Podcast - Cracking Down on Carbon Markets: CFTC and FTC Exercise Heightened Scrutiny
The Federal U.S. District Court for the Northern District of Illinois entered an Order granting summary judgement for the U.S. Commodity Futures Trading Commission on July 1, 2024 and ordered $83 million in restitution and...more
On July 31, 2024, nine Democratic lawmakers from the House and Senate wrote a letter to the Commodity Futures Trading Commission’s (“CFTC”) Chairman in support of the proposed guidance regarding the listing of voluntary...more
In this week’s edition, we discuss a Colombian court’s ruling in favor of an indigenous community who challenged the legality of a carbon credit project and a letter written by environmental activist groups to 71 airlines...more
In this week’s edition of Cadwalader Climate, we discuss the EU’s final approval of the long-awaited – and highly debated – Nature Restoration Law. Staying on theme, we discuss the European Council’s agreement to adopt...more
Taylor Swift’s “Eras Tour” was one of the highest grossing music tours of all time with approximate proceeds exceeding US$1 billion. While this is a monumental feat, Taylor Swift also gained negative attention during the tour...more
In this week’s edition, our focus remains on carbon credits where the first ever set of “Core Carbon Principles”-labelled carbon credits were approved. The three European supervisory authorities publish their final reports on...more
In this week’s edition, we discuss the U.S. government’s proposed guidelines for the ever-controversial voluntary carbon markets. In the EU, ESMA published a report of its findings on greenwashing in the marketing materials...more
On May 28 2024, the Biden administration released the “Voluntary Carbon Markets Joint Policy Statement and Principles”. This is one of a number of recent international initiatives to “shore up” the voluntary carbon markets...more
With the voluntary carbon offset market being unregulated in the United States, California Assembly Bill No. 1305 (AB 1305) was enacted to confirm the authenticity of claimed emissions offsets, emphasizing the need to ensure...more
In this week’s edition, we discuss the European Parliament’s approval of a certification framework that is set to govern carbon removal activities, including the proper certification of carbon credits. Europe continues to...more
On Friday, March 15, 2024, Commodity Futures Trading Commission (“CFTC”) Market Risk Advisory Committee (“MRAC”) convened two roundtables in Washington DC....more
Advertisers wishing to emphasize their environmental progressiveness often assert that their products or processes are "carbon neutral." This is meant to convey that there are no net emissions of carbon associated with the...more
Assembly Bill 1305 (AB 1305), also called the Voluntary Market Disclosures Act, is a new California statute requiring companies to make certain disclosures if they make claims in the state regarding greenhouse gas (GHG)...more
California’s unprecedented AB 1305 law purports to target “greenwashing” by mandating public disclosures about virtually any claim of “significant” carbon reductions, but its broad wording and uncertain effective date raise...more
During 2023 the Commodity Futures Trading Commission (CFTC) engaged in several regulatory actions aimed at further clarifying its jurisdictional reach over environmental commodity markets generally and the voluntary carbon...more
The Commodity Futures Trading Commission (CFTC) issued proposed guidance (the Proposed Guidance) regarding the listing of voluntary carbon credit (VCC) derivatives on CFTC-regulated exchanges on Dec. 4, 2023. The CFTC's goal...more
2023 saw terms like “ESG,” “greenwashing,” and “circular economy” come into common use. We also saw a tsunami of other environmental, social, and governance (ESG)-related developments at the international, federal, and state...more
In August 2023, the Australian Department of Climate Change, Energy, the Environment and Water (DCCEEW) solicited feedback on proposed amendments to the Australian Carbon Credit Unit (ACCU) Scheme. This is the third step in...more
As businesses across the globe strive to fulfill carbon-neutral and net-zero promises over the coming decades, the voluntary carbon market has emerged as a necessary resource to help businesses bridge the gap to...more
This episode of the "Eyes on Washington" podcast series by Holland & Knight's Public Policy & Regulation Group is presented by attorneys Halley Townsend, Andy Kriha and Alex Holtan of the firm's Greenwashing Mitigation Team....more
The Federal Trade Commission (FTC) and Commodity Futures Trading Commission (CFTC) have recently and aggressively signaled their intent to ramp up enforcement activity regarding the use of carbon offsets to make environmental...more
The voluntary carbon market is rapidly growing to match the increasing focus by corporate leaders on ESG efforts and net-zero goals. In 2021, the voluntary carbon market reached $2 billion, and by some estimates may be worth...more
For the first time since 2012, the Federal Trade Commission (FTC or Commission) is actively evaluating potential updates to its Guides for the Use of Environmental Marketing Claims (Green Guides or Guides) to provide clarity...more
A consumer filed a class action lawsuit against a commercial airline on May 30, 2023, in the U.S. District Court for the Central District of California alleging three violations of California state law related to unfair and...more
Many major companies have announced a blueprint to minimize their carbon footprint. Some companies have gone so far as to proclaim that they will achieve “net zero” emissions in the near future. To accomplish their climate...more