The triggering of the CCM under the UK ETS and ongoing consultations under UK Reach signal speedbumps in the transition process. By Paul A. Davies, Michael D. Green, and James Bee On 30 November 2021, the UK government’s Department of Business, Energy and Industrial Strategy (BEIS) updated its guidance on the UK Emissions Trading Scheme … Continue Reading
The association noted that regulators could provide market participants with much-needed additional trust in ESG ratings and data. By Paul A. Davies, Nicola Higgs, Michael D. Green, James Bee, and Anne Mainwaring On 23 November 2021, the International Organization of Securities Commissions (IOSCO) published a report and set of recommendations (Recommendations) in relation to the … Continue Reading
The consultation is part of IOSCO’s broader goal to establish global sustainability disclosure standards. By Paul A. Davies, Nicola Higgs, and Anne Mainwaring On 26 July 2021, the Board of the International Organization of Securities Commissions (IOSCO) published a consultation report (the Report) that proposes a set of recommendations to mitigate risks flowing from activities … Continue Reading
The package aims to deliver on the targets agreed in the European Climate Law and fundamentally transform the EU’s economy and society for a greener future. By Paul A. Davies, Nicola Higgs, David Little, Elisabetta Righini, JP Sweny, and Michael D. Green On 14 July 2021, the European Commission (the Commission) unveiled a long-awaited package … Continue Reading
The new green bond standard aims to hit EU Green Deal targets, address environmental challenges, and increase investment in sustainable activities. By Paul Davies and Edward Kempson The European Commission (the Commission) recently issued two key announcements relating to the newly published EU Sustainable Finance Strategy (the Strategy) and the new EU Green Bond Standard … Continue Reading
The FCA is proposing a disclosure regime for asset managers, life insurers, and pension providers. By Paul Davies, Nicola Higgs, Victoria Sander, David Berman, Anne Mainwaring, and Charlotte Collins On 22 June 2021, the FCA published a Consultation Paper (CP21/17) on introducing climate-related financial disclosure rules and guidance for asset managers, life insurers, and FCA-regulated pension providers. The disclosure requirements would … Continue Reading
The FCA is consulting on extending its rules to standard listed issuers. By Paul A. Davies, Chris Horton, James Inness, Anna Ngo, and Charlotte Collins On 22 June 2021, the FCA published a Consultation Paper (CP21/18) on extending the application of the existing climate-related disclosure requirements for commercial companies with a UK premium listing to … 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 People’s Bank of China announced a collaboration with the European Union to adopt a common taxonomy for green investments. By Paul A. Davies, Nicola Higgs, and Edward R. Kempson On 21 March 2021, the People’s Bank of China (PBC) announced that China is working with the European Union to adopt a common green taxonomy … 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 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
Public agencies prevailed in 68% of CEQA cases analyzed. By James L. Arnone, Daniel P. Brunton, Nikki Buffa, Marc T. Campopiano, and Winston P. Stromberg Latham & Watkins is pleased to present its fourth annual CEQA Case Report. Throughout 2020 Latham lawyers reviewed each of the 34 California Environmental Quality Act (CEQA) appellate cases, whether … Continue Reading
Biden Administration elevates consideration of GHG emissions and climate change in federal agency approvals by rescinding Trump guidance and reviving Obama guidance. by Janice M. Schneider, Stacey L. VanBelleghem, and Devin M. O’Connor On February 19, 2021, the White House Council on Environmental Quality (CEQ) published a Federal Register Notice rescinding the June 2019 “Draft … Continue Reading
Recent developments show how innovative sustainable finance instruments can help the transition to greener financial markets. By Paul A. Davies and Edward R. Kempson The EU Taxonomy Regulation[1] (the Regulation), which entered into force in July 2020, is one of the most significant developments in sustainable finance. The Regulation creates a classification system for green … Continue Reading
The agency’s rulemaking to implement the AIM Act will offer stakeholders opportunities to shape a new market-based mechanism to reduce HFCs. By Jean-Philippe Brisson, Stacey VanBelleghem, and Zaheer Tajani Tucked inside the US$900 billion COVID-19 relief package signed into law on December 27, 2020, is a regulatory opportunity for the climate-focused Biden Administration: the American … Continue Reading
The proposed amendments seek to clarify when short-form product warnings may be used and create new requirements for information about harmful chemicals. By Michael G. Romey, Lucas I. Quass, and Kevin Homrighausen Update: On February 19, 2021, OEHHA announced that the public comment period has been extended until March 29, 2021. OEHHA also scheduled a … 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
New regulations in renewable energy, infrastructure, telecommunications, and ESG are expected to impact companies and investors in Spain in the coming year. By José María Alonso and Leticia Sitges Despite the ongoing effects of the pandemic, the Spanish government has established a route toward decarbonizing and digitalizing the economy and toward promoting circular-economy initiatives. This … Continue Reading
The decision clears a path for President Biden’s climate priorities, striking down a Trump Administration rule that had repealed the Obama Administration’s power plant greenhouse gas regulations. By Stacey L. VanBelleghem and Devin M. O’Connor On January 19, 2021, on the eve of President Biden’s inauguration, in American Lung Association, et al. v. EPA, the … Continue Reading
Consortium provides prototype climate-related financial disclosure standards, following earlier pledge to collaborate. By Paul A. Davies and Michael D. Green A group of leading sustainability and integrated reporting organisations has published a paper addressing standards for reporting on enterprise value and presenting prototypes of climate-related financial disclosure standards (the Paper). The co-authors include the Carbon … Continue Reading
New rule will require listed companies to state whether they have made disclosures in accordance with the TCFD. By Paul A. Davies, Nicola Higgs, Chris Horton, and Michael D. Green On 21 December 2020, the Financial Conduct Authority (FCA) confirmed in a published Policy Statement[1] (the Statement) that it will introduce a new Listing Rule … Continue Reading
EPA provides more detailed guidance on aftermarket safe zones while continuing to drive forward enforcement initiatives. By Arthur F. Foerster In 2019, the US Environmental Protection Agency (EPA) released its “National Compliance Initiatives” (NCIs) for years 2020-2023. EPA sets NCIs for what the agency believes are “the most serious environmental violations.”[1] One of those NCIs … Continue Reading
The report lays down policies aimed at fostering carbon neutrality in the UK by 2050 and supporting Paris Agreement pledges. By Paul A. Davies and Michael D. Green On 9 December 2020, the UK Climate Change Committee (the Committee) published its 6th Carbon Budget (the Budget), as required under the Climate Change Act. The Budget … Continue Reading
