US AGs challenge SBTi's FINZ Standard for banks and insurers

𝐏𝐨𝐬𝐭 9: 𝐈𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐄𝐱𝐭𝐞𝐫𝐧𝐚𝐥 𝐑𝐞𝐯𝐢𝐞𝐰𝐞𝐫(𝐬) 𝐟𝐨𝐫 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐁𝐨𝐧𝐝𝐬 𝑪𝒐𝒏𝒕𝒊𝒏𝒖𝒊𝒏𝒈 𝒎𝒚 𝒔𝒆𝒓𝒊𝒆𝒔 𝒐𝒏 𝒕𝒉𝒆 𝑰𝑭𝑺𝑪𝑨 𝑪𝒊𝒓𝒄𝒖𝒍𝒂𝒓 𝒇𝒐𝒓 𝑻𝒓𝒂𝒏𝒔𝒊𝒕𝒊𝒐𝒏 𝑩𝒐𝒏𝒅𝒔… A credible Transition Bond framework is incomplete without independent validation. To ensure integrity, the circular mandates that issuers must appoint 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐞𝐱𝐭𝐞𝐫𝐧𝐚𝐥 𝐫𝐞𝐯𝐢𝐞𝐰𝐞𝐫𝐬 to confirm that the proposed bond issuance is in alignment with the framework. Such appointments must be made in line with Regulation 76(3) of the Listing Regulations. The external review may take one of several forms, including a 𝐒𝐞𝐜𝐨𝐧𝐝 𝐏𝐚𝐫𝐭𝐲 𝐎𝐩𝐢𝐧𝐢𝐨𝐧 (𝐒𝐏𝐎), a verification, or a certification. The circular also recognises that credit rating agencies and ESG rating providers registered with IFSCA, Indian regulators, or foreign jurisdictions are eligible to act as reviewers. Transparency is a key principle here. Issuers are required to disclose the details of the external review and make them easily accessible to investors, thereby strengthening trust and accountability in the market. 𝐄𝐱𝐚𝐦𝐩𝐥𝐞: Globally, 𝐒𝐞𝐜𝐨𝐧𝐝 𝐏𝐚𝐫𝐭𝐲 𝐎𝐩𝐢𝐧𝐢𝐨𝐧𝐬 (𝐒𝐏𝐎𝐬)by agencies such as 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐨𝐫 𝐌𝐨𝐨𝐝𝐲’𝐬 𝐄𝐒𝐆 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 have become the standard for green, social, and sustainability-linked bonds. For instance, 𝐉𝐚𝐩𝐚𝐧’𝐬 𝐂𝐥𝐢𝐦𝐚𝐭𝐞 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐁𝐨𝐧𝐝𝐬 (2023) were accompanied by external SPOs to assure investors of alignment with Paris climate goals, reinforcing credibility and investor confidence. 𝐖𝐡𝐲 𝐢𝐭 𝐦𝐚𝐭𝐭𝐞𝐫𝐬: Independent reviews serve as a strong safeguard against greenwashing and provide investors with assurance that proceeds are genuinely supporting a credible, science-based transition journey. #𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧𝐁𝐨𝐧𝐝𝐬 #𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞𝐅𝐢𝐧𝐚𝐧𝐜𝐞 #𝐄𝐱𝐭𝐞𝐫𝐧𝐚𝐥𝐑𝐞𝐯𝐢𝐞𝐰 #𝐄𝐒𝐆 #𝐆𝐫𝐞𝐞𝐧𝐅𝐢𝐧𝐚𝐧𝐜𝐞 #𝐈𝐅𝐒𝐂 #𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐂𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐜𝐞

From GHG to SDG, the world of sustainability is full of short forms, but what do they really mean❓ Here’s a handy cheat sheet: ✓ General ESG and Sustainability • #ESG : Environmental, Social, and Governance • #CSR : Corporate Social Responsibility • #SDG : Sustainable Development Goals • #UNGC : United Nations Global Compact • #GRI : Global Reporting Initiative • #IFRS S1/S2 : International Financial Reporting Standards: Sustainability Disclosures • #TCFD : Task Force on Climate-related Financial Disclosures • #ISSB : International Sustainability Standards Board • #NFRD : Non-Financial Reporting Directive (EU, replaced by CSRD) • #CSRD : Corporate Sustainability Reporting Directive (EU) ✓ Environment (E) • #GHG : Greenhouse Gases • CO₂e : Carbon Dioxide Equivalent • #SBTi : Science Based Targets initiative • #CDP : Carbon Disclosure Project • #LCA : Life Cycle Assessment • #EIA : Environmental Impact Assessment • EMS : Environmental Management System • #CCUS : Carbon Capture, Utilization, and Storage • #EPR : Extended Producer Responsibility ✓ Social (S) • DEI : Diversity, Equity, and Inclusion • ILO : International Labour Organization • OSH : Occupational Safety and Health • FPIC : Free, Prior, and Informed Consent • HRIAs : Human Rights Impact Assessments ✓ Governance (G) • BOD : Board of Directors • AGM : Annual General Meeting • #KPI : Key Performance Indicator • SOE : State-Owned Enterprise • FCPA : Foreign Corrupt Practices Act ✓ Reporting & Assurance • #SASB : Sustainability Accounting Standards Board • #IR : Integrated Reporting • ISAE 3000 : International Standard on Assurance Engagements 3000 • GHG Protocol : Greenhouse Gas Protocol • CRMSA : Climate-Related and Nature-Related Risk and Opportunity Disclosure Standards (Malaysia) • CSAP : Climate Strategy and Action Plan ✓ Finance & Investment • PRI : Principles for Responsible Investment • #SFDR : Sustainable Finance Disclosure Regulation (EU) • ETF : Exchange-Traded Fund • ROE/ROI : Return on Equity / Return on Investment • SLB : Sustainability-Linked Bond • GB : Green Bond • SLL : Sustainability-Linked Loan • TCFD-aligned : Refers to disclosures aligned with TCFD ✓ Corporate & Regulatory • #BRSR : Business Responsibility and Sustainability Report (India) • SEC : U.S. Securities and Exchange Commission • #NGO : Non-Governmental Organization • NPO : Non-Profit Organization

Both the EU and the UK are creating new regulatory regimes for providers of ESG ratings, with significant implications for cross-border access to ESG ratings.   The EU's new regime includes a relatively restrictive third-country framework for non-EU rating providers, while the UK has yet to specify what market access regime will be available to non-UK rating providers.   Our latest briefing offers a comparative overview of the planned timing and territorial scope of the new regimes, the application of exemptions and exclusions for cross-border business, and a detailed look at the EU’s third-country regime alongside the UK’s proposals. We also compare the new EU third-country regime for ESG ratings with the corresponding regimes under the EU Credit Rating Agencies Regulation and the recently amended EU Benchmarks Regulation.   ➡️ Read more in the client briefing: https://lnkd.in/eUkmmp5m   #ESG #ESGRatings #Regulation

Why Norwegian ESG Reports Need Different Standards 🇳🇴 While other countries rely on self-reported ESG data, Norway's transparency laws create a different reality. Under CSRD implementation, Norwegian auditors can cross-check your claims against: Emissions databases Industry benchmarks Official permit and compliance records ❌ The risk: Most ESG platforms can't bridge this gap between corporate claims and government data. ✅ Our solution: AIZEN connects ESG reports to Norway's official databases with actionable verification precision. This fall: CSRD Traceability Scorecard closed beta for Norwegian companies facing 2025 deadlines. 👉 Limited access. Priority for companies needing government-grade evidence: #Norway #CSRD #ESG #EvidenceIntelligence #BetaLaunch

#ENGAGE4ESG Regulatory Insights: On 5 August 2025, the European Banking Authority (EBA) published an Opinion (in the form of a no-action letter) addressing the application of Pillar III ESG disclosure requirements.   Through the Opinion, #EBA intends to reduce the operational burden for institutions amid the evolving EU sustainability regulations, highlighting the importance of clarity and consistency in ESG disclosures.   🔗 To learn more about the EBA's recommendations, read our latest blog: https://lnkd.in/emierBsj *ENGAGE is co-funded by the European Union   #LIFEProgramme #EUTaxonomy #GreenFinance #FitFor55 #SustainableFinanceEU #Securitisation

📢 𝗥𝗲𝘃𝗶𝘀𝗲𝗱 𝗘𝗦𝗥𝗦 𝗘𝘅𝗽𝗼𝘀𝘂𝗿𝗲 𝗗𝗿𝗮𝗳𝘁𝘀: 𝗞𝗲𝘆 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀 𝗮𝘁 𝗮 𝗚𝗹𝗮𝗻𝗰𝗲 🗓️ 𝘌𝘍𝘙𝘈𝘎 𝘊𝘰𝘯𝘴𝘶𝘭𝘵𝘢𝘵𝘪𝘰𝘯 𝘖𝘱𝘦𝘯 𝘜𝘯𝘵𝘪𝘭 29 𝘚𝘦𝘱𝘵𝘦𝘮𝘣𝘦𝘳 2025 On 31 July 2025, EFRAG published the revised and simplified Exposure Drafts of the European Sustainability Reporting Standards (ESRS) — a big step in aligning CSRD implementation with the EU’s simplification agenda. This was accompanied by the 𝗿𝗲𝗰𝗲𝗻𝘁 𝗘𝗙𝗥𝗔𝗚 𝗲𝘃𝗲𝗻𝘁 𝗼𝗻 10 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 2025, “𝗘𝗦𝗥𝗦 𝗦𝗶𝗺𝗽𝗹𝗶𝗳𝗶𝗲𝗱: 𝗢𝘂𝘁𝗿𝗲𝗮𝗰𝗵 𝘄𝗶𝘁𝗵 𝗮 𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝗣𝗿𝗲𝗽𝗮𝗿𝗲𝗿𝘀”, where EFRAG presented key changes and gathered practical feedback from reporting entities. 💬 What’s new? ✅ Streamlined double materiality assessment, with a clear top-down structure 📉 57% fewer mandatory data points; voluntary disclosures moved to guidance ✏️ Clearer language and simplified structure — removal of sub-subtopics ✂️ Overlaps reduced and standard length cut by 55% 🛠️ New relief mechanisms, such as exemptions where reporting would be disproportionately burdensome 🔍 In this Sustainability Dialogue post, ADVANTA GmbH WPG and SDH explore: 🔹𝙠𝙚𝙮 𝙖𝙢𝙚𝙣𝙙𝙢𝙚𝙣𝙩𝙨 𝙖𝙘𝙧𝙤𝙨𝙨 𝙩𝙝𝙚 𝙧𝙚𝙫𝙞𝙨𝙚𝙙 𝙨𝙩𝙖𝙣𝙙𝙖𝙧𝙙𝙨, 🔹𝙙𝙚𝙚𝙥 𝙙𝙞𝙫𝙚𝙨 𝙞𝙣𝙩𝙤 𝙀𝙎𝙍𝙎 1 𝙖𝙣𝙙 𝙀𝙎𝙍𝙎 2, 🔹𝙡𝙖𝙩𝙚𝙨𝙩 𝙞𝙣𝙨𝙞𝙜𝙝𝙩𝙨 𝙛𝙧𝙤𝙢 𝙀𝙁𝙍𝘼𝙂 𝙬𝙞𝙩𝙝 𝙖 𝙛𝙤𝙘𝙪𝙨 𝙤𝙣 𝙠𝙚𝙮 𝙘𝙝𝙖𝙣𝙜𝙚𝙨. This dialogue is led by our ESG experts: Elizaveta Kondrashova, Dr. Yuliia Kornieieva and Lena Franke. 🗨️How are you approaching the revised ESRS in your reporting strategy? Share your perspectives and get in touch for an exchange on evolving ESG disclosure requirements. #SustainabilityReporting #ESG #CSRD #ESRS

🌍 And we continue our sustainability dialogue together with our partner ADVANTA GmbH WPG . Today we talk about the revised ESRS Exposure Drafts — key amendments, streamlined requirements, and what they mean for reporting entities. Excited to share latest insights from EFRAG and explore how these changes shape ESG disclosure practices.

Climate change isn’t just a risk, it’s now a regulatory priority and a business opportunity for the financial sector. Investors and clients are demanding credible action, and climate risk has become a board-level issue. For firms, the net-zero transition offers both commercial growth and a pathway to regulatory compliance, while greenwashing poses serious compliance risks. UK regulators like the PRA and FCA expect firms to embed climate risk into governance, strategy, and data, disclose sustainability risks under TCFD and ISSB frameworks, and align products with the FCA’s Sustainability Disclosure Requirements. Read on for more: https://heyor.ca/fgFPdM #ESG #Sustainability #FinTech #ARUVI

Don’t let important ESG milestones catch you off guard. 📆 Our H2 2025 ESG Compliance Calendar compiles key dates, regulations, and guidance from trusted sources, so you can stay ready, not reactive. ✔️ Meet disclosure expectations ✔️ Align with evolving frameworks ✔️ Keep stakeholders informed Download here: https://bit.ly/4f50ccv #ESGreporting #governance #sustainabilityleadership #BSIConsulting

Nearly 200 companies and investors are urging EU lawmakers to keep strong CSRD and CSDDD rules. They argue that sustainability reporting and due diligence drive growth, transparency and investor confidence. 💡 RWS Financial Services helps firms adapt to evolving ESG frameworks with precision: https://hubs.ly/Q03GbdQC0. #RWS #RWSGroup #RWSFinancial #ESG #Sustainability #EUregulation