The group’s recommendations urgently call for the global standardisation of ESG reporting requirements to help “build back better” after COVID-19.
By Paul A. Davies and Michael D. Green
On 5 August 2020, Global Investors for Sustainable Development (GISD) Alliance released to the European Commission their July 2020 report, titled Renewed, Recharged and Reinforced: Urgent actions to harmonize and scale sustainable finance.
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.
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lawyers reviewed each of the 45 California Environmental Quality Act (CEQA) appellate cases, whether published or unpublished. Below is a compilation of the information distilled from that review and a discussion of the patterns that emerged from those cases. Latham has continued to monitor CEQA cases throughout 2020 and regularly posts key summaries to this blog.
The guidance contains practical advice for navigating ESG diligence and compliance.
By James R. Barrett, Paul A. Davies, Michael D. Green, Bobbi-Jo B. Dobush, and Jacqueline J. Yap*
On June 19, 2020, the Equator Principles Association (EPA) issued Guidance on Implementation of the Equator Principles During the Covid-19 Pandemic, as prepared by Ramboll (Guidance).
The 24-page Guidance provides lenders and borrowers with direction on how to address COVID-19-related issues in all aspects of project development and financing. The Guidance contains critical information that must be taken into account in any pending or planned project financings subject to the Equator Principles (EPs).
Increasing interest in ESG issues presents an opportunity for sponsors to re-evaluate their existing ESG strategies.
By Paul A. Davies, Nicola Higgs, Farah O’Brien, and Hannah Berdal
The COVID-19 pandemic continues to present unprecedented challenges for European private equity firms and their portfolio companies. A significant number of companies have been forced to undertake emergency liquidity measures, make difficult decisions to ensure the health and safety of their workforce, and pivot their business models, all whilst trying
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 net zero carbon emissions”.
Do European Commission ambitions signal a new, more sustainable direction of travel for the EU and globally?
By Paul Davies and Michael Green
On 27 May 2020, the European Commission (the Commission) announced a €750 billion stimulus fund aimed at helping the economies of the EU member states recover from the shock sustained as a result of the COVID-19 pandemic. Through this fund, officially titled Next Generation EU, the Commission hopes to “build back better”, through channels that contribute to a greener, more sustainable and resilient society. When combined with the proposed €1.1 trillion EU budget for the next seven years, the Commission’s wider recovery plan comes to a total of €1.85 trillion.
The plan follows the Commission’s Green Deal, which was announced in December 2019. The Green Deal was proposed as a framework of legislation from which the bloc could achieve its goal of net-zero greenhouse gas emissions by 2050. To decarbonise the economy, the Green Deal envisages government spending and public initiatives worth €100 billion per year, according to the Commission’s European Green Deal Investment Plan. Discussions surrounding the Green Deal had gained traction prior to the COVID-19 pandemic, as well as considerations on how best to tackle the social and economic issues raised by the transition to a carbon-free economy.
Governments are under pressure to ensure that any financing used to assist the economic recovery from COVID-19 embeds climate change policy.
By Paul A. Davies and Michael D. Green
The economic impact of COVID-19 has required unprecedented state intervention and support for companies and individuals in countries around the world. Now, certain climate policy advisors and advocates are calling for climate change policy to be integrated into such support.
In the financial sector, individuals such as Mark Carney, the former governor of the Bank of England, have been at the forefront of advocating the adoption of climate-related disclosure requirements. Mark Carney identified the recovery from COVID-19 as a “chance to avoid returning to the status quo”.
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 to increase the supply of such products and are considering shifting production.
EU companies and non-EU economic operators (through their EU importers) and regulatory authorities are striving to make fast-track procedures fully available via derogation to the lengthy pre-market authorisation procedures established under the EU Biocidal Products Regulation (BPR) and other relevant regulations. In this respect, many questions have arisen surrounding: (i) which legislation applies; (ii) what is the competent regulatory body; and (iii) how to deal in practice with the legal and technical requirements in a timely and cost-effective manner.
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 Meeting Act — require that meetings of local agencies’ and state boards’ legislative bodies generally be open to the public. To satisfy this requirement, meetings must be publicly noticed, an agenda must be posted in advance, and the public must be allowed to observe and participate.
However, once the COVID-19 pandemic led to the requirement of physical distancing, these agencies were no longer able to host public meetings consistent with the open meeting laws.