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
A new report shows headway in reducing greenhouse gases and details the latest climate change policy developments. By Paul A. Davies and Michael D. Green On 30 November 2020, the European Commission (EC) adopted the EU Climate Action Progress Report Kick-starting the journey towards a climate-neutral Europe by 2050 (the Report). The Report, which is … Continue Reading
FCA director highlights areas of concern in relation to ESG reporting and provides recommendations. By Paul A. Davies, Nicola Higgs, Michael D. Green, and Anna Lewis-Martinez Richard Monks, Director of Strategy at the UK Financial Conduct Authority (FCA), recently delivered a speech on the environmental, social, and governance (ESG) reporting regime and how it can … Continue Reading
The Sustainability Accounting Standards Board and the International Integrated Reporting Council merger aims to streamline ESG reporting to improve data for investors. By Paul A. Davies and Michael D. Green On 25 November 2020, the Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC) announced that they are merging into a unified … Continue Reading
As Chairman Clayton reaches the end of his tenure, Commissioners Lee and Crenshaw continue to push for SEC action on climate change. By Paul A. Davies, Paul M. Dudek, Ryan J. Maierson, and Kristina S. Wyatt Background In recent years, the market has witnessed a sharp divide both within the US Securities and Exchange Commission … Continue Reading
The UK’s Financial Reporting Council aims to develop a principles-based framework for corporate reporting. By Paul A. Davies and Michael D. Green The UK’s Financial Reporting Council (FRC) has published a discussion paper, “A Matter of Principles — The Future of Corporate Reporting,” that aims to “provide thought leadership for the future of corporate reporting … Continue Reading
The UK citizens’ assembly identifies overarching principles and makes specific recommendations for achieving the environmental goal. By Paul A. Davies and Michael D. Green Background The Climate Assembly UK has published its report on how the UK can achieve its statutory target for net zero carbon emissions by 2050. The report, which was released on … Continue Reading
The Governor has issued an Executive Order with sweeping implications for the oil and gas industry and others. By Jean-Philippe Brisson, Joshua T. Bledsoe, Nikki Buffa, and Brian F. McCall On September 23, 2020, California Governor Gavin Newsom signed Executive Order N-79-20, which will have sweeping implications for the oil and gas industry, automakers, low-carbon … Continue Reading
The DOL proposes rules that would curb proxy voting by plan fiduciaries on shareholder proposals. By Paul A. Davies, Paul M. Dudek, Ryan J. Maierson, and Kristina S. Wyatt Continued DOL Antipathy Toward ESG On August 31, 2020, the US Department of Labor (DOL) issued proposed rules that could induce Employee Retirement Income Security Act … Continue Reading
New guidance contains clarifications from the European Commission and seeks to lessen trade barriers following the Brexit transition period. By Paul A. Davies and Michael D. Green The UK’s Department for Business, Energy and Industrial Strategy (BEIS) has published updated guidance on meeting climate change requirements after the Brexit transition period ends on 1 January … Continue Reading
Consultations are underway on a proposed law to prohibit large UK businesses from using products sourced from illegally deforested lands. By Paul A. Davies and Michael D. Green On 25 August 2020, the Department for Environment, Food and Rural Affairs (Defra) launched a consultation on a new law aimed at preventing large companies from using … Continue Reading
Two initiatives seek to standardise approaches to carbon accounting and provide a blueprint for investors to help achieve net zero global emissions by 2050. By Paul A. Davies and Michael D. Green On 3 August 2020, the Partnership for Carbon Accounting Financials (PCAF), a global collaboration of 70 financial institutions with total financial assets of … Continue Reading
The inquiry seeks further evidence on how and whether the government’s response to COVID-19 should take green ambitions into account. By Paul A. Davies and Michael D. Green On 24 July 2020, the UK Treasury Committee (the Committee) relaunched its inquiry into decarbonisation of the UK economy and green finance.… Continue Reading
Public agencies prevailed in 71% of CEQA cases analyzed. By James L. Arnone, Daniel P. Brunton, Marc T. Campopiano, Shivaun A. Cooney, Benjamin J. Hanelin, John C. Heintz, Maria Pilar Hoye, Aron Potash, and Winston P. Stromberg Latham & Watkins is pleased to present its third annual CEQA Case Report. Throughout 2019 Latham lawyers reviewed … Continue Reading
