Estimated reading time: 4 minutes
CUBE Data Report
Climate Change Risk:
The Race to Regulation
CUBE explores regulatory data from its proprietary inventory to understand the emerging regulatory focus on climate change risk. Is new regulation on the horizon, or is it all talk?
This report is the first in a series of CUBE Data Reports, which leverage CUBE’s proprietary inventory of standardised regulatory data to draw meaningful insights from global regulatory activity. The data, which comes from CUBE RegPlatform, explores 116,325 data points from global regulators and issuing bodies over the last 10 years.
As the first in the series, we were keen to explore a topic of regulation that remains relatively ethereal; environmental, social and governance (ESG). ESG action within financial regulation is as much a source of myth and legend as it is of regulatory issuances.
ESG is a broad topic with parameters which are yet to be fully defined. As such, this report focusses on the first pillar of ESG, the ‘E’ – Environment. In particular, it explores the frequency of reference of a number of climate-related concepts, including climate-change risk, climate disclosures, SFDR and the TCFD, among others.
The report explores the references to these concepts from regulatory issuers on a global scale, with a view to understanding what topics issuing bodies are focused, how they have evolved, and how they are prioritising them.
With thanks to Dr Sabine Dittrich, Barrie Ingman, Jay Wolstenholme, Stephanie Sfakianos and Hannah Duncan.
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5 key findings
1. Climate change risk dominates regulatory issuances
2. The EU is leading the way for climate-related issuances
3. The most active issuing bodies are not necessarily the ones we would expect
4. Climate-related issuances rose sharply in 2021
5. Climate-related regulation is on the horizon
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How CUBE can help
The regulatory landscape is constantly evolving, with emerging issues such as climate risk taking centre stage for 2022. This year, most financial regulators are looking to widen their regulatory parameters to include every factor of ESG, from climate change to corporate governance. What does this mean for compliance teams? A deluge of emerging regulation and expectation.
CUBE is a SaaS based RegTech designed to take the complexity out of regulatory change management using artificial intelligence and automation to deliver Automated Regulatory Intelligence. Whether you’re a large, multinational bank, or a small financial organisation with up to a handful of compliance officers, we’ve got a suite of products tailored to you.