During last year’s COP26, the UK Government announced that it would mandate the disclosure of listed companies’ and financial institutions’ net zero transition plan, and that it would form a taskforce to assist private sector actors in doing so.
Coinciding with the start of COP27, the UK’s Transition Plan Taskforce (“TPT”) – a taskforce with
The 27th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP27) has opened in Sharm El-Sheikh, Egypt, against a global backdrop of massive hikes in energy prices, inflation, increases in interest rates and uncertainty about the robustness of the implementation of the ESG regulatory agenda (particularly in the US). In
The UK’s financial regulator – the Financial Conduct Authority (“FCA”) – on 25 October 2022, published its “Sustainability Disclosure Requirements (“SDR”) and investments labels” Consultation Paper (CP 22/20) (the “Consultation Paper”).
This follows the FCA’s July 2021 “Dear AFM Chair” letter regarding improving the quality and clarity of authorised ESG and sustainable investment funds and
On 3 October 2022, the European Commission (“Commission”) adopted a revised notice on informal guidance (“Revised Notice”) that provides an expanded mechanism for businesses to obtain enhanced comfort – through so-called “guidance letters” – on the application of the EU competition rules to novel or unresolved questions.
The Revised Notice permits businesses that have doubts
On October 31, 2022, the Bureau of Ocean Energy Management (BOEM) within the US Department of the Interior finalized two Wind Energy Areas in the Gulf of Mexico Outer Continental Shelf. This Legal Update provides further detail for companies interested in developing or financing offshore wind projects.
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On 28 October 2022, the Hong Kong Exchanges and Clearing Limited (“HKEx”) launched Core Climate, an international carbon marketplace designed to allow for the trading of voluntary carbon credits and instruments, which provides a best-in-class, trusted market infrastructure and helps connect capital with climate-related products and opportunities in Hong Kong, Mainland China and globally.
The requirement for companies to conduct human rights diligence (“HRDD”) is increasingly being implemented by legislators across the globe. For example, the EU is expected to adopt its draft corporate sustainability and due diligence directive in 2023. Importantly, the Directive will apply to Japanese companies and their subsidiaries if they meet certain criteria (for further
To help companies improve their reporting on net zero commitments, the FRC Lab have published its Net zero disclosures report (“the Report”), which provides companies with practical tips and questions to consider when preparing disclosures in their financial reports on net zero and other Greenhouse Gas (“GHG”) reduction commitments.
Companies have long been awaiting some more clarity on their reporting obligations vis à vis the German Supply Chain Due Diligence Act (SCDDA). The BAFA has now shed some light on what is expected of the reporting entities by publishing 38 detailed questions (in addition to some general information on the reporting entity) covering the whole
Interest in ESG investing continues to attract attention globally as policymakers and regulators around the world implement policies and regulations to direct or guide behavior and protect the interests of a wide range of stakeholders. Against this backdrop, we observe a rising challenge to so-called “woke capitalism”, particularly with the recent wave of anti-ESG sentiment