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China’s Ministry of Finance Publishes Corporate Sustainability Disclosure Standards

Posted on July 5, 2024

Posted in China, Environmental, Social, and Governance

The Standards provide a framework for all Chinese companies’ sustainability disclosures and the applicability extends beyond listed companies.

By Paul A. Davies, Farhana Sharmeen, Michael D. Green, James Bee, and Qingyi Pan

On May 27, 2024, China’s Ministry of Finance published the new Corporate Sustainability Disclosure Standards (Draft for Comment) (the Standards). The Standards set out the general provisions, disclosure objectives, and information quality requirements, which aim to lay the ground for China’s unified national sustainability disclosure standard system, expected to launch by 2030. The goal of the Standards is to promote transparent disclosure throughout the value chain and to enhance the competitiveness of Chinese companies globally.

ESG — US State-Level Developments for Private Capital and Financial Institutions

Posted on June 21, 2024

Posted in Environmental, Social, and Governance

Private capital providers, investors, asset managers, and financial institutions will likely continue to face a fragmented regulatory landscape on ESG matters.

By Betty M. Huber, Matthew Green, Henry Miller, Austin J. Pierce, Catherine G. Willis, and Sam Wong

Various US states have taken and continue to take action on ESG investing and other matters, with new variants emerging regularly. Some of the state bills, laws, and actions overlap thematically, and indeed some are based on…

German Federal Government Lays Foundation for CCS in Germany

Posted on June 19, 2024

Posted in Energy storage, Environmental Regulation

The key principles for a Carbon Management Strategy and draft act on the revision of the Carbon Storage Act create new opportunities for investors and project developers.

By Tobias Larisch, Alexander “Stefan” Rieger, John-Patrick Sweny, Jean-Philippe Brisson, and Joachim Grittmann

The German Federal Government’s Carbon Management Strategy and the revision of the Carbon Storage Act (Kohlendioxid-Speicherungsgesetz, KSpG) aim to remove current obstacles to (i) Carbon Capture and Storage (CCS) and (ii) Carbon Capture and Utilisation (CCU)…

International Tribunal on the Law of the Sea Issues Landmark Advisory Opinion on Climate Change

Posted on May 30, 2024

Posted in Environmental, Social, and Governance

The Tribunal confirmed that States party to UNCLOS must take measures to prevent marine pollution caused by climate change, on top of their obligations under the Paris Agreement.

By Paul A. Davies, Sophie J. Lamb KC, Michael D. Green, and Stephanie Forrest

On 9 April 2024, the International Tribunal on the Law of the Sea (ITLOS, or the Tribunal) issued a long-awaited advisory opinion on climate change and international law, concluding that States party to the United Nations Convention on the Law of the Sea (UNCLOS) are subject to specific obligations to prevent, reduce, and control greenhouse gas (GHG) emissions and their adverse effect on the marine environment.

China’s Stock Exchanges to Plan Sustainability Disclosure Rules for Big Companies

Posted on March 15, 2024

Posted in Environmental Regulation, Environmental, Social, and Governance

The guidelines aim to transform China’s approach to ESG by introducing sustainability disclosure rules for large listed companies.

By Hui Xu, Paul A. Davies, Jean-Philippe Brisson, and Qingyi Pan

On February 8, 2024, under the auspices of the China Securities Regulatory Commission (CSRC), each of China’s three major stock markets — Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange— unveiled draft guidelines on sustainable development reports (SDRs) (collectively referred to as the Guidelines). The Guidelines require the largest Chinese public companies to publish high-quality and standardized SDRs, and are open for public comment until February 29, 2024.

Mandatory Climate Reporting in Singapore From FY2025

Posted on March 7, 2024

Posted in Environmental Regulation, Environmental, Social, and Governance

The Accounting and Corporate Regulatory Authority and Singapore Exchange Regulation have provided details of mandatory climate reporting for listed issuers and large non-listed companies.

By Paul A. Davies, Farhana Sharmeen, Michael D. Green, James Bee, and Kevin Mak

On 28 February 2024, the Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) introduced regulations for mandatory climate-related disclosures (CRD) (the Regulations). The Regulations will be introduced in a phased approach in line with the recommendations from the Sustainability Reporting Advisory Committee (SRAC).

Singapore Unveils Blueprint for Sustainable Air Hub

Posted on February 29, 2024

Posted in Air Quality and Climate Change

The Civil Aviation Authority of Singapore will also launch 12 key initiatives, including a levy on sustainable aviation fuel and low-carbon electricity imports.

By Paul A. Davies, Farhana Sharmeen, Michael D. Green, James Bee, and Kevin Mak

The Civil Aviation Authority of Singapore (CAAS) has launched the Singapore Sustainable Air Hub Blueprint (Blueprint) as part of its efforts to decarbonise Singapore’s aviation sector while enabling sustainable growth.

Background

The Blueprint aims to reduce domestic aviation emissions[i] from airport operations by 20% from 2019 levels (404ktCO2) in 2030 and achieve net zero domestic and international aviation emissions by 2050. This net zero goal aligns with both Singapore’s national climate target and the International Civil Aviation Organisation’s target for the global aviation industry. Alongside the Blueprint, CAAS will introduce 12 initiatives to decarbonise Singapore’s aviation sector and five enablers for the effective implementation of these decarbonisation initiatives. The initiatives will be implemented across three domains: airport, airline, and air traffic management.

EU Reaches Provisional Agreement on ESG Ratings Regulation

Posted on February 27, 2024

Posted in Environmental, Social, and Governance

The European Parliament and the Council of the EU have made some significant changes to the European Commission’s proposal.

On 5 February 2024, the European Parliament and Council of the EU announced that they had reached a provisional political agreement on the text of the ESG Ratings Regulation (the Regulation). The agreed text was subsequently published on 14 February 2024. The Regulation was initially proposed by the Commission in June 2023, and seeks to introduce a new regulatory regime for ESG ratings providers “operating in the Union”. Refer to this Latham blog post for previous commentary on the proposal.

New Zealand Supreme Court Paves Way for Novel Climate Change Claim

Posted on February 12, 2024

Posted in Air Quality and Climate Change, Environmental Litigation, Environmental, Social, and Governance

On appeal of a strike out decision, the Court gives the plaintiff “his day in court” to argue that corporates owe a common law duty of care in tort to reduce greenhouse gas emissions.

By Sophie J. Lamb KC and Stephanie Forrest

On 7 February 2024, the Supreme Court of New Zealand decided to allow a novel climate change claim to proceed to trial. In Smith v. Fonterra, the Supreme Court reversed the earlier decision of its Court of Appeal…

Federal Agencies Provide Guidance on Clean Vehicle Tax Credit Eligibility

Posted on February 6, 2024

Posted in Air Quality and Climate Change, Energy Regulatory

Beautiful aerial view of meander river with affluents and green vegetation.

Proposed regulations clarify FEOC restrictions and clean vehicle tax credit compliance for manufacturers aiming to produce eligible EVs.

By Jean-Philippe Brisson, Jim Cole, Eli M. Katz, Qingyi Pan, Rob Thompson, J. Dylan White, and Sam Wong

As countries around the world accelerate the transition to clean energy, the race to gain shares in the electric vehicle (EV) manufacturing market is intensifying, with global sales of EVs rising 31% in 2023.[1]

To facilitate increased…

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German Federal Government Lays Foundation for CCS in Germany

Singapore Unveils Blueprint for Sustainable Air Hub

Federal Agencies Provide Guidance on Clean Vehicle Tax Credit Eligibility

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