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The Court of Justice of the European Union<\/strong> has dismissed<\/a> a case brought by Austria over the European Commission\u2019s decision to label fossil gas-fired power and nuclear power as \u201cgreen\u201d under the EU Taxonomy. The case was filed in 2022, and a separate case was filed in 2023 by NGOs ClientEarth, WWF EU, Transport and Environment and BUND challenging the EU executive for the same reasons. The Court yesterday ruled that by including nuclear energy and fossil gas in the \u201csustainable investment scheme\u201d, the Commission did not exceed the powers which the EU legislature \u201cproperly conferred on it\u201d.<\/p>\n It added that the Commission was \u201centitled\u201d to take the view that nuclear energy generation has near to zero greenhouse gas emissions and that there are currently no technologically and economically feasible low-carbon alternatives at a sufficient scale, such as renewable energy sources, to cover energy demand in a \u201ccontinuous and reliable manner\u201d. The Court said the Commission was \u201cunder no obligation\u201d to require a level of protection going beyond the existing regulatory framework. \u201cThe arguments put forward by Austria relating to the negative effects of droughts and climate hazards on nuclear energy are too speculative to be accepted,\u201d it said.<\/p>\n Finally, the Court said that economic activities in the nuclear energy and fossil gas sectors can \u201cunder certain conditions, contribute substantially to climate change mitigation and adaptation\u201d. An appeal may be brought forward against the Court\u2019s ruling within two months and 10 days of the decision.<\/p>\n The US Financial Stability Oversight Council<\/strong> has voted to rescind the charters of its Climate-related Financial Risk Committee and Climate-related Financial Risk Advisory Committee. The charters were revoked at a Wednesday meeting of the Council, which combines federal and state regulators and the secretary of the treasury to assess, monitor and mitigate risks to US financial stability.<\/p>\n Jessye Waxman, an advisor to the Sierra Club\u2019s sustainable finance campaign, said that \u201cclimate risk is financial risk\u2014and FSOC itself has already recognized it as a systemic threat to our economy and markets. Choosing to ignore these risks isn\u2019t just petty political posturing; it makes the financial system more fragile by weakening regulators\u2019 ability to monitor and respond to cross-cutting threats that endanger Americans\u2019 financial security.\u201d<\/p>\n New Zealand\u2019s Financial Markets Authority (FMA)<\/strong> is considering<\/a> exempting companies operating in certain markets outside of New Zealand from its climate reporting regime. The FMA has said the decision to propose this has been made due to \u201cmultiple, often overlapping\u201d reporting mandatory climate disclosure obligations emerging across various jurisdictions, such as Australia, which this year introduced mandatory climate reporting, in line with the International Sustainability Standards Board (ISSB).<\/p>\n This would apply to companies that operate in a jurisdiction which requires them to follow similar disclosure obligations, provided that these are broadly in line with New Zealand\u2019s framework and of a high quality. If granted, it would allow these companies to log their local disclosures on New Zealand\u2019s climate-related disclosures register. The exemption would be subject to conditions. The regulator is consulting on this until 24 October. It comes as New Zealand\u2019s External Reporting Board (XRB) this month proposed to delay<\/a> certain reporting requirements under its climate and assurance standards.<\/p>\n The Dutch central bank has said<\/a><\/strong> that it will increasingly focus on regulatory compliance in its supervision of financial and non-financial risks related to climate change and environmental degradation, after placing the emphasis on raising awareness for the past several years. \u201cSupervision will follow a risk-based approach, tailored to the institution\u2019s size, complexity and the materiality of the risks,\u201d DNB said.<\/p>\n