During COP28's designated 'day of rest', delegates engaged in trade talks and deal-making away from the official program.

Goldman Sachs Asset Management's global insurance survey, representing over $13tn in assets from 343 insurance companies, indicates that climate change may force insurers to exit certain business lines and raise premiums due to risks from extreme weather events. The survey, conducted in February 2023, found that property and casualty insurance are most at risk, with 38% of respondents considering exiting certain lines and 34% foreseeing necessary price increases. Michael Gregory of RSA highlighted the UK's flood risk and the industry's insufficient mitigation measures. The European Insurance and Occupational Pensions Authority suggested integrating nature-related risks into supervisory frameworks. The survey also revealed a significant shift towards ESG considerations in investment decisions, with 90% of insurers incorporating ESG factors, compared to 68% in 2017. Regulatory changes and net zero targets are influencing ESG investment allocations, particularly in Asia and EMEA.

The European Commission has opted not to define 'sustainable investment' or introduce minimum criteria for sustainability funds under the EU Sustainable Finance Disclosure Regulation (SFDR). Despite requests for guidance and minimum standards, particularly after market turbulence and concerns of greenwashing, the Commission maintains that SFDR is a disclosure regime, leaving it to financial market participants to assess and disclose their investments' sustainability. The decision has been met with mixed reactions, with some industry leaders endorsing the emphasis on transparency, while others worry about further market confusion and the dilution of the 'dark green' category of Article 9 funds.

EU cornerstone climate policies, including the EU Nature Restoration Law, are experiencing pushback, delaying agreement until after the European parliament elections in June due to opposition from Hungary. The UK Competition and Markets Authority has issued warnings to fashion retailers regarding greenwashing practices.

The article discusses the potential impact of a Brexit on the UK and the EU, emphasizing the uncertainty and risks involved. It highlights the lack of a concrete plan for a post-Brexit scenario and the potential for economic instability. The piece also explores the pro-Brexit arguments, such as sovereignty and control over immigration, and the skepticism towards the EU. It notes the possible short-term effects on financial markets and the long-term implications for trade and legislation. The article also touches on the internal political ramifications within the UK, particularly for the Conservative Party and Prime Minister David Cameron, and the potential for a resurgence of pro-EU independence movements in Scotland.