The Final Report recommends five themes that financial institutions should incorporate into their net zero transition strategies. By Paul A. Davies, Michael D. Green, and James Bee On 1 November 2022, the Glasgow Financial Alliance for Net Zero (GFANZ) issued its Final Report on the Fundamentals, Recommendations, and Guidance for Financial Institution Net Zero Transition … Continue Reading
California continues to push toward its statewide carbon-neutrality goals. By Arthur F. Foerster and Joshua Bledsoe On August 25, 2022, the California Air Resources Board (CARB) unanimously approved regulations that require all new 2035 and later passenger vehicles to be zero-emission vehicles. The agency’s “Advanced Clean Cars II” regulations require manufacturers to deliver an increasing … Continue Reading
Governor Newsom introduces five ambitious proposals that could alter California’s climate policy for years to come. By JP Brisson, Nikki Buffa, Marc Campopiano, Jennifer Roy, Michael Dreibelbis, Aron Potash, and Alicia Robinson On August 12, 2022, California Governor Gavin Newsom submitted five climate proposals (the Climate Proposals) to the California legislature in the waning days … Continue Reading
The system aims to stimulate innovation in GHG-reduction activities as part of the country’s 2030 Emissions Reduction Plan. By JP Brisson, Michael Dreibelbis, and Alicia Robinson On June 8, 2022, Canada launched the Greenhouse Gas (GHG) Offset Credit System (the System) to create a “market-based incentive to undertake innovative projects that reduce greenhouse gases.”[1] The … Continue Reading
The decision will limit EPA’s options for future regulation of existing power plant GHG emissions and may have broader implications for other federal agency rulemakings. By Stacey L. VanBelleghem, Karl A. Karg, and Malorie R. Medellin On June 30, 2022, the US Supreme Court issued its long-awaited ruling in West Virginia v. EPA — the … Continue Reading
CARB addresses California’s increasingly severe climate impacts. By Joshua T. Bledsoe and Kevin Homrighausen On May 10, 2022, the California Air Resources Board (CARB) released its Draft 2022 Scoping Plan Update (Draft Scoping Plan) for public review and comment. Assembly Bill 32, the California Global Warming Solutions Act of 2006, requires CARB to develop and … Continue Reading
CARB doubles down on LCFS Program and liquid transportation fuels. By Joshua T. Bledsoe and Jennifer Garlock On May 10, 2022, the California Air Resources Board (CARB) released its Draft 2022 Scoping Plan Update (Draft Scoping Plan) for public review and comment. Assembly Bill (AB) 32, the California Global Warming Solutions Act of 2006 (AB … Continue Reading
The proposed taxonomy for green and transition activities is aligned with increasing global demand for clear and consistent classification of sustainable finance activities. By Paul Davies and Sabrina Singh In May 2022, the Green Finance Industry Taskforce — a multi-stakeholder group convened by the Monetary Authority of Singapore to accelerate the development of green finance … Continue Reading
CARB opts to stay the course on Cap-and-Trade Program. By Joshua T. Bledsoe, Michael Dreibelbis, and Alicia Robinson On May 10, 2022, the California Air Resources Board (CARB) released its Draft 2022 Scoping Plan Update for public review and comment. Assembly Bill (AB) 32, the California Global Warming Solutions Act of 2006 (AB 32), required … Continue Reading
The Draft 2022 Scoping Plan Update takes an all-of-the-above approach to decarbonize California. By Joshua T. Bledsoe and Brian McCall On May 10, 2022, the California Air Resources Board (CARB) released its Draft 2022 Scoping Plan Update for public review and comment. Originally, the California Global Warming Solutions Act of 2006 required CARB to develop … Continue Reading
The standards are part of a global initiative to consolidate sustainability disclosures to help investors assess the value of companies. By Paul A. Davies, Sarah Fortt, Nicola Higgs, Betty M. Huber, Michael D. Green, and James Bee On 31 March 2022, the International Sustainability Standards Board (ISSB) released exposure drafts of the first two IFRS Sustainability Disclosure … Continue Reading
If adopted, the Senate bill would require large US companies doing business in California to report Scopes 1, 2, and 3 emissions as of January 2024. By Jean-Philippe Brisson, Marc T. Campopiano, Jennifer K. Roy, Joshua T. Bledsoe, Julie Miles, and Alicia Robinson The California Legislature is considering a bill to impose corporate sustainability reporting … Continue Reading
The guidance offers clarification on key aspects of the TCFD’s recommendations on climate reporting. By Paul A. Davies, Michael D. Green, and James Bee On 14 October 2021, the Task Force on Climate-related Financial Disclosures (TCFD) released a new guidance document on climate-related metrics, targets, and transition plans (the Guidance). The Guidance seeks to support … Continue Reading
A new report shows headway in reducing greenhouse gases and details the latest climate change policy developments. By Paul A. Davies and Michael D. Green On 30 November 2020, the European Commission (EC) adopted the EU Climate Action Progress Report Kick-starting the journey towards a climate-neutral Europe by 2050 (the Report). The Report, which is … Continue Reading
The paper articulates common reporting metrics for sustainable value creation for companies reporting on ESG performance. By Paul A. Davies, Paul M. Dudek, Ryan J. Maierson, and Kristina S. Wyatt On September 22, 2020, the International Business Council (IBC) of the World Economic Forum (WEF), in collaboration with Deloitte, EY, KPMG, and PwC, published a … Continue Reading
The Commission’s 2030 Climate Target Plan sets out required actions for a number of sectors. By Paul A. Davies and Michael D. Green On 17 September 2020, the European Commission (Commission) presented its 2030 Climate Target Plan, which calls for a greenhouse gas (GHG) emissions reduction target of at least 55%, compared to 1990 levels; … Continue Reading
The Governor has issued an Executive Order with sweeping implications for the oil and gas industry and others. By Jean-Philippe Brisson, Joshua T. Bledsoe, Nikki Buffa, and Brian F. McCall On September 23, 2020, California Governor Gavin Newsom signed Executive Order N-79-20, which will have sweeping implications for the oil and gas industry, automakers, low-carbon … Continue Reading
Two initiatives seek to standardise approaches to carbon accounting and provide a blueprint for investors to help achieve net zero global emissions by 2050. By Paul A. Davies and Michael D. Green On 3 August 2020, the Partnership for Carbon Accounting Financials (PCAF), a global collaboration of 70 financial institutions with total financial assets of … Continue Reading
The Airports National Policy Statement is ruled illegal as a result of government failure to take account of its Paris Agreement commitments. By Paul A. Davies and Michael D. Green In R (Plan B Earth and Others) v. Secretary of State for Transport and others, the Court of Appeal in England (the Court) heard an … Continue Reading
By Christopher H. Norton, Lucas I. Quass, and Derek Galey CEQA Case Report: Understanding the Judicial Landscape for Development[I] In an unpublished opinion issued July 10, 2018, Sierra Club v. County of Kern, Case No. F071133, the California Court of Appeal reversed the trial court’s decision and remanded for the issuance of a new writ … 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
By Joshua Bledsoe, Sara Orr, and Bobbi-Jo Dobush Major investors with collective control of more than US$26.3 trillion are continuing to push for an increase in public companies’ governance, oversight, and disclosure of climate-related risk. Unveiled on December 12, 2017 at the One Planet Summit in Paris, the Climate Action 100+ is designed to promote the … Continue Reading
By Marc Campopiano and Shannon Cheng A proposed Scoping Plan Update released by the California Air Resources Board (ARB) targets the land use sector and development projects for greenhouse gas (GHG) reductions. The proposed update was spurred by the passage of Senate Bill (SB) 32 and Assembly Bill (AB) 398, which codified California’s goal of reducing … Continue Reading
By Jean-Philippe Brisson, Josh Bledsoe, Michael Dreibelbis and Andrew Westgate On July 12, 2016, the California Air Resources Board (CARB) proposed amendments to the California Cap-and-Trade Program (17 CCR 95800 et. seq.) for the first time since 2014. The amendments include major substantive changes to compliance requirements as well as new program initiatives such as post-2020 … Continue Reading
