In a previous blog post that can be read here, we provided an overview on how – for the first time – the Brazilian Supreme Court had trial sessions scheduled in connection with several climate litigation cases, starting on 30 March 2022, covering ADIs (Ação Direta de Inconstitucionalidade), ADOs (Ação Direta de Inconstitucionalidade por
On May 19, 2022, the Brazilian Federal Government published Decree No. 11,075/2022 (“Decree”), which establishes the National Greenhouse Gas Emissions Reduction System and the related procedures for the implementation of the Sectoral Plans for Climate Change Mitigation. The Brazilian National Policy on Climate Change (Federal Law No. 12,187/2009) mentions the implementation of such plans, and
At an open meeting on May 25, 2022, the US Securities and Exchange Commission (“SEC” or “Commission”) approved two new proposals regarding ESG that will impact the fund and investment management industry. One of the proposals is directed solely at registered funds and business development companies (BDCs), while the other applies to registered funds, BDCs,
On 23 February 2022, the European Commission published its much-anticipated draft corporate sustainability and due diligence directive (the “Draft Directive”). The Draft Directive sets out a proposed EU standard for human rights and environmental due diligence (“HREDD”) which, importantly, would apply to any non-EU-based company and its subsidiaries if those group companies have aggregate annual
Emissions reporting standards and practices in the private equity sector have been described by certain commentators as being some way behind those in the public markets; certainly the private equity asset class has, so far, received less attention in the context of Environmental, Social and Governance (ESG)-related reporting developments more generally. That is changing, however;
On May 12, 2022, Singapore’s Green Finance Industry Taskforce (GFIT) published a second consultation paper on its proposed taxonomy for Singapore-based financial institutions (“Singapore Taxonomy”), which aims to provide a common framework for classification of economic activities upon which financial products and services can be built and combat greenwashing by setting out definitive criteria for
There has been much talk recently about ESG. What started as a metric for investors to make ethical investment decisions has now grown to encompass how companies should, and are expected to, behave in general. ESG is now a key issue for company boards and management, and an important consideration for shareholders and investors, individual
The US Securities and Exchange Commission (SEC) rulemaking process has received much attention under Chair Gensler’s leadership not only because of the volume and substance of proposed rules, but also because of the relatively short comment periods allotted for the public to respond pursuant to the Administrative Procedure Act process. As just one example of
Investors are increasingly focussed on how companies address modern slavery and wider human rights issues when making investment decisions. Despite this, many UK companies are failing to adequately report on, and take sufficient steps to eradicate, modern slavery within their businesses and supply chains, according to the Financial Reporting Council’s (the “FRC”) recently published Modern
The European Commission recently published a series of documents in the context of the Green Deal initiative. One of these is a proposal for a directive on consumer empowerment. With this proposal, the Commission seeks to deliver on its promise to ensure consumers have access to reliable, comparable and verifiable information on products to allow