Update: EU Leads in Climate Blame and Shame

Update February 15, 2017

The EU is already loading climate reporting requirements onto pension funds.

On December 8th, 2016 the EU adopted a new regulation regarding Pension Funds, the IORP II Directive — the successor of the Institutions for Occupational Retirement Provision Directive adopted in 2003.

A key feature of the directive is the consideration of environmental, social and governance (ESG) factors as part of pension providers’ investment. In particular, pension providers are now required to carry out their own risk assessment, including climate change-related risks, as well as risks caused by the use of resources and regulatory changes.

IORP II applies to all the 14,358 registered EU pension funds, among which 160 have cross-border activities.

Member States (EU countries) have until January 13, 2019 to transpose IORP II into their national law, which was published early January in the Official Journal of the European Union. According to current projections, the implementation deadline should therefore fall before Brexit, an important fact considering that the UK accounts for 50 percent of the EU occupational pension fund sector, followed by the Netherlands (33 percent).

New EU Directive Requires Pension Funds to Assess Climate-related Risks

The Climate Disclosure Standards Board provides an insight into the expanding bureaucracy working to impose climatism on financial and business institutions around the world. Since Paris COP agreement is not legally binding, the effort is on forcing reporting on national commitments and pointing fingers at laggards.

At the microeconomic level, the mission is to load regulatory requirements onto corporations and investors to force them into statements of belief and responsibility for mythical changes in future weather and climate.

The Mission is presented in Making Climate Disclosure the New Norm in Business

In short, the Task Force Recommendations report encourages all financial organizations, ranging from banks, insurance companies, to asset managers and asset owners, and companies with public debt or equity, to disclose in a transparent and consistent way their financial risks and opportunities associated with climate change.

Image: Recommendations of the Task Force on Climate-related Financial Disclosures

The report is the result of one year of work by the Task Force on climate-related financial disclosures, a business and investors-led initiative, launched at the COP21 climate negotiations in Paris, and convened by the Financial Stability Board.

The aim of the initiative is to drive the adoption of the recommendations across the G20 countries, as the final version of the report will be released in July and presented to the G20 leaders gathering in Hamburg. Having the support of the governments of the largest economies in the world would be the ultimate step to make climate disclosure the new norm.

The CDSB Board of Directors (all carrying climate activist resumes)

Pankaj Bhatia Director of GHG Protocol Initiative, World Resources Institute

Henry Derwent Honorary Vice President, International Emissions Trading Association

Dr Rodney Irwin Managing Director, Redefining Value & Education, World Business Council for Sustainable Development

Mindy S. Lubber JD, MBA President, Ceres Director, Investor Network on Climate Risk

David Rosenheim Executive Director, The Climate Registry

Damian Ryan Acting CEO, The Climate Group

Richard Samans (Chairman) Managing Director and Member of the Managing Board, World Economic Forum

Paul Simpson Chief Executive Officer, CDP (formerly Carbon Disclosure Project)

Gordon Wilson Senior Manager PwC, Chairman, Technical Working Group, Climate Disclosure Standards Board

Rough seas ahead for Captains of Industry

 

 

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3 comments

  1. oiltranslator · 9 Days Ago

    Europe has been stuck in national socialism and international socialism since the 1930s. Elsewhere people are becoming aware of alternatives OTHER than the Hitler-Stalin right-left dichotomy. Even South Africa and Spain now have libertarian parties,

    Like

    • Ron Clutz · 9 Days Ago

      True about Europeans and socialism. Hitler’s party was called national socialists; maybe they were “socialists in a hurry.” And the symbol for fascists was the common bond around a sheaf of grain, again a socialist communitarian notion.

      Like

      • catweazle666 · 9 Days Ago

        The symbol used by the Italian Fascists was the fasces, a bunch of reeds bound around a billhook and in the Roman Empire was carried by the Lictors.

        It was a reminder that the power of the State represented the labour of the people, hence it it was exactly analogous to the Hammer and Sickle.

        Or so my Latin master reckoned, over half a century ago!

        Like

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