Top
Top

ESG Latin America & the Caribbean Guide 2024 | Charting Sustainable Futures

British Virgin Islands

(Latin America/Caribbean) Firm O'Neal Webster

Contributors Kerry Anderson

Updated 22 May 2024
ESG Regulation related to climate change prevention or mitigation, specifically concerning carbon footprint or pollution measurement, decarbonization strategies, and/or mandates and strategies to achieve local carbon neutrality commitments

Laws/regulations concerning climate change prevention or mitigation include:

  • The Virgin Islands Climate Change Trust Fund Act 2015
    An Act to establish a body corporate with objectives including, but not limited to, the promotion of energy conservation and efficiency, and encouraging the use of renewable energy to reduce the national energy bill and carbon emissions while increasing energy security.

The scope of the application of this law is State.

 

Note: The British Virgin Islands is an overseas territory of The United Kingdom and is not a state, municipality or part of a federation. We have selected "State" as it is the closest option to the BVI's actual legal status.

ESG Regulation regarding energy transition (requirements or promotion and use of new second-generation renewable energy sources such as solar, wind, tidal, H2, geothermal, among others).

Laws/regulations concerning energy transition(requirements, promotion and use of new second-generation sources) include:

The scope of the application of these laws is State. 

Note: The British Virgin Islands is an overseas territory of The United Kingdom and is not a state, municipality or part of a federation. We have selected "State" as it is the closest option to the BVI's actual legal status.

ESG Regulation concerning electricity markets, carbon markets, or similar.

Laws/regulations concerning electricity markets, carbon markets, etc. include: 

The scope of the application of these laws is State.

Note: The British Virgin Islands is an overseas territory of The United Kingdom and is not a state, municipality or part of a federation. We have selected "State" as it is the closest option to the BVI's actual legal status.

ESG Regulation in the realm of green or sustainable financing, including taxonomies, provisions for mandatory reporting of material financial information on environmental or social matters, as prerequisites for issuing thematic bonds (green, sustainable,

Laws/regulations concerning the realm of green or sustainable financing include: 

  • The Virgin Islands Climate Change Trust Fund Act 2015
    An Act to establish a body corporate with objectives including, but not limited to, facilitating a link between domestic and international climate change finance sources with national climate change investment strategies and to serve as a catalyst to attract investments to implement a range of priority climate change adaptation and mitigation projects and programs in the Virgin Islands.

The scope of the application of this law is State.

Note: The British Virgin Islands is an overseas territory of The United Kingdom and is not a state, municipality or part of a federation. We have selected "State" as it is the closest option to the BVI's actual legal status.

ESG Regulation for preventing greenwashing.

Not applicable.

Regulation on ESG Due Diligence applicable to value chains (MRV protocols to ensure the environmental integrity of products and services, etc.).

Not applicable.

Regulation in the field of circular economy.

Not applicable.

ESG Regulation related to stakeholder well-being and social impact.

Not applicable.

ESG Regulation concerning non-discrimination.

Laws/regulations concerning non-discrimination include: 

  • The Virgin Islands Labor Code 2010, Part VII
    The Code applies to employers operating or doing business in the Virgin Islands and provides for the equality of treatment in employment and the prohibition of employer discrimination in recruitment, selection or employment of any other person for purposes of training, apprenticeship or employment.

The scope of the application of this law is State

ESG Regulation pertaining to the prevention of modern slavery.

Laws/regulations concerning the prevention of modern slavery include: 

The scope of the application of these laws is State.

ESG Regulation regarding Diversity, Equity, and Inclusion - DEI.

Laws/regulations concerning DE&I include: 

  • The Virgin Islands Labour Code 2010, s.118
    The Code applies to employers operating or doing business in the Virgin Islands and makes provision for special measures to be taken by employers to promote equality of opportunity in employment based on identified grounds including but not limited to race, colour, sex, sexual orientation, religion, ethnic origin, political opinion or affiliation, indigenous population, social origin, national extraction, disability, health, and familial status.

The scope of the application of this law is State.

Regulation on ESG-linked compensation.

Not applicable.

ESG Regulation for the protection of vulnerable or minority communities.

Laws/regulations concerning the protection of vulnerable or minority communities include: 

The scope of the application of this law is State.

ESG Regulation for economic development of vulnerable or minority communities or groups.

Not applicable.

Regulation on Personal Data Protection, concerning data usage transparency, limits on data usage to prevent discrimination issues, and corporate digital responsibility.

Laws/regulations concerning Personal Data Protection concerning data usage transparency, limits on data usage to prevent discrimination issues, and corporate digital responsibility include:

  • The Data Protection Act 2021
    The Act provides for the protection of personal data processed by public and private bodies and for related matters to (a) safeguard personal data processed by public bodies and private bodies by balancing the necessity of processing the personal data protecting. personal data from unlawful processing by public bodies and private bodies; and (b) to promote transparency and accountability in the processing of personal data.

The scope of the application of this law is State.

ESG Regulation regarding the integration of the board of directors, board of trustees, or management body of the company (minimum participation/representation of women or minority groups, guidelines on the composition of board members with expertise in ES

Not applicable.

Regulation on fiduciary responsibility and administrators' roles in environmental and social risk management (standards or interpretations regarding the scope of fiduciary responsibility or administrator's duty concerning the company's social purpose, bas

Not applicable.

ESG Regulation concerning corporate purpose.

Not applicable.

Regulation on types of Benefit and Collective Interest Companies (certifications like B Corps, specific regulations for BIC companies).

Not applicable.

ESG Regulation regarding supply chains from the perspective of ESG risk governance.

Not applicable.

ESG Regulation in the context of M&A (ESG due diligence).

Not applicable.

ESG Regulation related to Corporate Digital Responsibility.

Not applicable.

Specific mandates related to national alignment with specific reporting standards.

Not applicable.

Standards regarding the scope and frequency of such reports.

Not applicable.

ESG Latin America & the Caribbean Guide 2024 | Charting Sustainable Futures

British Virgin Islands

(Latin America/Caribbean) Firm O'Neal Webster

Contributors Kerry Anderson

Updated 22 May 2024