ESG Tracker (Spain edition) | 14 June 2021

There are so many ESG-related publications and developments that it is hard to keep abreast of them all. For this reason, every two weeks, our firm has been publishing a tracker of ESG-related publications and developments, with a primary focus on developments that may be of most interest to or impact our clients, be they corporates, asset managers or asset owners.

Key updates covered in this edition include:

• The European Commission announced a package of 12 climate change policies in July as part of the ‘Fit for 55’ initiative, all designed to cut greenhouse gas emissions faster.
• The EU and Japan announced their intention to form a Green Alliance to accelerate the transition of both economies towards becoming net zero.
• A new resolution to improve biodiversity in Europe was proposed by the European Parliament’s Committee on Environment, which includes binding environmental targets for 2030.
• The Swiss Financial Market Supervisory Authority (FINMA) published amended versions of its circulars on disclosure requiring large banks and insurance companies to disclose their climate-related financial risks.
• The Spanish Cabinet approved the referral to Parliament of the bill to create the National Fund for the Sustainability of the Electric System. In addition, the Spanish Cabinet also authorised to start the urgent processing of the proposed draft law to act on the remuneration of non-emitted CO2 arising from the electricity market.
• The Spanish CNMV published a set of questions and answers in relation to the application of Regulation 2019/2088 (Disclosure Regulation) and to Regulation 2020/852 (Taxonomy Regulation) in the financial services industry.

If you have any ESG-related questions, please get in touch with your usual Herbert Smith Freehills contact who will be able to direct you as appropriate.

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