Safe and Sound Week starts next week, Aug. 15-21 The Safe and Sound campaign is a nationwide Occupational Safety and Health Administration (OSHA) event to raise awareness and understanding of the value of safety and health programs, including management leadership, worker participation, and a systematic approach to finding and fixing workplace hazards.
The public is asked to show its commitment to safety by taking part in the V.I. Department of Labor’s (DOL) Division of Occupational Safety and Health (VIDOSH) Safe and Sound webinar: “Operating Safely in a Sargassum Environment” from 2-3 p.m., Monday, Aug. 15.
This webinar will provide useful information to the public sector departments and agencies, human resource professionals, labor unions and stakeholders. Attendees will be provided with details for safer decision-making processes regarding occupational safety and health hazards within the public sector workforce.
Selected public sector departments, agencies, stakeholders, and labor unions will receive a separate invitation to meet with Occupational Safety and Health Administration in breakout sessions on Friday, Aug. 19, to address their specific workplace occupational needs and concerns about Sargassum hazards.
Selected Departments and Breakout Session Schedule:
9 a.m. – 10 a.m.: Public Sector Human Resource Professionals, Labor Unions and Stakeholders
10 a.m. – 11 a.m.: Department of Public Works, Virgin Islands Waste Management Authority, Department of Sports Parks and Recreation, and Department of Property and Procurement
11 a.m. – Noon: Department of Labor, Virgin Islands Water and Power Authority, Virgin Islands Territorial Emergency Management Agency, Department of Health, Department of Planning and Natural Resources, and Virgin Islands National Guard
2 p.m. – 3 p.m.: Virgin Islands Police Department, Virgin Islands Fire Services, and Department of Licensing and Consumer Affairs
Departments and agencies that may have already planned a Safe and Sound Week event, must remember to register their event at www.osha.gov/safeandsoundweek to be included on a map of events across the country. Be sure to share event details and photos with the V.I. Department of Labor by submitting photos to firstname.lastname@example.org (subject: #SafeandSoundVI).
For additional information, contact the V.I. Department of Labor VIDOSH at email@example.com.
The Honourable Bernard Davis, Minister of Environment and Climate Change, will attend an electric vehicle presentation and demo tomorrow (Friday, June 10), hosted by Drive Electric NL.
The event takes place at Gonzaga High School, 20 Smithville Crescent, St. John’s, beginning at 12:30 p.m.
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Environment and Climate Change
2022 06 09
On April 29, 2022, the Financial Stability Board (“FSB”) released an interim report on “Supervisory and Regulatory Approaches to Climate-Related Risks” (the “Report”).1 The Report contains recommendations for banking and insurance regulators to oversee climate-related financial risks at the country-wide and institution levels. It examines supervisory and regulatory practices for reporting and aggregating climate-related data from financial institutions, explores supervisory and regulatory approaches to assessing climate-related risks and assesses the extent to which current policies and tools address climate-related risks.
The FSB has requested comments on the interim Report in anticipation of releasing a final report at a later date. In particular, the FSB has asked for comments on several questions, which include whether the report appropriately highlights the most important and relevant information and whether the FSB’s recommendations are helpful. The deadline for comments is June 30, 2022.
In this Legal Update, we highlight key points from the Report and discuss important takeaways for US financial institutions.
The FSB is an international, intergovernmental entity that monitors and makes recommendations about the global financial system. It was formed in 2009 by the heads of state and government of the Group of Twenty (“G20”)—the 20 countries with the world’s largest economies—as a successor to the Financial Stability Form (“FSF”). The FSB was formed in the wake of the 2008 financial crisis as a stronger institution than the FSF and with an expanded membership. Today, the FSB’s members consist of international bodies and senior policy makers from central bank and supervisory and regulatory authorities for the G20 countries and Hong Kong, Singapore, Spain, and Switzerland.
The FSB serves as a forum for its members to assess financial risks and propose standards to limit risks to financial stability. It does so by identifying systemic risk in the financial sector, framing financial sector policy actions that can address identified risks, and overseeing implementation of those responses. The FSB’s purposes specifically include, among other things, assessing vulnerabilities affecting the global financial system, promoting coordination and information exchange among authorities responsible for financial stability, and monitoring and advising on market developments.
The Report seeks to help supervisory and regulatory authorities that are part of the FSB develop a consistent approach to addressing climate-related risks globally. Through a more consistent approach, the FSB believes that authorities will be better able to assess and mitigate financial vulnerabilities and reduce the risk of market fragmentation. The Report focuses on the cross-sectoral and system-wide aspects of climate-related financial risks. In other words, the Report mainly concentrates on macroprudential objectives, such as monitoring vulnerabilities and their implications to financial stability and sector- and jurisdiction-level scenario analysis and stress testing. However, the Report does address some microprudential objectives, i.e., institution-specific strategies and risks such as the viability of institutions’ business models.
In the Report, the FSB highlights that climate scenario analysis and stress testing have been the main tool used to address the coverage of climate-related risks, and primarily physical risk and transition risk. Physical risk includes, for example, severe weather events and sea-level rise. Transition risk includes technological developments that may make less environmentally friendly technology obsolete, consumer and investor demands for more environmentally sustainable products and services, and governmental changes intended to shift to a lower-carbon economy. The Report notes generally that, across sectors, the level of coverage for transition risk is slightly higher than for transition risk.
Importantly, the Report states that the use of climate scenario analysis and stress tests is currently more common for the banking and insurance sectors than the asset management and pension fund sectors. Therefore, the asset management and pensions sectors may want to consider the potential for further regulation in this area in the future.
The Report is divided into three sections: (i) supervisory and regulatory collection of climate-related data from financial institutions, (ii) system-wide supervisory and regulator approaches to assessing climate-related risks and (iii) the extent to which current policies and tools address climate-related risks. We discuss each section in more detail below.
Reporting and Collection of Climate-Related Data
In the Report’s first section, the FSB acknowledges that many financial institutions and regulators have cited the lack of sufficient climate data as a major challenge to developing approaches to address climate-related risks. The Report examines the current regulatory and supervisory practices on the reporting and collection of climate-related data from financial institutions. In addition, the Report identifies types of data and metrics that entities may require and provides examples of industry practices on these metrics. The Report also discusses the reliability of climate-related data and identifies common elements for a high-level definition of climate-related risks.
Highlights of the section include the following:
- Significantly, the Report identifies three types of climate risks: physical risk, transition risk and liability risk. Most US definitions of climate risk typically only include physical and transition risk. The FSB adds liability risk, which can result from manifestations of physical and transition risk but can also materialize separately. Liability risks include potential financial losses stemming from legal claims. The FSB raises concerns about liability risks in the Report, highlighting that authorities may want to consider issuing a clear definition of liability risk, even if it is considered a subset of physical and transition risks.2
- The Report also discusses the collection of information about climate-related risks and the need to standardize that information. The FSB notes that authorities may want to consider implementing a system-wide reporting structure that can facilitate compiling data across sectors, aggregating data and metrics, and monitoring cross-sectoral risks and systemic risks.
Aspects of a System-Wide Regulatory and Supervisory Approach to Climate-Related Risks and the Use of Analytical Tools
The Report’s next section discusses why a system-wide perspective of climate-related risks is important, the key elements of system-wide supervisory and regulatory tools and policies, and authorities’ approaches to date. The Report states that risk assessments and policies need to better incorporate an understanding of how climate-related risks to financial institutions may be transferred across sectors or borders. The FSB reported that the primary tools for capturing transition and physical risk have been climate scenario analysis and stress tests; however, authorities are starting to expand their approaches by looking at risks in the aggregate and factoring in system-wide aspects. Authorities who have started to adopt a system-wide perspective have incorporated practices such as top-down exercises combined with bottom-up elements involving financial institutions, dynamic balance sheet assumptions and common scenarios.
The section also discusses analytical tools for a system-wide perspective, focusing on macroprudential measures that can supplement microprudential tools. The Report discusses existing literature and the work to date of standard-setting bodies and authorities on such macroprudential policies and tools, as well as trade-off considerations. The FSB encourages authorities to undertake research and analysis on appropriate enhancements to regulatory and supervisory frameworks.
One highlight of this section addresses current practices and trends in scenario analysis and stress testing. The FSB suggests that the nature of climate risks may require substantial modifications to a traditional macroprudential stress test framework. The Report points out that many jurisdictions have developed or are developing new climate stress test frameworks or are improving existing methodologies to incorporate second-round effects. Accordingly, the Report appears to envision a more robust approach to stress testing that could impose binding constraints on institutions.
Extent to Which Regulatory and Supervisory Tools and Policies Address Climate-Related Risks
The Report’s final section summarizes key findings on the extent to which tools and policies currently used or planned to be used by jurisdictions account for the specificities of climate-related risks. These findings include how, and to what extent, the tools and policies address systemic risks as well as capture physical and transition risk. The Report proposes several recommendations on expanding climate scenario analysis and stress tests to incorporate systemic risks. Further, the Report introduces potential macroprudential policies and tools to address systemic risks that may not be addressed fully by current measures.
One highlight of this section is that the FSB makes several suggestions on macroprudential tools that authorities may consider using to address system-wide climate-related risks. These tools include principle-based supervisory expectations and capital requirements. Specifically, the FSB discusses concentration limits on portfolios, large exposure limits, and capital buffers. All of the suggested macroprudential tools would likely be controversial in the United States. Indeed, only three months before the Report was published, the US Secretary of the Treasury, Janet Yellen, stated that it is too early to consider adjusting capital requirements for US banks based on climate change-related risks. Secretary Yellen did not completely discount the possibility of such requirements in the future but indicated that regulators must first conduct further research to evaluate risks to individual institutions.3
Takeaways for US Financial Institutions
The Report adds to the other signals that prudential regulators globally, including US regulators, may take action to strengthen regulations and oversight of climate-related financial risks, particularly with regard to cross-sectoral and system-wide risks. US regulators—such as representatives from the Federal Reserve System and the Department of the Treasury—are all members of the FSB and may propose implementing at least some of the Report’s recommendations in the United States.
Further, one significant takeaway from the Report is that the United States may be lagging behind other FSB members with respect to addressing climate-related financial risks. None of the examples of policies, tools, or measures cited in the Report are from the United States. The lack of US examples in the Report, and the general progress of many of the other G20 countries, could further encourage US regulators to consider implementing some of the Report’s recommendations sooner rather than later. Accordingly, US financial institutions should expect more regulation of climate-related risks as the United States catches up to other countries that have implemented significant measures for addressing climate-related risks.
Finally, the Report emphasizes the lack of comprehensive and standardized data on climate-related financial risks, which is needed to both assess and manage climate risk. Many in the United States have raised this as a concern, and some have noted that even institution-specific data may be insufficient. Some regulators may seek to collect this information through new reporting requirements, but financial institutions will need time to develop the expertise and capabilities to capture this information. While standardization through reporting requirements could facilitate greater interoperability and anonymized sharing arrangements, regulators will need to be sensitive to the burden that such requirements have on the industry and work collaboratively with institutions. This will help to ensure that climate risk processes use data that reflects material factors, do not constantly change for the latest fad, and are not overly burdensome for the financial sector. We expect this to be a key area for comments on the Report, which again, are due by June 30, 2022.
1 FSB, Supervisory and Regulatory Approaches to Climate-Related Risks Interim Report (Apr. 29, 2022), https://www.fsb.org/wp-content/uploads/P290422.pdf.
2 The FSB’s concerns regarding liability risks are consistent with those of other international organizations. For example, in November 2021, the Network for Greening the Financial System released a report on the increasing risk of climate-related litigation. See NGFS, Climate-related litigation: raising awareness about a growing source of risk (Nov. 5, 2021), https://www.ngfs.net/en/climate-related-litigations-raising-awareness-about-growing-source-risk.
3 See Christopher Condon, Janet Yellen Says Higher Bank Capital Rules for Climate Risk are “Premature,” Bloomberg (Feb. 2, 2022), https://www.bloomberg.com/news/articles/2022-02-02/yellen-says-higher-bank-capital-rules-for-climate-premature.
For this week’s Brewvine, Whitney Amann and photojournalist Jeremy Erickson take us to Bonobo Winery on Old Mission Peninsula for a look at their springtime events and wine releases.
“It’s a great time for us in terms of the spring starting, things are starting to grow and then also with our wine club, we release a lot of our new wines,” said owner and general manager Todd Oosterhouse.
Bonobo has been busy getting some fantastic white wines ready for their spring release.
One wine that just arrived at the tasting room is their vibrant, aromatic pinot blanc.
The winery also has a great new white blend that is a delicious mixture of some of their great stand-alone wines.
Bonobo hosts a lot of great wine tasting and food pairing events throughout the year.
In May, they have an incredible opportunity to treat your mom to a lovely meal, paired with their exquisite wines for Mother’s Day.
If you’re looking to celebrate a special day with a wine event, or just want a beautiful place to enjoy a glass of wine, Bonobo is the perfect venue for any occasion.
“So when you come out to Bonobo, it’s finding that little area where you can actually have a nice glass of wine, have a great conversation, whether it be inside or outside, just to enjoy some of those different areas, get a little sun on your face and enjoy company because that’s what you like to do, is have a great glass of wine and enjoy the company you’re with,” said Oosterhouse.
The Honourable Andrew Furey, Premier of Newfoundland and Labrador, and the Honourable Steve Crocker, Minister of Tourism, Culture, Arts and Recreation today announced that the Provincial Government has entered into a multi-year partnership agreement with NASCAR. The partnership will see three Pinty’s Series races held in Newfoundland and Labrador over the next three years. This is Canada’s largest national motorsports series, and the agreement is the first time a Pinty’s Series race has been hosted on an island. Newfoundland and Labrador is only the fifth province to host a NASCAR race.
As part of Come Home 2022, the first NASCAR Pinty’s Series Race, the PRO•LINE 225, will take place at the Eastbound International Speedway and Concert Park in Avondale on Saturday, June 25, 2022. Tickets for this race can be purchased online here beginning Friday, April 15, 2022, at 12:00 p.m.
The week leading up to the first race will be NASCAR Week with a series of family-friendly activities and events including a NASCAR vehicle parade from the port in Argentia to the Eastbound International Speedway and Concert Park, a Meet the Teams autograph session, and a NASCAR Advance Auto Parts Weekly Series race on Friday, June 24. It is estimated that the events of the weekend will attract close to 10,000 spectators.
The partnership agreement will see a total investment of $665,000 from the Provincial Government over three years – $305,000 in 2022 and $180,000 in 2023 and 2024 respectively. The NASCAR races and associated events are anticipated to generate an estimated $5.4 million for the provincial economy.
Come Home 2022 aims to encourage former residents of Newfoundland and Labrador to come home, remind residents of the wonders here in their own ‘backyard,’ and complement ongoing work to attract visitors earlier in the season and expand ongoing marketing efforts with non-resident visitors. Newfoundlanders and Labradorians everywhere can visit ComeHome2022.ca to sign up for the Come Home e-newsletter which will share event announcements and information throughout the year. They can also follow ComeHome2022 on Facebook and Instagram to get up-to-date celebration information.
“This is an exciting partnership for Newfoundland and Labrador’s tourism and hospitality industries. NASCAR is an international organization with a wide reach, and we look forward to inspiring fans here in our province and all over the world. Hosting these races in our province puts us on the world stage and we’re ready to put on a show. NASCAR, you’re in for an incredible display of fan support and dedication, as well as a true destination experience.”
Honourable Andrew Furey
Premier of Newfoundland and Labrador
“As a signature Come Home 2022 event, this multi-year partnership agreement with NASCAR offers a new and unique event for the people of Newfoundland and Labrador to enjoy. The icing on the cake is the incredible benefits these races will bring to our communities and our tourism and hospitality industries, as Come Home 2022 continues to offer exciting experiences for everyone to enjoy.”
Honourable Steve Crocker
Minister of Tourism, Culture, Arts and Recreation
“Bringing the NASCAR Pinty’s Series to Atlantic Canada is a historic milestone for NASCAR in Canada. As Canada’s largest national motorsports series, we strive to bring the exciting side-by-side racing NASCAR is known for to fans across the country. Partnering with the Government of Newfoundland and Labrador will give our fans on the eastern coast a great chance to get the full NASCAR experience.”
NASCAR Vice-President of International Business Development
“I am so proud to be hosting the NASCAR Pinty’s Series starting with the Come Home 2022 celebration. To have this level of drivers in Newfoundland and Labrador is a dream come true and one of the reasons we built Eastbound International Speedway. With TSN and FloRacing coverage, the town of Avondale and Eastbound International Speedway will once again be highlighted internationally thanks to the hard work of our team, the province, and the town of Avondale.”
Owner of Eastbound International Speedway and Concert Park.
“Our tourism industry welcomes events of this nature. They provide a direct economic benefit to our community and help put Newfoundland and Labrador on the world stage. With our world-class event facilities, our unique cultural and natural attractions, and the renowned hospitality of our people, St. John’s and the Northeast Avalon are well-positioned to attract and host many more national and international events.”
Chief Executive Officer, Destination St. John’s
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2022 04 11
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Monday marks the start of the Syracuse University LGBTQ Resource Center’s 2022 Trans Week of Liberation, which will highlight the disproportionate impact that the carceral system has on the transgender community and the importance of liberation, the resource center said in a post on Instagram.
The resource center will put on four events throughout the week.
On Monday, March 28, the opening ceremony for the week will take place in Hendricks Chapel at 11 a.m. At the event, the Trans Pride flag will be raised, and Rabbi Sarah Noyovitz will give a speech.
The next event, a Trans Affinity Group meeting, will take place on Wednesday, March 30 in Schine Student Center room 132 at 7 p.m. This will be a closed event for trans, nonbinary, genderqueer and questioning students to discuss prison abolition.
On Thursday, March 31, the Keynote Event will take place in room 200 of Falk College at 6:30 p.m. After a screening of the film “Where Justice Ends,” Jennifer Love Williams, a formerly incarcerated Black transwoman and activist, will lead a discussion with attendees.
The last event, Knit 3 Spill the Tea, will take place on Friday, April 1 from 1-3 p.m. in Schine 132. Attendees will be able to craft while participating in an open discussion about prison abolition and the carceral system’s impact on trans folks.
Prospective attendees must register for the keynote event, while all other events do not require an RSVP. For more information or to request accommodations, email [email protected] or call 315-443-0228.
Published on March 28, 2022 at 12:21 am
Contact Nathan: [email protected]
As a registered charity, the society says they are liable for the activities they organize and are required to follow all public health orders.
“We must keep the safety and interests of the students, volunteers and society a top priority and will be as inclusive as possible,” said the release.
The society says it will keep tabs on PHOs and make changes when needed and has reached out to Northern Health to ask about implementing special considerations and allowances for grad-related events.
The prom is being organized with the hopes that proof of vaccination won’t be needed, the society said.
The event is being proposed to take place at the curling rink on June 17th, and the society says the location allows them to adapt to a variety of health orders.
“Additionally, it ensures all volunteer time and preparations are not impacted by weather and security can be easily managed.”
If the prom event is not possible due to health orders, the society looks to plan an alternative that does meet the requirements.
The student prom committee is also providing input on many aspects associated with planning and will be sending surveys to graduating students for their input.
The Gradfest team also wants to clarify that the $80 grad fee is provided to the school to cover the graduation ceremony costs, which is not affiliated with the society.
“Our committee of volunteers is determined to do our best to ensure our grads have a variety of safe opportunities to enjoy and celebrate their achievement. We are hopeful that by June, the PHOs will be significantly reduced and we won’t face so many restrictions.”
The society’s letter to graduates and their parents can be viewed below: