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TITLE IIIU.K.REQUIREMENTS FOR DIFFERENT TYPES OF BENCHMARKS

[F1CHAPTER 3A U.K. [F2UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks ]

Article 19aU.K. [F3UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks]

1.The requirements laid down in Annex III shall apply to the provision of, and contribution to, [F4UK] Climate Transition Benchmarks and [F4UK] Paris-aligned Benchmarks, in addition to the requirements of Titles II, III and IV.

2.[F5The Treasury may make regulations] to supplement this Regulation by laying down the minimum standards for [F6UK] Climate Transition Benchmarks and [F6UK] Paris-aligned Benchmarks to specify:

(a)the criteria for the choice of the underlying assets, including, where applicable, any criteria for excluding assets;

(b)the criteria and method for the weighting of the underlying assets in the benchmark;

(c)the determination of the decarbonisation trajectory for [F6UK] Climate Transition Benchmarks.

3.Benchmark administrators which provide an [F7UK] Climate Transition Benchmark or an [F7UK] Paris-aligned Benchmark shall comply with this Regulation by 30 April 2020.

Textual Amendments

Article 19bU.K. Requirements for [F8UK Climate Transition Benchmarks]

Administrators of [F9UK] Climate Transition Benchmarks shall select, weight, or exclude underlying assets issued by companies that follow a decarbonisation trajectory by 31 December 2022, in accordance with the following requirements:

(i)

the companies disclose measurable carbon emission reduction targets to be achieved within specific timeframes;

(ii)

the companies disclose a reduction in carbon emissions which is disaggregated down to the level of relevant operating subsidiaries;

(iii)

the companies disclose annual information on progress made towards those targets;

(iv)

the activities relating to the underlying assets do not significantly harm other ESG objectives.

Textual Amendments

Article 19cU.K. Exclusions for [F10UK Paris-aligned Benchmarks]

1.[F11The Treasury may make regulations] in order to supplement this Regulation by identifying, in respect of [F12UK] Paris-aligned Benchmarks, the sectors to be excluded because they do not have measurable carbon emission reduction targets with specific deadlines that are aligned with the objectives of the Paris Agreement. F13...

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Textual Amendments

Article 19dU.K. Endeavour to provide [F15UK Climate Transition Benchmarks]

By 1 January 2022, administrators which are located in the [F16United Kingdom] and which provide significant benchmarks determined on the basis of the value of one or more underlying assets or prices shall endeavour to provide one or more [F17UK] Climate Transition Benchmarks.]

Textual Amendments

Textual Amendments