In March 2023, the European Commission proposed the Green Claims Directive (the “Directive”), which aims to tackle greenwashing (read our previous update on the Directive here). On 12 March 2024, the European Parliament voted in favour of the Directive at first reading. This move further complements the EU’s commitment to empowering consumers, ensuring fair
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Seas the Future: Singapore’s Visionary Leap into Oceanic Carbon Capture
Replace, Reduce and Remove.
The 3Rs that constitute the three-pronged approach espoused by PUB, the national water agency of Singapore, in its hefty goal of achieving net zero emissions by 2045. The strategy by PUB focuses on replacing fossil fuels with renewable solar energy, investing in research and development to reduce the energy required in…
GRESB announces launch of its new suite of ESG-evaluation tools, REAL Solutions
On 19 March 2024, GRESB – an investor-led organisation that provides standardised and validated data to assess the sustainability-related performance of real estate assets and portfolios – announced the upcoming launch of “REAL Solutions“. REAL Solutions is a new suite of tools designed to provide real asset managers and investors with more granular ESG…
CONSULTATION ON UK CARBON BORDER ADJUSTMENT MECHANISM (“CBAM”)
The UK Government launched a Consultation on the introduction of a UK CBAM on 21 March 2024. The Consultation closes on 13 June 2024. This follows the announcement, in December 2023, that the UK would implement a UK CBAM similar to the EU CBAM which came into effect on 1 October 2023.
In this update,…
ESMA publishes Consultation Paper on European Green Bond Standard Regulation
On 26 March 2024, the European Securities and Markets Authority (“ESMA”) published a consultation on its first set of regulatory technical standards (“RTS”) under the EU Green Bond Standard Regulation (the “Consultation”). The Consultation addresses mandates relating to the registration and supervision of external reviewers and aims to clarify the criteria used for assessing an…
SEC Pauses Its Climate Rules Amid Litigation Challenges
The SEC today paused implementation of the climate rules the agency rolled out less than one month ago, in the face of significant legal challenges in numerous federal lawsuits. The rules would impose substantial disclosure mandates on companies, including concerning the costs of extreme weather events, corporate strategies for addressing climate change, corporate governance procedures…
EU BANS PRODUCTS MADE USING FORCED LABOUR – WHAT SHOULD COMPANIES EXPECT?
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 labour (“the EU Forced Labour Regulation” or “the EUFLR”) on the European Union (“EU”) market (see Insight of 6 March 2024 hhttps://www.mayerbrown.com/en/insights/publications/2024/03/eu-political-agreement-on-forced-labor-product-ban). The EUFLR prohibits companies from “placing and making…
BRAZILIAN FEDERAL GOVERNMENT CREATES INTER-INSTITUTIONAL COMMITTEE TO DEVELOP BRAZILIAN SUSTAINABLE TAXONOMY
On March 25, 2024, the Brazilian federal government published Decree No. 11.961/2024, establishing an advisory and deliberative group, the Brazilian Sustainable Taxonomy Interinstitutional Committee (“CITSB”), which will coordinate the development and implementation of the Brazilian Sustainable Taxonomy (“TSB”). The TSB will establish a classification system for sustainable projects and activities, providing standardized terminology for companies,…
EUROPEAN COMMISSION ADOPTS DELEGATED REGULATION RELATING TO SUSTAINABILITY DISCLOSURES FOR STS SECURITISATIONS
On 5 March 2024, the European Commission adopted a delegated regulation that will supplement the EU Securitisation Regulation with regulatory technical standards (“RTS”) in relation to simple, transparent and standardised (“STS”) securitisations where the underlying exposures are residential loans or auto loans or leases. The RTS specify the content, methodologies and presentation of information related…
GLOBAL CLIMATE CHANGE DISCLOSURE INITIATIVES AND BOARD CORPORATE GOVERNANCE CONSIDERATIONS
Climate disclosure regulations are among the most significant and complex challenges faced by companies and boards, with a variety of requirements emanating this past year from numerous governmental authorities and non-governmental organizations. This white paper—an expanded version of a white paper we published in January—discusses key features and differences of a dozen authorities, followed by…