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
Energy system integration is considered a crucial aspect of delivering the EU’s target to achieve climate neutrality by 2050. By Paul A. Davies and Michael D. Green On 8 July 2020, the European Commission (the Commission) issued a new Communication, “Powering a climate-neutral economy: An EU Strategy for Energy System Integration” (the Communication). The Communication … Continue Reading
The consultation aims to gather technical input from stakeholders in the green bond market before finalising an EU GBS. By Paul A. Davies, Michael D. Green, and Aaron E. Franklin On 12 June 2020, the European Commission (the Commission) published a targeted consultation document on the establishment of an EU Green Bond Standard (EU GBS). … Continue Reading
The new measures include changes to grid access permits and a new remuneration regime for renewables, among other provisions. By María José Descalzo, José María Alonso, and Leticia Sitges On 23 June, the Spanish Government passed Royal Decree-Law 23/2020, which entered into force on 25 June, approving new measures in the energy sector that aim … Continue Reading
Recent developments concern the EU taxonomy, the EU green bond standard, and new sustainability-linked bonds By Paul A. Davies and Michael D. Green Earlier this month (June 2020), the EU released answers to frequently asked questions (FAQs) about the work of the European Commission (the Commission) and the Technical Expert Group on Sustainable Finance (TEG) … Continue Reading
A new draft environmental impact statement on the scope of liability under the MBTA available for public comment. By Janice M. Schneider, Taiga Takahashi, and Julie Miles The US Fish and Wildlife Service (FWS) recently took another step toward narrowing its interpretation of liability under the Migratory Bird Treaty Act (MBTA) by issuing a draft … 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
By Paul A. Davies and Michael D. Green As the COVID-19 pandemic continues to cause economic disruption, the UK government (government) has established five working groups tasked with discussing and evaluating economic recovery measures. The groups will focus on five key themes, including “Green recovery: how to capture economic growth opportunities from the shift to … Continue Reading
Statements by the SEC’s Investor Advisory Committee and Asset Management Advisory Committee point to the growing need for action on ESG. By Paul A. Davies, Paul M. Dudek, and Kristina S. Wyatt Recommendations of the Investor Advisory Committee “The use of ESG-related disclosures has gone from a fringe concept to a mainstream, global investment and … Continue Reading
The proposal signals continued convergence of international standards as the green bond market further matures. By Paul Davies, Michael Green, and Aaron Franklin On 29 May 2020, Chinese regulators published a draft of their 2020 revision to the Green Bond-supported Project Catalogue (Green Project Catalogue) for comments. The Green Project Catalogue comprises a list of … Continue Reading
Economic operators are facing a number of practical and legal questions as EU and national authorities work to facilitate the supply of biocidal products. By Cesare Milani and Federica Rizzo The COVID-19 crisis has increased demand for disinfectants, hand cleaners, and other biocidal products, resulting in general shortages across most EU Member States. Many companies are currently working … Continue Reading
Agencies following the state’s open meeting laws must balance public safety imperatives with advancing critical projects as they determine how to hold public meetings while Californians can’t go out in public. By Nikki Buffa, Taiga Takahashi, Samantha K. Seikkula, and Julie Miles California’s two open meeting laws — the Brown Act and the Bagley-Keene Open … Continue Reading
The EU Commission aims to enshrine into law the 2050 climate-neutrality target and has taken further steps to establish a unified EU “green” classification system. By Paul A. Davies, Michael D. Green, and Federica Rizzo The European Green Deal, presented on 11 December 2019, provides a roadmap with actions aimed at boosting the efficient use of resources and the … Continue Reading
The Action Plan is part of the European Green Deal promoting actions to boost the efficient use of resources by moving to a cleaner and more competitive Europe. By Paul A. Davies, Michael D. Green and Federica Rizzo On 11 March 2020, the European Commission published its Communication to the European Parliament, the Council, the European … Continue Reading
Proposals to enhance climate-related disclosures include promoting the use of the TCFD recommendations. By Paul A. Davies, Nicola Higgs, Chris Horton, James Inness, and Michael D. Green On 6 March 2020, the UK’s Financial Conduct Authority (FCA) launched a consultation primarily focused on enhancing requirements on certain listed companies to make climate-related disclosures (the Consultation). … Continue Reading
The Airports National Policy Statement is ruled illegal as a result of government failure to take account of its Paris Agreement commitments. By Paul A. Davies and Michael D. Green In R (Plan B Earth and Others) v. Secretary of State for Transport and others, the Court of Appeal in England (the Court) heard an … Continue Reading
