The Supervisory Body published the Methodology Guidance and the Removal Guidance to be presented for discussion in COP28. By Jean-Philippe Brisson, Paul A. Davies, Joshua T. Bledsoe, Michael Dreibelbis, Qingyi Pan, and Brett Frazer* After two years of discussion, the Supervisory Body (SB) responsible for determining the guidelines for Article 6.4 of the Paris Agreement … Continue Reading
The third version introduces several new disclosure recommendations ahead of what is supposed to be a “Paris moment” for biodiversity in Montreal. By Paul A. Davies, Michael D. Green, James Bee, and Austin Pierce As environmental ambitions continue to grow, much attention has focused on climate. A key focal lens for that has been the … Continue Reading
The Claims Code seeks to ensure the integrity of voluntary carbon markets to support achievement of the Paris Agreement goals. By Jean-Philippe Brisson, Paul A. Davies, Sarah E. Fortt, Betty M. Huber, Alicia Robinson, and Deric Behar The Voluntary Carbon Markets Integrity (VCMI) Initiative is “a multi-stakeholder platform to drive credible, net-zero aligned participation in voluntary carbon markets.” The VCMI … Continue Reading
The order is a key lever in the Biden Administration’s climate agenda and puts the US closer in step with developments in Europe. By Paul A. Davies and Andra Troy* On May 20, 2021, President Joe Biden signed into effect an Executive Order on Climate-Related Financial Risk (Executive Order) aimed at addressing the threat that … Continue Reading
The report lays down policies aimed at fostering carbon neutrality in the UK by 2050 and supporting Paris Agreement pledges. By Paul A. Davies and Michael D. Green On 9 December 2020, the UK Climate Change Committee (the Committee) published its 6th Carbon Budget (the Budget), as required under the Climate Change Act. The Budget … 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 AFD’s new framework aligns with the UN Sustainable Development Goals and the 2030 Agenda. By Paul A. Davies, Michael D. Green, Edward R. Kempson, and Roberto L. Reyes Gaskin The Agence Française de Développement (AFD) has issued a new Sustainable Development Bond Framework (the Framework) that establishes bond eligibility criteria based on fundamental principles, … Continue Reading
President Xi Jinping promises to reduce carbon emissions in speech before the UN General Assembly. By Paul A. Davies, Michael D. Green, R. Andrew Westgate, and Jacqueline J. Yap On 22 September 2020, during a speech before the UN General Assembly, President Xi Jinping announced China’s commitment to become carbon neutral by 2060 and reaffirmed … 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 European Commission President delivers her first state of the union address, covering a number of issues, in particular a number of ESG matters. By Paul A. Davies and Michael D. Green On 16 September 2020, Ursula von der Leyen, delivered her first state of the union address since taking over the presidency of the … Continue Reading
The carbon border adjustment mechanism would aim to prevent carbon leakage resulting from carbon pricing in the EU emissions trading system. By Paul A. Davies and Michael D. Green On 22 July 2020, the European Commission (the Commission) published a consultation on a carbon border adjustment mechanism (CBAM) that is open until 28 October 2020. … 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
The legislation includes six key measures to cut greenhouse gas emissions and to reach carbon neutrality by 2050. By Paul A. Davies and Michael D. Green The French Parliament has adopted a new climate energy package to tackle the effects of climate change and boost France’s energy transition endeavors to reach carbon neutrality by 2050. … Continue Reading
The UK is the first major economy and G7 country to adopt the target following the CCC’s May 2019 recommendation. By Paul A. Davies and Michael D. Green Adoption of 2050 Net-Zero Target UK Prime Minister Theresa May has confirmed that the UK government will adopt the Committee on Climate Change’s (CCC’s) recommended net-zero target … Continue Reading
The Committee has recommended that the UK government take the lead in reaching net-zero, through social, financial, and policy change. By Paul A. Davies and Michael D. Green The Committee on Climate Change (CCC), a statutory body that advises the UK government on carbon budgets, has recommended that the UK government should commit to cutting … 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
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
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
Increased manufacturing offshoring and industrial activity may prevent China from reaching its commitments, despite a booming renewable energy sector. By Paul A. Davies, Kimberly Leefatt, and R. Andrew Westgate China’s carbon emissions increased by 4% in the first quarter of 2018 — marking the biggest hike in carbon emissions in the last seven years, according … 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
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
Intense lobbying surrounds a recent proposal to amend Article 34 of the Constitution. By Paul Davies and Fabrice Fages French Prime Minister Édouard Philippe recently unveiled a series of proposed modifications to the French Constitution that align with President Emmanuel Macron’s campaign platform. The proposals, which were unveiled on April 4, face objections from a … Continue Reading
Representatives from 19 countries explore climate responses in several areas, including urban development, transportation, renewable energy, early warning systems, and agriculture. By Rosa Espín and Leticia Sitges Nearly 200 participants from 19 different countries recently convened in Colombia for the Green Climate Fund’s (the Fund’s) first Structured Dialogue with Latin America. The meeting, which was … Continue Reading
As China begins to implement its emissions trading system, the country may look around the globe for regulatory guidance. By Paul A. Davies and R. Andrew Westgate China established its national emissions trading system (ETS) as a key component of the plan to meet its commitments under the Paris Agreement. The country’s participation in the … Continue Reading
