Latest news with #climatetransition
Zawya
3 days ago
- Business
- Zawya
The DFSA joins United Arab Emirates' authorities in launching consultation on Principles for Climate Transition Planning
Dubai, United Arab Emirates: The Dubai Financial Services Authority (DFSA), together with other members of the United Arab Emirates (UAE) Sustainable Finance Working Group (SFWG), has today launched a public consultation on draft 'Principles for Climate Transition Planning' (the Principles). This marks a further step in the SFWG's ongoing efforts to enhance the UAE's sustainable finance ecosystem. The draft Principles are designed to help financial institutions develop credible, transparent, and effective climate transition plans. These plans are forward-looking strategies that align an organisation's objectives, governance, risk management, and operations with their climate goals. The draft Principles cover eight key areas: setting transition objectives; governance; integration into strategy and risk management; metrics and targets; data and customer engagement; reporting and transparency; implementation; and review and updates. The proposed Principles are intended to apply proportionately across a wide range of financial institutions and are designed to remain flexible and forward-looking to reflect the evolving nature of global standards. By embedding climate risks and opportunities into financial decision-making, transition planning enhances firms' risk management, informs strategic and product development, and supports broader climate policy objectives. How to submit feedback The consultation is open to all the DFSA's stakeholders. Feedback is particularly welcomed from firms developing or enhancing their transition plans, as well as firms already engaged in climate-related risk management and disclosure practices. To read the draft Principles, click here. To submit your feedback, click here. The deadline for submissions is close of business on 16 July 2025. About the UAE Sustainable Finance Working Group The SFWG was established in 2019 to support the UAE's economic transition to address climate change and encourage the adoption of best practices around sustainability at the national level, aligned with the UAE's Green Agenda 2015–2030. Its members include: Financial regulators – Central Bank of the UAE, Securities and Commodities Authority, Financial Services Regulatory Authority of Abu Dhabi Global Market, Dubai Financial Services Authority; Ministries – Ministry of Finance, Ministry of Climate Change and Environment, Ministry of Economy, the Office of the UAE's Special Envoy for Climate Change; and UAE exchanges – Abu Dhabi Securities Exchange, Dubai Financial Market, and Nasdaq Dubai. Since its inception in 2019, the SFWG has issued several key publications: Guiding Principles on Sustainable Finance in the UAE (2020), committing to developing standards for the financial sector to integrate Environmental, Social and Governance (ESG) factors into corporate governance, strategy, and risk management. Principles for the Effective Management of Climate-related Financial Risks (2023), addressing the oversight and allocation of responsibilities for climate-related financial risks, their integration into strategy-setting, risk management frameworks, capital and liquidity planning, and scenario analysis exercises; and Principles for Sustainability-related Disclosures (2024), supporting financial firms in the UAE in preparing high-quality and relevant sustainability disclosures. For further information, please contact: Corporate Communications Dubai Financial Services Authority (DFSA) Level 13, The Gate, West Wing Dubai, UAE Email: DFSAcorpcomms@ About DFSA The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering and Combating the Financing of Terrorism legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA website for more information.
Associated Press
12-06-2025
- Business
- Associated Press
Engaging in Climate
Amplifying climate trends through climate events around the world The climate landscape today is characterized by escalating challenges that have significant implications for businesses and society as a whole. As global temperatures rise and natural ecosystems face unprecedented threats, it is crucial for global organizations to remain focused on their sustainability goals. At KPMG, our climate leaders are focused on the client issues that matter most, and we carry these through everything we do, including the events we participate in. With the goal to educate and inspire, and seize opportunities presented by the transition to a more sustainable future, our focus remains on: Climate transition plans Credible and transparent climate transition plans can help companies enhance resilience, create and protect value, and drive growth by focusing on mitigation and adaptation strategies. AI, the energy transition and climate action The convergence of AI, escalating energy demands, and climate change has emerged as a critical economic and geopolitical topic, with significant energy requirements associated, but also the opportunity to embrace a new wave of innovation. Nature and biodiversity Nature is a key lever and enabler to climate transition plans, and it's critical for business to understand actions they can take to access transition finance, and understand how to navigate and align with government policies, while also creating win-wins for climate and nature. Climate adaptation and resilience Adaptation and resilience are crucial to protecting lives and livelihoods, and can help ensure businesses thrive. This is a fundamental part of a robust transition plan. The Climate: Health nexus The climate crisis is a health crisis and addressing this intersection is a powerful way to help catalyze climate action as conversations move from challenges to plans leading to a healthier future. Upcoming events Meet KPMG climate leaders at this year's climate events to collaborate on building a more sustainable future for all. London Climate Action Week21-29 June 2025 | London, England KPMG will bring together a robust program hosted throughout London Climate Action Week (LCAW), focused on the climate transition, reframing sustainability, and more. As a diamond sponsor for Reset Connect London (24-25 June), KPMG professionals will be taking part in a number of panel sessions, with our professionals also hosting a number of events taking place through the Reset Connect event space, as well as at the KPMG Canary Wharf office. Click here to view the KPMG at LCAW program Register your interest in KPMG at LCAW New York Climate Action Week21-28 September 2025 | New York, USA KPMG is proud to be a Silver Sponsor of New York Climate Week (NYCW), with KPMG professionals preparing an agenda that aims to help drive the transition to a sustainable economy that fosters value creation and preservation for both businesses and society. Through engaging panel discussions, meetings, and a number of other networking opportunities taking place throughout NYCW, KPMG looks forward to discussing some of today's most pressing climate and nature challenges and opportunities that can help contribute to the development of sustainable approaches that drive meaningful and lasting change. Register your interest in KPMG at NYCW COP3010-21 November 2025 | Belém, Brazil As the climate crisis accelerates and geopolitical complexities emerge, KPMG is working to prepare a thoughtful program and presence around COP30 that can help businesses better understand their nature- and climate-related risks as we work together to tackle climate change. Every business has a part to play and we want to help with this critical endeavor in any way we can. Learn more about KPMG at COP30 Our insights Climate, decarbonization and nature Understand climate and nature risks and opportunities to accelerate organizational change. Read more KPMG at COP30 As the climate crisis accelerates and geopolitical complexities emerge, KPMG is working to prepare a thoughtful program and presence that can help businesses better understand their nature- and climate-related risks. Read more Environmental, social and governance (ESG) Unlock the power of ESG to transform your business. In today's increasingly disruptive world of climate disasters, political conflict and societal inequalities, rapid ESG progress is crucial to achieving a more sustainable future. Read more Our people Mike Hayes Climate Change and Decarbonization Leader, Global Head of Renewable EnergyKPMG in Ireland Richard Andrews Head of Environmental, Social and Governance (ESG)KPMG in the UK Maura Hodge US Sustainability Leader, KPMG LLPKPMG in the U.S. Visit 3BL Media to see more multimedia and stories from KPMG
ABC News
16-05-2025
- Business
- ABC News
Business leader Innes Willox begs Coalition not to reopen climate wars
Another battle within the federal opposition over net zero would "hobble" the Australian economy, a prominent business leader has warned, urging the parliament to focus on the mechanics of the climate transition. New Liberal leader Sussan Ley this week stated her belief that Australia should reduce emissions "appropriately" but could not say whether the Coalition would continue its commitment to achieving net zero emissions by 2050. Prominent business lobbyist Innes Willox said reconsidering net zero would be like "re-opening an old wound" and would undermine the confidence of investors. "Oh god no, no, anything but, please … For many in business there would be a lot of eye-rolling about this, simply because business had hoped that the broad fundamentals were settled," he told the ABC's Insiders: On Background podcast. "Business has been locked into net zero now for a long time [and] has already made investment decisions predicated on emissions reduction heading towards net zero by 2050. To reopen that now would put a lot of potential investment decisions on hold." Mr Willox, who is chief executive of industrial business lobby Ai Group, said there was room for debate about how to achieve the target including the future role of nuclear, but that net zero was a "north star" which let the market price and compare alternatives. "We have an agreed position that both political sides have settled on for some time, and that's given business and industry some certainty around investment. To go back on that now would make things very difficult." The Coalition's internal debate about climate policy has spilled out into the open since its heavy election defeat, with both Liberals and Nationals calling for a rethink. Matt Canavan, who challenged David Littleproud for the leadership of the Nationals, was explicit that net zero should be dropped and coal embraced, and while his leadership bid did not succeed his view is shared by several party colleagues. Liberal views are split between those who want the nuclear power policy ditched for more ambitious emissions reduction policies, those who want it retained but with less taxpayer money involved, and those who to double down or ditch net zero entirely. Even moderate Andrew Bragg has welcomed a rethink of that target, while Ms Ley has said energy policy should "start from the position of affordable, reliable, baseload power" and consider the energy needs of the manufacturing sector. Mr Willox said certainty about targets was important for the manufacturing sector, not just for investments in energy generation itself. "The one thing Peter Dutton said during the election campaign that was right on the money was that energy is the economy, and if we don't have energy right … Then we're really going to hobble ourselves as an economy," he said. "Energy is so important to a range of businesses, not just energy-intensive industry or generators or utilities, there is a whole range of things that are at stake here." He welcomed the nuclear debate and said there was merit in lifting the moratorium on nuclear energy, but that there were more pressing priorities. "The fact is that it is a longer-term option … Nuclear may have made things easier towards the end [of the transition] but as of now, it's not there. So we have to plan without it," he said. "What I kept hearing from the private sector was that in the Australian context, nuclear in the time frame that was being talked about wasn't going to stack up … Business needs to know that projects will be viable for a long time to make the investments they need to make, and at the moment it doesn't add up for nuclear for the private sector. "That's not to say that it won't in the future, but we're dealing with the here and now. That's why I think the Coalition went down the path of government funding to try to speed that up … [But] that changes the ball game when it comes to level playing fields around investment." Mr Willox said the debate the parliament needed to have was how to achieve the net zero transition, citing regulatory blockages as a major obstacle. "The government has through this last term had a whole range of objectives around renewable build and we just haven't achieved that as a country. We haven't built the solar farms, we haven't built the wind that was expected… "So we've got to look at a whole range of things around planning, around permitting, around construction time [and] construction cost." Mr Willox welcomed comments by Treasurer Jim Chalmers that productivity would be a focus for the Albanese government's second term. After the election, Mr Chalmers had said the economic priority of the second term would be "primarily productivity without forgetting inflation", inverting the priorities of the first term. New Environment Minister Murray Watt told the ABC this week reforming environment approval laws was one of his "highest priorities … Current environmental laws aren't working for the environment and they're not working for business." Mr Willox said productivity was "a very core message", including in the energy space. "We're really interested in what the government is saying it will do with Murray Watt in the environment portfolio, to see how we can unshackle [the approvals process] to allow the build to occur… "We have to get the social licence in place, the approvals, the permitting, and we've got to build it … Or else we're not going to achieve our targets. We're not going to achieve a 2030 target, let alone a 2035 target or a 2050 target."
Telegraph
08-05-2025
- Politics
- Telegraph
Spanish island hit by major power cut
The Canary island of La Palma was hit by a major power cut on Thursday morning, just 10 days after mainland Spain suffered a blackout. According to La Palma's government, more than a third of its 85,000-strong population was without power for around 45 minutes. Alberto Hernandez, the Canary Islands' energy chief, said a substation failure had caused a mismatch between energy supply and demand, which in turn triggered a power cut to protect the generating equipment. The blackout was the second power cut to hit La Palma in a week. A smaller one left around 300 households and businesses without power for several hours last Thursday. Fernando Gonzalez, La Palma's councillor in charge of energy, asked the Canary Islands government to seek solutions to the power problems on the island. He said: 'La Palma is suffering from an energy emergency.' The archipelago's government announced last month that it would install eight temporary fuel-burning power plants across Tenerife, Gran Canaria and Fuerteventura. However, the overall plan, overseen by Spain's climate transition ministry, is to boost the use of renewable energy as sun and wind is relatively reliable on the archipelago, which is located off the coast of northwestern Africa. In 2024, renewable energy accounted for 21 per cent of the electricity generated in the Canary Islands, compared to 57 per cent for the whole of Spain. The blackout that struck Spain on April 28 did not affect the Canary Islands, which, like the Balearic Islands and the Spanish North African territories of Ceuta and Melilla, has its own power supply. Pedro Sanchez, Spain's prime minister, has come under fire from the conservative opposition for not giving a reason for the outage and for refusing to rethink his plan to shut down the country's nuclear power plants.
