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Regulatory Round-up: ISSB’s capital markets disclosures, UK’s CBAM, China’s ESG disclosures

The International Sustainability Standards Board, created at COP26 six months ago, says it is on track to deliver the first stage of its global baseline of sustainability disclosures for the capital markets by the end of the year. Once in place, the future success of the global baseline will depend on “combined action by public authorities to incorporate it into their jurisdictional reporting requirements, and market demand through investors and others”, it says. ISSB has vowed to work closely with the International Organization of Securities Commissions, which is considering whether to endorse standards issued by the new body for use by its members.

The UK government will consult this year on whether to follow in the EU’s steps by introducing a so-called carbon border adjustment mechanism, a levy on imports of carbon-intensive products, such as steel and aluminium. The policy’s objective would be to allow local industries to stay competitive once restrictions on carbon are introduced. The government has also issued a call for evidence before it publishes its updated green finance strategy later this year. The updated strategy will assess progress so far and set out how the UK can better ensure the financial services industry is supporting the UK’s energy security, climate and other environmental objectives. The consultation closes on 22 June. 

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