© Joe Belanger
The International Sustainability Standards Board (ISSB) advances on nature-related disclosure, as the Intergovernmental Transition Plan Network (ITPN) launches a new tool for private sector transition planning, and the Monetary Authority of Singapore releases final insights from its work on transition credits.
ISSB to develop nature disclosure standards drawing on TNFD framework
The ISSB has announced it plans to release standards to introduce incremental disclosure requirements on nature-related risks and opportunities, drawing on the framework developed by the Taskforce on Nature-related Financial Disclosures.
ISSB chair Emmanuel Faber said drawing on the TNFD framework “enables us to meet this need efficiently, reducing fragmentation and building on leading practice”.
In response, the TNFD says it is aiming to complete its current technical work by the third quarter of 2026 and pause new guidance development to support the ISSB’s standardisation efforts.
The ISSB will introduce requirements not already covered in IFRS S1 and S2, with various implementation options currently being considered. These include application guidance, amendments to existing standards or an entirely new standard.
The board is aiming to release an exposure draft by the Convention on Biological Diversity’s Cop17 in October 2026. The TNFD welcomed the decision, noting that voluntary market adoption now stands at 733 organisations representing over US$9.4tn in market capitalisation among listed companies and $22.4tn in assets under management.
ITPN launches plan to bridge national climate ambition and corporate transition plans
The International Transition Plan Network (ITPN) and the TPI Global Climate Transition Centre at the London School of Economics have published a discussion paper exploring sector transition plans (STPs) as a mechanism to link national climate policy with company-level transition planning.
Drawing on case studies from France, Australia, China and Japan, the paper identifies three key contributions of STPs: providing clear signals about the direction of the transition to support investment decisions, helping companies navigate geographically-specific dependencies and identify feasible transition pathways, and enabling more nuanced transition plan assessments by financial institutions.
The paper concludes by identifying next steps to harness the potential of STPs. Governments can start using company transition plan data to track progress towards climate goals, and work towards co-creating STPs with stakeholders including companies, civil society, trade unions, and local communities to ensure greater buy-in. Meanwhile, the private sector can use them to identify external dependencies, while financial institutions can use them to integrate more local nuance into transition plan assessments.
MAS releases final insights from transition credits work, highlighting Asia’s decarbonisation potential
The Monetary Authority of Singapore (MAS) released key insights from its final report on the application of energy transition credits for accelerated coal retirement and its replacement with clean energy.
As part of the release, it also issued a statement of support for energy transition credits, advancing the development of these specific “high-integrity” instruments to accelerate the transition away from coal in Asian countries.
The report finds that a third of coal-fired power plants across 15 Asian markets are potentially eligible to generate energy transition credits, representing annual emissions reductions of around one gigatonne. Eligibility depends on addressing region-specific energy reliability, access and affordability needs while ensuring just transition outcomes.
MAS deputy managing director Leong Sing Chiong said energy transition credits “can serve as a credible financing instrument to accelerate this transition, while ensuring it is inclusive and economically viable”.
UN adaptation gap report warns finance shortfall threatens lives and economies
Adaptation finance needs in developing countries by 2035 are at least $310–365bn per year, which is significantly greater than current financing of $26bn, according to the UN Environment Programme’s latest report on the adaptation gap.
“Today’s Adaptation Gap Report is a red alert,” said António Guterres, UN secretary-general.
UNEP says that flows have declined from $28bn in 2022. A goal of doubling 2019 adaptation finance to approximately $40bn by 2025 will be unachievable under present trajectories, it adds.
Additionally, the new collective quantified goal agreed at Cop29, which set a target of $300bn annually by 2035, remains insufficient to meet adaptation needs, according to the UN.
While 172 countries have national adaptation planning instruments in place, the report found that adaptation finance is increasingly dominated by debt instruments, with non-concessional loans now exceeding concessional ones. This raises concerns about long-term affordability and the risk of an “adaptation investment trap”.
WWF ocean balance sheet guidance calls for financial system reform
WWF has issued new blue economy guidance for central banks, warning that accelerating ocean decline poses material risk to global financial stability.
The new Ocean Guide for Central Banks and Financial Regulators demonstrates how authorities can safeguard $5.1tn in ocean-related assets while unlocking sustainable blue economy opportunities.
The guidance provides a roadmap for central banks and regulators to assess ocean-related financial risk, integrate ocean risk into monetary policy and stress testing, and redirect capital flows toward sustainable blue economy sectors.
Over 84% of the world’s coral reefs have been affected by mass bleaching since early 2023, with up to $8.4 trillion of global economic value at risk over the next decade if current trends continue.
Ireland report finds climate adaptation projects too small to secure funding
A joint report by the Central Bank of Ireland and the Climate Change Advisory Council warns that climate adaptation finance deployment is below that required to address escalating risks. Many adaptation projects at local levels are seen as too small or too uncertain to secure funding despite clear long-term benefits, according to the report.
Deep-rooted barriers include lack of locally relevant climate risk data, high upfront costs, fragmented access to funding, and the absence of clear investment pathways to attract private capital. Annual adaptation expenditure needed in Ireland could reach up to €2.2bn up to 2030, with costs expected to rise significantly beyond that point.
The report proposes solutions including a register of successful adaptation projects, comprehensive assessment of investment needs, promoting transition planning that incorporates adaptation alongside climate neutrality targets, and a national adaptation finance strategy to attract private and EU funding.
Research
Securitisation and capital requirements for European insurers – Part II
Finance Watch
Finance Watch warns proposed EU reforms could weaken insurers’ resilience to market shocks, especially climate-driven losses from mortgage-backed securities. This position paper finds that broad cuts to capital requirements creates double climate exposure for insurers – on both assets and liabilities – and urges policymakers to sustain robust, risk-based buffers for sector stability.
From targets to action: the climate finance agenda needs a new impetus in Belém
Institute for Climate Economics
Louise Kessler and Paul Watkinson lay out a country-driven approach to climate finance, arguing that article 2 of the Paris Agreement must go beyond targets to encompass practical action. Their analysis calls for removing investment barriers and aligning financial flows, with Cop30 poised to shift the debate toward delivery over aspiration.
A new international economic order for the twenty-first century
Review of Keynesian Economics
José Miguel Ahumada and Ha-Joon Chang revisit key tenets of the New International Economic Order – a set of proposals put forward in the 1970s by developing economies to create a new, more equitable global economic system. Their latest paper proposes restoring industrial policy autonomy in the global south and revising trade rules, calling for multilateral frameworks and coalitions to enable green development and rebalance the global trade architecture.
This page was last updated November 13, 2025
Written by
Ike Walker, a Green Central Banking contributor since 2023, has a decade's experience in research writing. An Utrecht-based scholar, Ingrid specialises in transformative justice, green finance, law and systems change. They are an Utrecht University's Bright Minds scholar and previously worked for Cambridge University and various justice-based NGOs.
