Following the UK Competition and Markets Authority’s (“CMA”) recent investigation regarding ‘Green Claims’ in the fashion industry (discussed here), the CMA has now published a Compliance Guide to help fashion businesses “stay on the right side of consumer law”. This is part of the CMA’s “essential” work to ensure consumers can make informed choices based
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Brazil’s Attorney General Files Climate Lawsuit to Protect Conservation Unit
On September 16, 2024, Brazil’s Attorney General filed a lawsuit seeking compensation for climate damage resulting from environmental infractions allegedly perpetrated by livestock farmers inside a Conservation Unit, more specifically the Jamanxim National Park, located in the Amazon Rainforest.
In Brazil, a Conservation Unit is a type of specially protected area, legally established by public
Great British Energy Bill
On 3 September 2024, the UK Government published its factsheet on the Great British Energy Bill which received its Second Reading in the House of Commons on 5 September.
The purpose of the Bill is to establish a publicly-owned energy company designed to drive clean energy deployment and support the UK Government’s aim of decarbonising
The European Commission publishes FAQs on the implementation of the EU corporate sustainability reporting rules
On 7 August 2024, the European Commission published a set of frequently asked questions on the implementation of the EU Corporate Sustainability Reporting Directive (Directive (EU) 2022/2464) (“CSRD”) and the interpretation of certain legal provisions in the Accounting Directive (Directive 2013/34/EU), the Transparency Directive (Directive 2004/109/EC) and the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088).
Governor Newsom Proposes Delay of California Climate Disclosure Laws
On July 15, 2024, Governor Gavin Newsom proposed amendments that would, among other things, delay initial reporting deadlines for two of California’s recently enacted climate-related disclosure laws by two years.
Governor Newsom signed the two bills, Climate Corporate Data Accountability Act (California Senate Bill 253 (SB-253)), relating to greenhouse gas (GHG) emissions disclosures, and the
The ESMA sets out its long-term vision on the functioning of the Sustainable Finance Framework
On 24 July 2024, the European Securities and Markets Authority (“ESMA”) published an opinion on the sustainable finance regulatory framework (the “ESMA Opinion”), which outlines the ESMA’s long-term vision for the functioning of the EU’s sustainable finance framework (the “Framework”). The ESMA Opinion builds on the findings of the ESMA’s progress report on greenwashing,
UK planning reforms to focus on social developments and net zero
A major overhaul of the UK’s planning (zoning) system was unveiled on 30 July. This is aimed at tackling the UK’s chronic housing shortage, as well as the challenge of net zero. The lack of affordable housing in the south-east of England, for example, means that average house prices there are ten times the average
CLIMATE LITIGATION – THE GRANTHAM RESEARCH INSTITUTE ON CLIMATE CHANGE AND THE ENVIRONMENT PUBLISHES ITS 2024 GLOBAL TRENDS IN CLIMATE LITIGATION REPORT
According to the Grantham Institute’s 2024 Global Trends in Climate Change Litigation Policy Report (the “Report”) – which was published on 27 June 2024 – climate-related litigation against private sector actors continues to be on the rise. The Report highlights that over 230 climate-related lawsuits have been initiated against corporations and trade associations since 2015,
THE UK FOREST RISK COMMODITY REGULATION (“UKFRC”) ONE TO WATCH IN THE COMING YEAR
Deforestation is now the second leading cause of climate change globally, after burning fossil fuels, and is responsible for around 11% of all greenhouse gas emissions. In the last 60 years more than half of tropical forests worldwide have been destroyed, reducing biodiversity and endangering rare species (see Fifth Special Report of Session – 2023-24:
Be prepared: The technical standards on STS securitizations’ ESG disclosures enter into force on July 8, 2024
The Commission Delegated Regulation (EU) 2024/1700 supplementing Regulation (EU) 2017/2402 with regard to regulatory technical standards (“RTS”) was adopted on June 18, 2024. These RTS set out the content, methods and presentation of information in relation to the principal adverse impacts (“PAIs”) of the assets financed by the underlying exposures on sustainability factors for securitizations