On March 15, 2024, the US Court of Appeals for the Fifth Circuit granted an administrative stay of the climate-related disclosure rules recently adopted by the US Securities and Exchange Commission (the “SEC”). The SEC rules require public companies to provide information about climate-related risks that could significantly impact their business or financial statements. See
On 9 June 2023, the European Union published Regulation (EU) 2023/1115 on the making available on the Union market and the export from the Union of certain commodities and products associated with deforestation and forest degradation (the “Deforestation Regulation” or the “EUDR”). The EUDR entered into force on 29 June 2023, although the main prohibitions
After much anticipation, on March 6, 2024, the US Securities and Exchange Commission voted to adopt final rules that require reporting by public companies of climate change-related disclosure. While the final rules differ from the SEC’s controversial proposed rules in significant ways, the final rules are prescriptive, and require substantial new, additional disclosures.
The SEC
The Securities and Exchange Commission (the “SEC”) has adopted new rules that require public companies to disclose substantial information about the material impacts of climate-related risks on their business, financial condition, and governance (the “Final Rules”). The SEC says that “climate-related risks, their impacts, and a public company’s response to those risks can significantly affect
The Securities and Exchange Commission adopted (in a 3-2 vote) final rules related to climate-related disclosures. These rules had first been proposed in March 2022. In his opening remarks, SEC Chair Gensler noted that the climate-change related disclosure rules will apply to public companies and to public offerings, and are intended to benefit investors by,
Although Environmental, Social and Governance-related (“ESG”) initiatives continue to face some political headwinds, and the ESG-linked debt market suffered a downturn in 2023, a nascent product type is piquing the interest of certain players in the sustainable debt space. Several debtors have entered the so-called blue financing space in an effort to contribute to
First published in the Financial Times’ Banking Risk & Regulation, the article by Cail Wyn Evans and Oliver Williams explores the adoption of GenAI to identify greenwashing.
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On March 5, 2024, the European Parliament and the Council of the European Union reached a “political agreement” on a Regulation prohibiting products made with forced labor on the European Union (“EU”) market.1 While binding legislation was initially proposed by the European Commission (“Commission”) in September 2022 (see Legal Update of 14 September 2022
The recent decision (20 February 2024) of the High Court in R (Rights Community Action) v Secretary of State is a rare example of an NGO succeeding in a climate change legal action under English law. In the case, Rights Community Action persuaded the High Court to overturn a finding by the Secretary of State’s
A new lawsuit filed by several business interest groups seeks to overturn two recent California laws relating to emissions disclosures (SB253) and climate-related financial risk disclosures (SB261), which would require thousands of covered companies to begin making disclosures as early as 2026. This Legal Update addresses the main arguments of the lawsuit, the initial reaction