A new regulation will detail how financial market participants and financial advisors must incorporate ESG risks and opportunities in their procedures. By Paul A. Davies and Michael D. Green The European Union (EU) is committed to being the global leader in fighting climate change and implementing the Paris Agreement. Since climate change is increasingly viewed … Continue Reading
The revised Code is likely to encourage a more robust and substantive review of ESG issues by institutional investors. By Paul A. Davies and Michael Green Background The UK Stewardship Code (the Code) was originally published in 2010 following a review of corporate governance. The Financial Reporting Council (FRC) has responsibility for the Code, and … Continue Reading
The Coal Commission’s phase-out proposal includes a €40 billion federal spending package for affected states. By Jörn Kassow and Patrick Braasch A German government-appointed body, known colloquially as the “Coal Commission”, has agreed to end coal-fired power generation by 2038. In an effort to meet Germany’s climate goals under the Paris Agreement, the Coal Commission … Continue Reading
Waste producers must comply with new criteria and procedures for objects and products to benefit from end of waste status. By Paul Davies The French government has developed many measures to foster circular economy approaches. Most recently, a Ministerial Order of 11 December 2018 (Order) sets out criteria and procedures to end the waste status … Continue Reading
Four NGOs launch innovative action claiming state has not met COP21 objectives. By Paul A. Davies and Michael D. Green On 17 December 2018, four NGOs filed legal action against the French state. In the legal action, the NGOs argued that the state has not met the short-term climate change objectives set at COP21. The … Continue Reading
The deal establishes rules and guidelines for how governments will track, report on, and verify emissions-cutting efforts. By Jörn Kassow and Patrick Braasch Delegates from 196 countries and the European Union convened in Katowice, Poland, in December for two weeks of negotiations on creating a common rulebook for putting the Paris Agreement into practice. The … Continue Reading
The growth in the level of undertakings throughout 2018 tallies with a general increase in environmental enforcement. By Paul A. Davies and Michael D. Green The Environment Agency has released data indicating that enforcement undertakings in England and Wales reached more than £2.2 million in 2018 — the highest-ever levels within a single year. The amounts … Continue Reading
The report supports the efforts of the EU’s Seventh Environment Action Programme. By Alexander Wilhelm According to a report prepared by the Joint Research Centre (JRC) — the European Commission’s science and knowledge service — countries across Europe are making progress on tackling soil contamination. The report[i] states that the management of contaminated sites in … Continue Reading
Landmark ruling requires the European Commission to disclose impact assessments used as a basis for its legislative decision-making process. By Antonio Morales and Rosa Espín The Grand Chamber of the Court of Justice of the European Union recently issued a landmark judgment finding that impact assessments should be considered public documents. This decision sets a … Continue Reading
Individuals join growing global trend of citizens bringing climate change litigation in a bid to hold governments to account. By Paul A. Davies and Michael D. Green The European General Court has agreed to hear a legal challenge to EU climate legislation for inadequate targets for reducing climate change. Ten families from around the world … Continue Reading
Initiative will advance the UK’s Paris Agreement targets by serving as a “one-stop shop for world-leading climate science, and for capital.” By Paul A. Davies and Michael D. Green UK Chancellor, Philip Hammond, has announced plans to launch a Green Finance Institute (GFI), through funding from both the UK government and the City of London Corporation. … Continue Reading
Increasingly, financial institutions are looking to align business decisions with environmental principles. By Paul A. Davies and Michael D. Green ABN AMRO, ING, and Rabobank have teamed up to publish guidelines for investing in the circular economy. The banks have designed the guidelines to help financial services companies around the globe transition towards a circular … Continue Reading
Building owners and developers will need to provide energy performance certificates for buildings. By Paul A. Davies and Michael D. Green The European Union has published a directive aimed at improving building energy efficiency and reducing carbon emissions. EU Member States are required to transpose the directive (Directive (EU) 2018/844) by March 10, 2020. The … Continue Reading
Lawmakers will debate an amendment to include the country’s environmental commitments in Article 1 of France’s Constitution. By Fabrice Fages MPs in France have adopted an amendment to include a new paragraph in Article 1 of the French Constitution. The amendment reads: “France acts towards the preservation of the environment and biological diversity, and against … Continue Reading
The EU has agreed that one third of energy use should be from renewable sources and encourages the use of renewable electricity or biofuels sourced from waste rather than crops. By Paul A. Davies and Michael D. Green After 18 months of negotiations, the EU has increased its renewable energy target from 27% to 32% … Continue Reading
The Circular Economy Package aims to “close the loop” of product lifecycles through greater recycling and re-use. By Paul A. Davies, Eun-Kyung Lee, and Patrick Braasch The Circular Economy Package includes four directives that were adopted by the European Parliament on 18 April 2018 (see Latham’s previous post) and by the EU Council on 22 … Continue Reading
The European Commission will submit a study and a proposal to reassess individuals’ right to challenge crucial decisions before EU courts. By Rosa Espín and Leticia Sitges The Council of the European Union (the EU) has recently issued a formal decision requesting that the European Commission submit a study to identify options for addressing identified … Continue Reading
The Innovation Fund will promote advanced low-carbon technologies to reduce greenhouse gas emissions and promote decarbonisation. By Paul A. Davies and Michael D. Green By the end of 2018, the European Commission will set up an Innovation Fund (the Fund) to aid decarbonisation. To achieve this, the European Commission will amend the EU Emissions Trading … Continue Reading
Measures aim to establish consistent criteria for sustainable investments, as well as clear market standards for investors. By Paul A. Davies and Aaron E. Franklin Overview The European Commission (EC) has set out its first proposal for “concrete actions” to help the EU financial sector take the lead in establishing a greener economy and supporting … Continue Reading
A recent Environmental Code amendment aims to invigorate sluggish legal processes delaying environmental project development. By Paul A. Davies and Fabrice Fages Third parties and local NGOs often bring legal action against environmental permits in France, hampering the development of environmental projects in the country. An example of a practical consequence is that the development … Continue Reading
After neglecting to heed an initial warning, six Member States may face financial penalties if they do not reduce pollution levels. By Paul A. Davies, Michael D. Green, and Alexander Wilhelm The European Commission (EC) has referred the UK, France, Germany, Hungary, Italy, and Romania to the European Court of Justice (ECJ) for failing to … Continue Reading
The Initial Strategy provides the first global climate framework for the shipping sector and will support Paris Agreement targets. By Paul Davies, Janice Schneider, and Eun-Kyung Lee Background In April 2018, the Marine Environmental Protection Committee of the International Maritime Organization (IMO) adopted an initial strategy to reduce greenhouse gas (GHG) emissions in international shipping (Initial … Continue Reading
Consultation document proposes replacing the European Commission with a new environmental watchdog, among other recommendations. By Paul A. Davies and Michael D. Green The UK government has announced a consultation in relation to the proposed new Environmental Principles and Governance Bill, which aims to ensure maintained and strengthened environmental protection following the UK’s exit from … Continue Reading
Decision is third initiative of the EC’s REFIT programme to simplify regulation for Member States. By Paul A. Davies and Michael D. Green The EU Council has adopted a decision to reduce and consolidate EU environmental reporting legislation in order to decrease bureaucracy and costs as well as to simplify environmental reporting compliance for Member … Continue Reading
