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Eye on ESG Blog
The Eye on ESG Blog is designed to provide practical guidance to global businesses and clients amid the important and growing impact of ESG issues on their institutions and businesses, as well as the latest updates on new ESG-related developments.
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Déjà Vu All Over Again: US FERC Announces New Proceeding to Examine Electric Reliability in the Face of Climate Change
On February 22, 2021, the US Federal Energy Regulatory Commission (FERC) announced its intention to open a new proceeding to examine the threat that climate change and extreme weather events pose to electric reliability.

SEC Acting Chair Directs Staff to Enhance Focus on Climate-Related Disclosure
On February 24, 2021, Acting Chair of the US Securities and Exchange Commission (SEC), Allison Herren Lee, announced that the agency will be focusing on public companies’ climate change disclosures as part of an effort to both assess current compliance with federal securities laws and develop new disclosure requirements for climate change.

Climate change risk – consultation on new trustee duties
The Pension Schemes Act 2021 sets out a framework for new climate risk-related governance and reporting requirements for trustees of larger schemes. The detailed requirements will be set out in regulations and statutory guidance, and the government is currently consulting on draft versions of the regulations and guidance.

US NAIC Prioritizes Climate Risk and Resilience with a Focus on Related Disclosure
On February 9, 2021, the US National Association of Insurance Commissioners (NAIC) announced its strategic priorities for 2021, and these included Climate Risk and Resiliency.

Scaling Voluntary Carbon Markets: Taskforce Releases Core Carbon Principles and Roadmap
Over 1,000 firms have made either indicative or concrete pledges to align their greenhouse gas emissions with the Paris Agreement—which means reducing emissions to zero by 2050. For many firms, achieving this aim will require the use of carbon offsets at some point.

FHFA Issues Request for Input on Effects of Climate Change and Natural Disasters
Whether or not climate change is real and represents an existential threat and, if so, regardless of the reasons for it, the number and severity of domestic natural disasters appear to be on the rise.

Impact of Climate Change on US Residential Mortgage Servicing
Whether or not climate change is real and represents an existential threat and, if so, regardless of the reasons for it, the number and severity of domestic natural disasters appear to be on the rise.

South Korean Regulator Announces Measures to Promote ESG and Responsible Investing
On 14 January 2021, the Financial Services Commission (FSC) announced a series of measures to improve corporate disclosure rules in South Korea, including initiatives to promote environmental, social and governance (ESG) and responsible investing (the “Measures”).
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ESG Developments in Financial Services
Mayer Brown’s Brexit Snapshot podcast series provides insight on the latest legal issues related to the United Kingdom’s new post-Brexit relationship with the European Union, and keeps you up to date on changes to the legislative framework.