If adopted, the Senate bill would require large US companies doing business in California to report Scopes 1, 2, and 3 emissions as of January 2024. By Jean-Philippe Brisson, Marc T. Campopiano, Jennifer K. Roy, Joshua T. Bledsoe, Julie Miles, and Alicia Robinson The California Legislature is considering a bill to impose corporate sustainability reporting … Continue Reading
The world’s largest asset manager stressed that sustainability issues will continue to be fundamental to companies’ long-term economic outlook. By Paul A. Davies, Michael D. Green, and James Bee On 17 January 2022, Larry Fink, the founder and chief executive of BlackRock, published his annual Letter to CEOs (the Letter), titled “The Power of Capitalism”. … Continue Reading
Market participants can expect the initiative’s proposals to offer guidance on setting targets for emissions reduction and decarbonisation. By Paul A. Davies, Michael D. Green, and James Bee On 12 January 2021, the Science Based Targets initiative (SBTi) published its “SBTi Climate Action in 2022” proposals (the 2022 Proposals), highlighting the areas that the organisation is seeking to work … Continue Reading
The president’s executive order aims to use the US government’s procurement power to achieve “carbon pollution-free electricity” by 2030 and net zero emissions by 2050. By Jennifer Roy and Julie Miles On December 8, 2021, President Biden issued an Executive Order on Catalyzing Clean Energy Industries and Jobs Through Federal Sustainability (EO), which aims to set … Continue Reading
Corporate reporting (including SEC developments), climate change, energy transition, supply chain management, and the mitigation of ESG-related litigation risk are expected to be the leading ESG themes of this year. By Paul Davies, Nicola Higgs, Sophie Lamb QC, Ryan Maierson, Colleen Smith, Michael Green, Edward Kempson, James Bee, and Anne Mainwaring As expected, 2021 saw … Continue Reading
A multistate cap-and-invest program to reduce carbon emissions from the transportation sector is dead after several participating states pulled out. By Jean-Philippe Brisson, Joshua T. Bledsoe, Benjamin Einhouse, and Brian McCall Less than one year ago, the governors of Massachusetts, Rhode Island, and Connecticut, as well as the mayor of the District of Columbia, announced … Continue Reading
The Glasgow conference was praised as a huge step forward in tackling climate change, but also drew criticism for not going far enough. By Jean-Philippe Brisson, Paul A. Davies, Michael D. Green, and James Bee Between 31 October and 12 November 2021, Glasgow hosted the 26th annual Conference of Parties (COP26) to the United Nations … Continue Reading
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 … Continue Reading
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 … Continue Reading
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 … Continue Reading
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 … Continue Reading
The start of trading represents a significant opportunity for businesses able to achieve meaningful reductions. By Paul A. Davies and R. Andrew Westgate Nearly four years after China’s national emissions trading scheme (ETS) was announced in late 2017, trading of emissions quotas officially commenced on July 16. The start of trading represents a significant step … Continue Reading
The order is a key lever in the Biden Administration’s climate agenda and puts the US closer in step with developments in Europe. By Paul A. Davies and Andra Troy* On May 20, 2021, President Joe Biden signed into effect an Executive Order on Climate-Related Financial Risk (Executive Order) aimed at addressing the threat that … Continue Reading
By Charles C. Read and Marc T. Campopiano The right to regulate subject to due process constraints is a foundation of public utility law. This article examines the extent to which a regulatory agency can restrict and ultimately terminate a utility’s operations based on public policy considerations. This issue has arisen in industries confronted with … Continue Reading
The program will include a multi-jurisdictional cap-and-invest program and aims to address environmental justice and equity concerns. By Jean-Philippe Brisson, Joshua T. Bledsoe, Benjamin Einhouse, and Brian McCall On December 21, 2020, the Governors of Massachusetts, Rhode Island, and Connecticut, as well as the Mayor of the District of Columbia, announced that their respective jurisdictions … Continue Reading
The Division of Enforcement’s new Climate and ESG Task Force will use data analysis to mine and evaluate registrant information for possible violations. By Paul A. Davies, Paul M. Dudek, and Andra Troy* On March 4, 2021, the US Securities and Exchange Commission (SEC) announced the creation of a Climate and ESG Task Force in … Continue Reading
The principles are intended to guide the industry’s engagement with policymakers concerning the ongoing economic transition away from carbon. By Paul A. Davies, Jason C. Ewart, and Edward R. Kempson The US Climate Finance Working Group, a group of leading financial services trade associations, has published “Financing a US Transition to a Sustainable Low-Carbon Economy” … Continue Reading
The agency has further strengthened electrification targets and provided additional details on compliance options for Transportation Network Companies. By Joshua T. Bledsoe, Charles C. Read, and Jen Garlock The California Air Resources Board (CARB) is developing the Clean Miles Standard and Incentive Program (Clean Miles Standard), a first-of-its kind regulation designed to reduce greenhouse gas … Continue Reading
The newly published Energy White Paper establishes a domestic trading scheme and sets out plans to clean out energy. By Paul A. Davies and Michael D. Green On 14 December 2020, the UK Government published its Energy White Paper (the Paper). The Paper builds on previous green economy plans, setting them “in a long-term strategic … Continue Reading
The annual report shows a considerable uptake in the adoption of climate-centred financial disclosures. By Paul A. Davies and Michael D. Green The Task Force on Climate-related Financial Disclosures (TCFD) published its Annual Report on TCFD-aligned disclosures by firms (Annual Report), on 29 October 2020. The TCFD was established by the Financial Stability Board (FSB) … Continue Reading
The FRC prompts boards, companies, and auditors to improve responses to climate change challenges through improved governance structure and narrative reporting. By Paul A. Davies and Michael D. Green On 10 November 2020, the Financial Reporting Council (FRC) published its findings (the Report) on its thematic review undertaken in 2020, concerning climate-related considerations that various … Continue Reading
The Initiative aims to promote sustainability in both the batteries value chain and the growing electric vehicle market. By Paul A. Davies and Federica Rizzo On 28 May 2020, the European Commission (EC) published its Inception Impact Assessment (IIA) to modernize the EU’s batteries legislation, in particular Directive 2006/66/EC of 6 September 2006 on batteries … Continue Reading
The proposals outline the potential new UK system after Brexit, which could be linked to the EU Emissions Trading System. By Paul Davies and Michael Green On 1 June 2020, the UK’s Department for Business, Energy and Industrial Strategy (BEIS) published proposals outlining a new UK-wide Emissions Trading System (UK ETS) contained within a response … Continue Reading
A recent federal court decision in Utah renews the question of whether defeat device and tampering prohibitions constitute “an emission standard or limitation”. By Arthur F. Foerster A non-profit citizen group, Utah Physicians for a Healthy Environment, is seeking nearly US$1.5 million in costs and attorneys’ fees after successfully prosecuting a citizen action in Utah federal … Continue Reading
