By Paul Davies and Michael Green The High Level Expert Group on sustainable finance (the Group), which the European Commission (the EC) established, published its interim report on 13 July 2017. The report sets out the key steps required to create a financial system that supports sustainable investment, as well as identifying areas for financial … Continue Reading
By Paul Davies and Andrew Westgate In reforming and updating its environmental laws, China has until recently been focusing on air pollution. Attention is now turning to addressing water and soil pollution as well. For example, the Chinese government is now considering more robust penalties for those responsible for water pollution, indicating that the government … Continue Reading
By Jörn Kassow and Eun-Kyung Lee On June 9, 2017, the European Commission (EC) published its Action Plan to Streamline Environmental Reporting (COM(2017) 312), summarising the findings of its review of reporting requirements following the 2015 ‘Better Regulation Initiative.’ As part of this 2015 Initiative, the EC carried out a fitness check focused on assessing environmental … Continue Reading
By Paul Davies, Elisabetta Righini and Rosa Espin On 28 April 2017, the European Commission (the EC) published a “roadmap” on the strategic approach to pharmaceuticals in the environment, particularly in the aquatic environment. Concurrently, the EC launched a 12-week open public consultation to address the environmental pollution caused by human and veterinarian pharmaceutical substances. … Continue Reading
By Paul Davies and Andrew Westgate As a world leader in the manufacturing of electronic devices, China is beginning to reform its rules and regulations to ensure that the resulting framework is able to keep pace with the rapid developments now taking place in this sector both in China and globally. Two recent developments in … Continue Reading
By Paul Davies and Rosa Espin Spain is leading the fight against climate change with a proposed new Climate Change and Energy Transition Law. The Spanish government regards climate change as one of the greatest challenges facing the country. Since 22 April 2016, the Paris Agreement (which sets out a global action plan to avoid … Continue Reading
By Paul Davies and Michael Green The public trust doctrine is the principle that certain natural and cultural assets are preserved for public use and that it is the government’s obligation to protect and regulate these, both now and for future generations. Although the doctrine is established in English common law, it is not regularly … Continue Reading
By Paul Davies and Aaron Franklin Royal Philips, a health technology company, has recently agreed to an innovative revolving credit facility agreement with a margin linked to the company’s year-on-year sustainability performance improvement. The agreement was entered into by a consortium of 16 international banks (led by ING, as Sustainability Coordinator) and provides for a … Continue Reading
By Paul Davies, Michael Green and Andrew Westgate Leaders from around the world, including 20 heads of state, attended the Belt and Road Forum for International Cooperation in Beijing on May 14-15. The attendees at the forum agreed on guiding principles for the initiative, and the Asian Development Bank, the European Investment Bank, the New Development … Continue Reading
By Paul Davies and Michael Green The Organisation for Economic Co-operation and Development (OECD) published a report (OECD Report) on investment governance and integration of environmental, social and governance (ESG) factors on 2 May 2017. The OECD Report develops work already carried out by the organisation on the regulation of investment companies and pension fund … Continue Reading
By Paul Davies and Michael Green Broadly defined, conservation finance is the raising of capital to support the conservation of land, water and resources. This concept started with “debt for nature” swaps during the 1980s and 1990s whereby developing countries agreed to protect ecosystems using revenues freed up by sovereign debt relief (such deals usually … Continue Reading
By Paul Davies and Andrew Westgate Earlier this month, during a round of surprise inspections, Deputy Minister of the Ministry of Environmental Protection Zhao Yangmin publicly shamed the city officials of Langfang, a city in Hebei province, for failing to take action after a severe pollution warning was issued on April 2, 2017. Deputy Minister … Continue Reading
By Jörn Kassow and Patrick Braasch Emissions from approximately 2,900 large combustion plants in the EU, including coal-fired power stations as well as peat, oil and gas power plants, are now likely to be subject to stricter environmental performance standards. These updated standards (“Best Available Techniques Conclusions for Large Combustion Plants” – BREF LCP), based on … Continue Reading
By Paul Davies and Michael Green The European Conflict Minerals Regulation (the Regulation) was approved by the European Council on 3 April 2017. Publication in the Official Journal of the European Union will be the next step in the process and this could take 3-6 weeks. The Regulation will be directly applicable in all EU … Continue Reading
By Paul Davies, Michael Green and Kristof Ferenczi The Industrial Emissions Directive (IED) is the main EU instrument that regulates emissions from industrial installations (including power stations) and came into force on 6 January 2011. Its objective is to achieve a high level of protection for the environment and human health by reducing harmful industrial … Continue Reading
By Paul Davies and Michael Green On March 27, 2017, the French Parliament adopted a Law On The Duty Of Vigilance For Parent And Subcontracting Companies. The law amends the Commerce Code and requires companies to establish and implement a plan for diligencing human rights, environmental, and health and safety issues in their supply chains. … Continue Reading
By Paul Davies, Aaron Franklin, and Andrew Westgate The China Securities Regulatory Commission (CSRC) released new guidelines (the Guidelines) on the issuance of green bonds on March 2, 2017, marking an important step in the development of what is now the world’s largest green bond market, accounting for 39% of global issuances by principal amount issued … Continue Reading
By Paul Davies and Michael Green New Zealand’s Parliament has just passed a bill to enable the Whanganui River to be recognised as a legal person. It will now be represented by two nominees: one appointed by the Maori community (or Iwi), and another appointed by the government. Part of the settlement includes a fund … Continue Reading
By Joel Beauvais, Claudia O’Brien, Bridget R. Reineking and Andrew Westgate. Since assuming office in January, President Donald Trump – with the support of Congress – has stated his intention to roll back “burdensome” U.S. environmental regulations. The White House and Congress aim to reverse several of President Obama’s regulations on air and water pollution, land … Continue Reading
By Paul Davies and Samuel Pape Key changes to the Protective Cost Order regime (PCO) came into force on 28 February 2017, which could directly limit the ability of individuals and organisations to bring environmental-related legal challenges in England and Wales. Background The PCO was introduced in 2013 in part due for the purposes of … Continue Reading
By Michael Green, Elisabetta Righini, Joern Kassow, Rosa Espin, Eun-Kyung Lee, and Cesare Milani. On 15 February 2017, the European Commission (the Commission) sent final warnings (a Reasoned Opinion) to France, Germany, Italy, Spain and the United Kingdom for failing to comply with the air pollution limits for nitrogen dioxide (NO2). Under EU law, Directive 2008/50/EC on … Continue Reading
By Paul Davies and Rosa Espin Last year, 86 % of the 24.5 GW of new generating capacity installed in the EU came from renewable energy sources, specifically from wind, solar, biomass and hydro, breaking the previous record of 79% in 2014. This new water mark makes clear that the EU is seeking to cut … Continue Reading
By Paul Davies & Andrew Westgate China’s National Development and Reform Commissions (NDRC) – the country’s chief economic planning body – announced that a “green certificates” program for solar and wind power will be launched beginning on July 1, 2017. The certificates issued by the program will be similar to the Renewable Energy Credits issued … Continue Reading
By Paul Davies and Michael Green The UK Department for Business, Energy & Industrial Strategy (BEIS) published a Green Paper on 23 January 2017, setting out the building blocks for the UK’s modern industrial strategy. Described by Theresa May as a “critical part” of the plan for post-Brexit Britain, the implementation of this strategy will … Continue Reading
