2023

Regulatory Round-up: ECB’s Schnabel on renewables; ICMA on China

By Victor Smart

Renewable energies are more competitive amid low interest rates and the green transition would fail to prosper in an environment with high inflation, Isabel Schnabel, a member of the European Central Bank’s executive board, has said. Although acknowledging that concerns about “climateflation” (persistent inflationary pressures due to more frequent natural disasters and dependency on gas, oil and coal) cannot be dismissed, Schnabel argued that “a restrictive monetary policy stance today will benefit society over the medium to long run by restoring price stability”.

Germany’s Supply Chain Due Diligence Act has come into force in January, requiring companies to assess potential human rights and environmental risks in their supply chains, establish a reporting system and take preventative and corrective actions where needed. The rules affect companies headquartered in Germany with more than 3,000 employees; from 2024, they will extend to companies employing more than 1,000 people.

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