The ACCC sets out best marketing practices and companies’ obligations under the Australian Consumer Law, including strict penalties that may follow. By Paul A. Davies, Sophie J. Lamb KC, Michael D. Green, James Bee, and Aleksandra Dulska In July 2023, the Australian Competition and Consumer Commission (ACCC) published draft guidance (Draft Guidance) to improve the … Continue Reading
The Green Technical Advisory Group, which is guiding the UK government’s implementation of a UK Green Taxonomy, has issued detailed advice for the upcoming legislation. By Paul A. Davies, Michael D. Green, and James Bee In September 2023, the Green Technical Advisory Group (GTAG), chaired by the Green Finance Institute, has released four reports offering technical advice to … Continue Reading
Importers into the EU of CBAM goods should be aware of their transitional reporting obligations under the new rules. By Paul A. Davies, Michael D. Green, and James Bee On 17 August 2023, the European Commission (Commission) adopted rules governing the implementation of the Carbon Border Adjustment Mechanism (CBAM) during its transitional phase, which begins … Continue Reading
The UK standards will aim to increase the comparability and value of reported information for investors. By Paul A. Davies, Michael D. Green, and James Bee The UK government announced on 2 August 2023 that it will develop standards for company sustainability disclosures in the UK by July 2024, leveraging the work of the internationally … Continue Reading
The adoption of the standards marks a key milestone for reporting under the CSRD. By Paul A. Davies, Michael D. Green, and James Bee On 31 July 2023, the European Commission (Commission) adopted the European Sustainability Reporting Standards (ESRS),[1] following a four week-long public consultation period. Background to the CSRD and ESRS The ESRS represent … Continue Reading
As the objectives gain traction, they are meeting state resistance in court. By Robin M. Hulshizer and Malorie R. Medellin The US Environmental Protection Agency’s (EPA’s) strategic plan for 2022–26, released in March 2022, added a new foundational principle to the agency’s mission: the advancement of environmental justice and equity. Since unveiling its strategic plan, … Continue Reading
NA100 aims to propel corporate action on natural capital through investor engagement similar to the work of initiatives like Climate Action 100+. By Austin J. Pierce On June 26, 2023, the Secretariat and Launching Investor Group behind Nature Action 100 (NA100) announced a set of focus areas and priority sectors for engagement with companies on … Continue Reading
Renewable fuels of non-biological origin would play an expanded role in satisfying EU decarbonisation targets. By Paul A. Davies, JP Sweny, Michael D. Green, James Bee, and Alexander Leighton The European Council has formally endorsed the proposed amendments to Directive (EU) 2018/2001 on the promotion of the use of energy from renewable sources (the Renewable … Continue Reading
The ASA conveyed a sense of urgency, as it believes influencing consumer behaviour will be an important part of meeting UK net zero targets. By Paul A. Davies, Sophie J. Lamb KC, Michael D. Green, and Aleksandra Dulska On 23 June 2023, the UK’s Advertising Standards Authority (ASA) published an update to its advertising guidance … Continue Reading
The Guidelines build on current social, environmental, and technological issues facing businesses following the last update in 2011. By Paul A. Davies, Michael D. Green, and James Bee The Organisation for Economic Co-operation and Development (OECD) released updated Guidelines for Responsible Business Conduct on 8 June 2023 (the OECD Guidelines). Background to the OECD Guidelines … Continue Reading
The forthcoming guidelines will set supervisory expectations to steer financial institutions’ transition planning processes to facilitate decarbonisation efforts by their clients. By Paul A. Davies, Farhana Sharmeen, Michael D. Green, and Shi Cheng Chong On 8 June 2023, the Monetary Authority of Singapore (MAS) announced that it will set guidelines to steer financial institutions’ transition … Continue Reading
The Commission issued its formal consultation on the ESRS with a number of proposed changes. By Paul A. Davies, Michael D. Green, and James Bee On 9 June 2023, the European Commission (Commission) issued its formal consultation on the European Sustainability Reporting Standards (ESRS). The ESRS represent the detailed standards which set out the disclosure … Continue Reading
An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores. By Paul A. Davies, Nicola Higgs, Rob Moulton, Michael D. Green, Becky Critchley, Anne Mainwaring, and Charlotte Collins International momentum to regulate ESG ratings continues as the European Commission released a consultation on 13 June 2023 to create a new … Continue Reading
Trialogue negotiations have begun following the parliament’s vote. By Paul A. Davies, Michael D. Green, and James Bee On 1 June 2023, the European Parliament voted to adopt its initial negotiating position on the EU’s proposed Corporate Sustainability Due Diligence Directive (CSDDD). If adopted, the CSDDD would apply to large EU and non-EU businesses with significant … Continue Reading
The public consultation seeks input on the priorities, strategic direction, and future work of the ISSB. By Paul A. Davies, Michael D. Green, and James Bee On 4 May 2023, the International Sustainability Standards Board (ISSB) launched a public consultation to seek input on its agenda priorities for a two-year period commencing in 2024. The … Continue Reading
The Commission has clarified requirements for financial product classifications and the definition of “sustainable investment” under the SFDR. By Paul A. Davies, Nicola Higgs, Michael D. Green, Anne Mainwaring, and James Bee In April 2023, the European Commission (Commission) published a series of answers to questions that the European Supervisory Agencies (ESAs) had raised in … Continue Reading
The government published a new document outlining its existing and proposed objectives to develop the UK’s sustainable economy. By Paul A. Davies, Michael D. Green, and James Bee On 30 March 2023, the UK government published an updated version of its Green Finance Strategy (the Strategy), titled “Mobilising Green Investment”. The Strategy is part of the UK government’s … Continue Reading
The government has announced the launch of ESG standards to help companies transition to renewable energy. By Paul A. Davies, Farhana Sharmeen, Michael D. Green, and James Bee On 11 April 2023, the Malaysian government announced that it will introduce a framework on environmental, social, and corporate governance (ESG) standards by the end of 2023. … Continue Reading
The fourth beta version establishes draft disclosure metrics as well as biome and sector guidance — with final TNFD recommendations due in September 2023. By Paul A. Davies, Michael D. Green, James Bee, and Austin J. Pierce The Taskforce on Nature-Related Financial Disclosures (TNFD) published the fourth (and final) beta version of its framework (Version 0.4) at … Continue Reading
Proposed legislation would impose new constraints and regulatory obstacles for renewable energy, as conservative responses to ESG-related initiatives continue to morph across the US. By Sarah E. Fortt, Joshua W. Marnitz, and Austin J. Pierce The Texas legislature is considering several bills that could significantly impact both the regulatory landscape for renewable energy projects in … Continue Reading
The country’s financial authorities may evaluate potential regulatory efforts in conjunction with the Taxonomy following its rollout. By Austin J. Pierce In March 2023, Mexico published a finalized version of the country’s Sustainable Taxonomy (the Taxonomy), growing the increasing number of jurisdictions that have developed such a framework. At their core, these frameworks aim to … Continue Reading
The guidance, published by a key entity behind the Greenhouse Gas Protocol, provides information on reporting of avoided emissions, and eligibility criteria for companies. By JP Brisson, Paul A. Davies, Michael D. Green, and James Bee On 22 March 2023, the World Business Council for Sustainable Development (WBCSD) released guidance on avoided emissions, i.e., emissions … Continue Reading
The consultation considers what a potential regulatory regime would look like, and its proposed scope. By Nicola Higgs, Paul A. Davies, Becky Critchley, Anne Mainwaring, Ella McGinn, and Charlotte Collins On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and was published alongside the UK government’s … Continue Reading
The UK government has unveiled a number of measures with the overall purpose of reaching net zero by 2050 and meeting the UK’s climate targets. By Paul A. Davies, Beatrice Lo, JP Sweny, Simon Tysoe, Michael D. Green, and James Bee On 30 March 2023, on what has been called the UK’s “green day”, the … Continue Reading
