Library | ESG issues
Law, Regulation & Compliance
The evolving legal and regulatory landscape financial organisations regarding Environmental, Social, and Governance (ESG) considerations comprises both voluntary frameworks and mandatory regulations. Voluntary initiatives, such as the Task Force on Climate-related Financial Disclosures (TCFD), provide guidelines for companies to disclose climate-related financial risks and opportunities. In contrast, mandatory regulations like the European Union’s Sustainable Finance Disclosure Regulation (SFDR) require financial market participants to disclose how they integrate ESG factors into their investment decisions.
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Moving away from mass destruction:109 exclusions of nuclear weapon producers
The report reviews 109 financial institutions with policies excluding nuclear weapon producers, assessing policy scope and implementation. It finds 55 institutions apply comprehensive exclusions, while others retain gaps or exposures, reflecting growing financial-sector alignment with the Treaty on the Prohibition of Nuclear Weapons.
The use of the Lavender in Gaza and the law of targeting: AI-decision support systems and facial recognition technology
The report analyses Israel’s alleged use of the ‘Lavender’ AI decision-support system and facial recognition in Gaza, assessing compliance with international humanitarian law. It highlights risks from inaccuracy, bias, automation and opacity, concluding that commanders must retain judgement and verification to meet targeting obligations.
Supplement to the target market to include information on sustainability related objectives1 and sustainability factors
This supplement outlines a framework for classifying financial products by sustainability objectives under MiFID II. It defines ESG target markets, minimum exclusions, PAIs, and alignment with SFDR and Taxonomy rules across securities, funds, bonds, and certificates.
Green finance was supposed to contribute solutions to climate change. So far, it’s fallen well short
The article argues that while climate disclosure and green finance initiatives have expanded since Mark Carney’s “tragedy of the horizon” speech, they have failed to shift capital at the scale required to address climate and nature risks. It contends that deeper structural reforms to financial valuation, incentives and capital allocation are needed to move beyond managing symptoms toward financing real-world solutions.
Investing with integrity ii: How corruption undermines environmental and social outcomes
The report guides impact investors on how corruption undermines environmental and social outcomes. It outlines linked business integrity and E&S risks, due diligence focus areas, and the importance of coordinated screening, action planning and monitoring across land, labour and pollution to strengthen governance and safeguard development impact.
Next to fall: The climate-driven insurance crisis is here and getting worse
The report analyses U.S. homeowners’ insurance non-renewals, showing strong links between climate risks, rising premiums, and declining coverage. It finds coastal and wildfire-exposed regions face pronounced instability, with risks spreading inland. The Committee warns that worsening insurability could erode property values and trigger broader financial impacts.
First time implementation guide: The international standard on auditing of financial statement of less complex entities (ISA for LCE)
The guide explains how to implement the ISA for LCE, outlining its purpose, structure, applicability, key differences from full ISAs, and transitional considerations. It supports auditors in applying a proportionate, risk-based standard for less complex entities and provides supplementary guidance for adoption and reporting.
CSRD: A guide to the physical risk requirements
This guide explains Corporate Sustainability Reporting Directive physical risk requirements, detailing scope, timelines and ESRS E1 disclosures. It outlines how organisations must identify, assess and report climate-related physical risks, financial impacts and adaptation actions, with a focused application to real estate portfolios.
Trillions or billions: Reassessing the potential for european institutional investment in emerging markets and developing economies
The report finds European pension funds and insurers have limited capacity to scale EMDE investment. Even doubling allocations by the 35 largest asset owners would yield about USD 120 billion annually, concentrated in investment-grade assets. Regulation constrains insurers more than pension funds.
Transparency International UK (TI-UK)
Transparency International UK (TI-UK) is a UK-based anti-corruption NGO promoting transparency, accountability and integrity. It produces research, policy analysis and advocacy on corruption risks, illicit finance and governance. Work focuses on the UK and its global influence, engaging government, business and civil society, including public reporting, campaigns and integrity standards.
Norwegian Ministry of Finance
Ministry of Finance is Norway’s government department responsible for planning and implementing national economic and fiscal policy, coordinating the preparation of the national budget, shaping tax and financial market regulation, and overseeing public finances and related subordinate agencies. It publishes official budget documents, economic analyses and policy guidance.
Climate X
CFA Institute Research and Policy Center (RPC) is a finance research hub turning investment research into insights that strengthen capital markets, advance ethics and improve investor outcomes. RPC publishes policy analysis, research reports and industry perspectives for investment professionals, regulators and policymakers, grounded in CFA Institute expertise and market trends.
International Criminal Court
International Criminal Court is a permanent international court based in The Hague. It investigates and prosecutes genocide, crimes against humanity, war crimes and the crime of aggression. Established under the Rome Statute, it supports international justice, accountability and rule of law.
Sustainable Finance Roundup December 2025: Nature, Regulation, and the Hardening of Risk
This month’s sustainable finance roundup traces the shift from ambition to enforcement, as climate and nature risks become financial, regulatory and legal realities. It covers Australia’s environmental law reforms, the embedding of climate and nature risk through prudential supervision, disclosure and shareholder pressure, and insurer warnings on the limits of insurability. It also highlights how markets are responding to deforestation and biodiversity risk, and how litigation and regulation are reshaping governance and long-term financial resilience.
Climate finance for low carbon transport: Developing effective transport financing mechanisms for Asia and the Pacific
This ESCAP policy brief examines climate finance options for scaling low-carbon transport in Asia–Pacific. It assesses funding gaps, barriers, and mechanisms—including subsidies, carbon pricing, green bonds, PPPs, and international finance—and recommends policy alignment, capacity building, investor matching, and diversified financing to accelerate investment.
ICMA DLT bonds reference guide
ICMA’s DLT Bonds Reference Guide outlines practical considerations across the lifecycle of distributed ledger technology-based debt securities. It addresses legal, regulatory, operational, trading, settlement and investor issues, aiming to support consistent market practice and wider adoption while reducing fragmentation in global bond markets.
