The Financial Stability Board (FSB), the G20’s financial regulator, has paused further climate policy work as the United States distances itself from key initiatives.
In an update to its 2021 climate roadmap, released during a G20 finance ministers' meeting in South Africa, the FSB pledged continued coordination and data sharing on climate-related financial risks but signalled a halt in new regulatory initiatives.
“While many members feel there is a need for more work, some members feel that the work completed to date is sufficient,” the FSB said, indicating divisions among member countries.
The U.S. Treasury’s absence from climate-focused groups and Treasury Secretary Scott Bessent’s reported no-show at the G20 meeting underscore Washington’s retreat from multilateral climate finance efforts.
Although the FSB will continue to monitor climate risks and support coordination among member institutions, it will no longer lead significant new supervisory or regulatory work in this area.
Progress made since 2023 includes assessments of transition planning, nature-related financial risk tracking, and improved tools to quantify losses from climate shocks such as wildfires and heatwaves.
The FSB will revisit climate-related topics annually, leaving future initiatives to its evolving work programme.
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Slovak Prime Minister Robert Fico says Bratislava will only back the EU’s 18th sanctions package on Russia if it secures guarantees for future gas supplies, citing national energy interests.
European Commission Vice President Teresa Ribera called on China and the EU to reaffirm their full commitment to the Paris Agreement during climate talks in Beijing.
China’s overseas shipments grew 5.8 % in June as manufacturers hurried to clear orders before a 12 August deadline that could see steep U.S. duties return, customs figures released on Monday show.
A Moscow court has ruled that the assets of U.S.-owned canned food company Glavprodukt be handed over to the Russian state, the TASS news agency reported late on Friday, ending a months-long legal tussle over the company.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
French member of parliament Olivier Marleix was found dead at his home on Monday, with suicide being considered a possible cause.
Slovak Prime Minister Robert Fico says Bratislava will only back the EU’s 18th sanctions package on Russia if it secures guarantees for future gas supplies, citing national energy interests.
European Commission Vice President Teresa Ribera called on China and the EU to reaffirm their full commitment to the Paris Agreement during climate talks in Beijing.
China’s overseas shipments grew 5.8 % in June as manufacturers hurried to clear orders before a 12 August deadline that could see steep U.S. duties return, customs figures released on Monday show.
Oil prices hit a three-week high on Monday as rising Chinese imports and expectations of fresh U.S. sanctions on Russia buoyed market sentiment.
India’s foreign Minister told his Chinese colleague in Beijing on Monday that India and China must settle tension along their border, withdraw troops and avoid “restrictive trade measures” to normalise their relationship.
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