TCFD Releases New Guidance on Climate-Related Metrics, Targets, and Transition Plans

By Latham & Watkins on October 22, 2021 Posted in Air Quality and Climate Change

The guidance offers clarification on key aspects of the TCFD’s recommendations on climate reporting.

By Paul A. Davies, Michael D. Green, and James Bee

On 14 October 2021, the Task Force on Climate-related Financial Disclosures (TCFD) released a new guidance document on climate-related metrics, targets, and transition plans (the Guidance). The Guidance seeks to support organisations that make TCFD-aligned disclosures in preparing decision-useful metrics, targets, and transition plan information and linking that information to estimates of financial impact. The Guidance builds on a consultation paper on the same topic that the TCFD released in June 2021. Continue Reading

UK Net Zero Strategy: Understanding the Impact on Key Sectors

By Latham & Watkins on October 22, 2021 Posted in Air Quality and Climate Change, Environmental, Social and Governance, Green Finance

The strategy sets out plans to reduce emissions from key sectors of the UK economy to ensure that the UK remains on track for net zero by 2050.

By Conrad Andersen, John Balsdon, David Berman, Paul A. Davies, Nicola Higgs, Sam Newhouse, Simon J. Tysoe, Michael D. Green, James Bee, and Anne Mainwaring

On 19 October 2021, the UK government published its climate change strategy, “Net Zero Strategy: Build Back Greener” (the Strategy), which outlines plans to support the UK economy’s transition to a greener and more sustainable future. On 31 October, the UK will host the 2021 United Nations Climate Change Conference, COP26, in Glasgow.

Last year, Prime Minister Boris Johnson set out a 10-point plan for a “green industrial revolution”, which laid the foundation for a green economic recovery from the impact of COVID-19. The Strategy builds on that approach to align the UK with its carbon budget and nationally determined contribution to the Paris Agreement, both of which aim to reduce economy-wide greenhouse gas (GHG) emissions by at least 68% by 2030 and 78% by 2035, compared to 1990 levels. Further, the Strategy details the UK’s vision for a decarbonised economy by 2050. Continue Reading

UK Government Releases Roadmap to Sustainable Investing

By Latham & Watkins on October 21, 2021 Posted in Green Finance

The roadmap introduces sustainability disclosure requirements for UK companies and reveals further developments in relation to a UK Green Taxonomy.

By David Berman, Paul A. Davies, Nicola Higgs, Michael D. Green, Anne Mainwaring, and James Bee

On 18 October 2021, the UK government released a report titled “Greening Finance: Roadmap to Sustainable Investing” (the Roadmap), which is intended to encourage UK businesses and investors to have regard to climate and other environmental, social, and governance (ESG) considerations in their decision-making processes. The Roadmap follows the government’s 2019 Green Finance Strategy, which set out a suite of policies to assist in aligning UK financial flows with a low-carbon planet.

The government states that it views the task of “greening the financial system”[1] as composed of three fundamental phases. The Roadmap addresses the first phase: informing investors and consumers and addressing the information gap in relation to environmental and sustainability issues between corporates and investors.[2] Notably, the Roadmap also introduces sustainability disclosure requirements (SDR) for UK companies and reveals further developments in relation to the UK Green Taxonomy (Taxonomy). In addition, the Roadmap identifies proposed timeframes for further developments on each of these topics. Continue Reading

Webcast: Wildfire Implications on California Development

By Latham & Watkins LLP on October 18, 2021 Posted in Air Quality and Climate Change, California, CEQA

Developers and municipalities must continue to evaluate potential wildfire impacts on projects under CEQA and consider recent legislative changes.

By Marc T. Campopiano and Shivaun A. Cooney

Wildfires have posed increasing risks in recent years to the public and environment in California. The importance of understanding how wildfires may impact new development and infrastructure is more relevant than ever. Under the California Environmental Quality Act (CEQA), developers and agencies are prompted to evaluate wildfire impacts.

Latham & Watkins recently hosted an in-depth webcast to help clients understand new wildfire guidelines and the subsequent implications on development. Topics covered include:

CEQA Guidelines and Appendix G questions
How EIRs have applied wildfire guidelines
Climate change, air quality, and power shutdowns in response to wildfire risk
Recent court cases involving wildfires
Recent wildfire legislation

Watch a recording of Wildfire Implications on California Development: CEQA, Legislation, and More, and contact Latham with any questions you might have about these issues.

UK Government Launches Hydrogen Strategy and Business Model Consultation

By Latham & Watkins on August 20, 2021 Posted in Air Quality and Climate Change

Strategy positions UK as a world leader in the hydrogen space, supporting 9,000 plus jobs and unlocking £4 billion in investment by 2030.

By Paul Davies, John-Patrick Sweny, and James Bee

On 17 August 2021, the Department for Business, Energy and Industrial Strategy (BEIS) published the UK’s first Hydrogen Strategy (the Strategy). The Strategy sets out the government’s roadmap for achieving its ambition of 5GW of low carbon hydrogen production capacity by 2030, as identified in the Ten Point Industrial Revolution Plan released in November 2020, with government projections indicating that 20-35% of the UK’s energy consumption could be hydrogen-based by 2050.

Forecasts suggest that by 2030, hydrogen could play an important role in decarbonising certain highly polluting industries that are unsuitable for electrification, such as chemicals, industrial furnaces, and long-distance or heavy-duty transport, as well as replace natural gas in powering around three million homes a year. The Strategy clarifies the government’s view that developing the UK hydrogen sector will achieve the twin goals of reducing the UK’s carbon footprint in line with the UK’s net zero commitments, whilst stimulating significant job creation and economic growth in the industrial sector. Continue Reading