The German government has adopted draft law to ensure corporate compliance with human rights in the supply chain.
By Paul A. Davies, Michael D. Green, Joachim Grittmann, Stefan Bartz, and Alexander Wilhelm
On 3 March 2021, the German government adopted the draft Corporate Due Diligence in Supply Chains Act (Gesetz über die unternehmerischen Sorgfaltspflichten in Lieferketten), which is intended to oblige large German companies to better fulfil their responsibilities in the supply chain with regard to internationally recognized human rights by implementing core elements of human rights due diligence.
The draft law will now be introduced in the legislative procedure and is expected to be passed this summer. If passed, the new law will enter into force in January 2023.
Despite concerns early in 2020 that the pandemic would impact the growth of environmental, social, and governance (ESG) initiatives, the opposite proved to be the case with political and investor momentum aligning and ESG initiatives surging in the climate of “building back better”. This growth will likely accelerate in 2021, particularly as leading economies and financial centres in the US, China, the EU, and the UK make political and legislative commitments focused on ESG and investors double down on their ESG demands.
On 9 November 2020, Rishi Sunak, Chancellor of the Exchequer, announced several initiatives designed to help the UK tackle climate change, while maintaining its position as an “open, attractive international financial centre” after the Brexit transition period ends.
On October 30, 2020, the US Department of Labor (DOL) published 
On 30 September 2020, the International Financial Reporting Standards Foundation (the Foundation), a not-for-profit organisation that develops global accounting standards, launched a consultation paper seeking to assess demand for global ESG standards. The paper seeks to assess whether the Foundation should expand its current remit of developing financial reporting standards and use its experience in international standard-setting.
The Greek Competition Authority (HCC) has announced a public consultation on how competition law rules might be adapted to promote more sustainable business practices. The HCC published a 
On 16 September 2020, Ursula von der Leyen, delivered her first state of the union address since taking over the presidency of the European Commission (EC) in December 2019. The speech covered numerous topics and presented specific proposals addressing some of the most pressing issues the EU faces today, including ESG topics such as climate change, sustainable finance, and social matters. Throughout the address, the EC President called for change by design, not by destruction.
On August 31, 2020, the US Department of Labor (DOL)