Rory Robinson’s Post

An outstanding first day at Center for Financial Professionals (CeFPro)’s #ESG Europe Congress, with great presentations, panels and discussions on one of the key challenges facing financial institutions in Europe. What is certain is that there are many unknowns – there is much to be addressed, to be defined and agreed, though the objectives are positive and constructive. The opening keynote panel centered on regulatory requirements and expectations, with an outstanding panel consisting of Gustavo Brianza from NatWest Group, Simone Ruiz-Vergote from MSCI Inc., and Christopher Rich from the Financial Markets Standards Board (FMSB). Edua Dickerson from ServiceNow also provided great insight on governance and ‘just transition’, plus expertly chaired a Chatham House luncheon roundtable. Another great topic for discussion focused on the developing policies and frameworks to mitigate greenwashing risks. So many questions that the panelists could have spent double the time on the session; thank you Celia Lambert-Alcantara from Crédit Agricole CIB, Baba Abu, from Lloyds Banking Group, Anthony Thomas Fossati from FactSet, and Simon Gadd from Legal & General Marije Wiersma, FRM from Zanders provided practical examples and insight on climate modeling and the impact of floods on the mortgage portfolio. The final panel discussion of the day, on net zero pledges and incorporating these across portfolios and products with great insight from Russell Bishop from EBRD, Myles McCarthy from Close Brothers, Phil Cliff, former Head of Climate M&G, and Catarina Barino from Clarity AI. Finally, a special thank you and congratulations to one of the most upbeat and engaging moderators we have ever had, Dr Andreas Geyer from d-fine. Well done Center for Financial Professionals (CeFPro) team!

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Rory Robinson

Manager, Head of UK Sustainability at d-fine
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One year to go until the PRA’s implementation deadline for Basel 3.1! The 1st July also marks the PRA missing its Q2 2024 target deadline for publishing its second “near-final” set of rules. Following on from PS17/23, topics yet to be formalised include credit risk, the output floor, reporting, and disclosure requirements. Despite this, institutions still have enough information to progress with what is the most significant change to the UK's prudential regulatory framework since leaving the EU. At d-fine we are proud to continue assisting our clients on their Basel 3.1 journeys and providing insights. Please get in touch to find out more! #basel #UK #dfine #dfineUK

PS17/23 – Implementation of the Basel 3.1 standards near-final part 1

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Rory Robinson

Manager, Head of UK Sustainability at d-fine
1mo
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London Climate Action Week is off to a strong start with the ISSB announcing this morning that it will assume responsibility for the disclosure-specific materials developed by the UK Transition Plan Taskforce! #sustainability #ESG #transitionplanning #dfine #dfineUK

Transition Plan Taskforce (TPT)

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📣 IFRS Foundation to assume responsibility for key materials developed by the Transition Plan Taskforce 📣 The IFRS Foundation announced this morning that it will assume responsibility for the disclosure-specific materials developed by the Transition Plan Taskforce (TPT). It will: 1️⃣ house these materials on the IFRS Sustainability Knowledge Hub, 2️⃣ in the near term, use these materials to develop educational materials, and 3️⃣ over time, use these materials when considering the need to enhance the application guidance within IFRS S2. Speaking on a panel with the International Sustainability Standards Board (ISSB)’s Vice Chair Sue Lloyd, the TPT’s co-chair Amanda Blanc welcomed this decision, which marks an important milestone in the creation of global norms for transition plan disclosure. We look forward to working with the IFRS Foundation over the coming months to support this process. For further details, please see the website of the IFRS Foundation: https://lnkd.in/eHG3hwup Amanda Blanc Duncan Clark Mark Fawcett, OBE Alan Vallance Mardi McBrien Katie Murray Sacha Sadan Mary Schapiro David Schwimmer Michelle Scrimgeour Tanya Steele CBE

ISSB delivers further harmonisation of the sustainability disclosure landscape as it embarks on new work plan

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Rory Robinson

Manager, Head of UK Sustainability at d-fine
2mo
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Last week the UK Government published an update setting out the next steps of implementing the UK Sustainability Disclosure Requirements (SDR) as part of their Green Finance Strategy set out in 2023. The document provides a revised timeline confirming upcoming consultations on the UK implementation of the IFRS S1 and S2 standards (UK SRS), Transition Plan disclosures, the UK Green Taxonomy design, and further extensions to the SDR. It also welcomes the work of the Taskforce on Nature-related Financial Disclosures (TNFD), suggesting that it will eventually become a part of the UK sustainability reporting regime. With the FCA anti-greenwashing rule and its corresponding guidance taking effect from 31st May this year (i.e. next week!), now is the time for companies to get ahead of the curve and prepare for what continues to be a transformative period for UK sustainability reporting requirements. At d-fine we are here to help – please get in touch if you have any questions! #sustainability #ESG #sdr #dfine #dfineUK
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Rory Robinson

Manager, Head of UK Sustainability at d-fine
3mo
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The TPT released its final technical resources earlier this week, almost exactly two years after beginning its work on developing the gold standard for private sector climate transition plans. It was fascinating to hear the thoughts of leaders from finance, industry and politics on Tuesday evening at the Guildhall, all reaffirming the fact that a high-quality transition plan will be a crucial component of any credible net zero strategy. #transitionplan #netzero #tpt #dfine #dfineUK #ESG
Transition Plan Taskforce (TPT)

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Today - we are a launching our latest publications to support you to build your transition plan - more to come later today at https://lnkd.in/eC_V9twk You can still sign up for the live stream of our launch 18.00 BST from London Guildhall - Register at https://lnkd.in/e5U9JU6H
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Rory Robinson

Manager, Head of UK Sustainability at d-fine
1y
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"Current evidence suggests that the existing time horizons over which risks are capitalised by banks and insurers are appropriate for climate risks". One of the more surprising findings to come out of the Bank of England's latest thinking on how best to incorporate climate-related risks into the regulatory capital frameworks.
Bank of England

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Today, we have published our latest thinking on climate-related risks and the regulatory capital frameworks. Whilst the report does not update the Bank’s policies, it updates on its thinking in key areas, highlights gaps in the current framework and exposes open questions that need to be addressed. Here's what we found: • As a priority, firms need to continue to embed PRA supervisory expectations and address capability gaps to better identify, measure and manage climate risks. The absence of controls might suggest a greater quantum of capital will be required. • Evidence suggests existing time horizons over which prudential risks are capitalised are appropriate for climate risks. The Bank will therefore continue to explore how climate risks can be calibrated within the capital frameworks’ existing timelines. • The nature of climate risks requires a more forward-looking approach than many other risks. Stress testing and scenario analysis will continue to represent key regulatory tools - the Bank, will take steps to further investigate how they can inform capital frameworks. • Further work is needed to assess potential regime gaps in the macroprudential framework. Any use of macroprudential tools would need to be assessed carefully against their mitigation of climate risks, their behavioural impacts, and the potential for unintended consequences. • Further exploration of these gaps is essential as a number of open questions remain. Regulators and central banks work in this space will be valuably supported by further research from external stakeholders. Read the full report to find out more about our findings and the key research questions identified: https://b-o-e.uk/428hD4P
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Rory Robinson

Manager, Head of UK Sustainability at d-fine
1y Edited
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Is it a pillar 1 or pillar 2 question? Should we be using microprudential or macroprudential tools? What is the appropriate time horizon? Just some of the key questions explored at the highly informative climate and capital conference last month at the Bank of England. At d-fine, we are proud to be contributing to the research community and assisting our clients as we navigate what is a pivotal decade in the fight against climate change. We are here to assist with any ESG topics you might have – feel free to get in touch

Note to support the Bank of England’s Climate and Capital conference

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Rory Robinson

Manager, Head of UK Sustainability at d-fine
1y
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Looking forward to attending today's Bank of England climate and capital conference, discussing the complex issues associated with adjusting the capital framework to take account of climate-related financial risks. https://lnkd.in/edeGhj-C

Climate and capital conference

bankofengland.co.uk
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