On November 30, 2023, the first day of COP28, nearly 190 countries finalized the terms for the framework of a loss and damage fund to assist developing countries to respond to harms caused by climate change. The fund was...more
On September 27, 2023, environmental law organization ClientEarth released a report highlighting the growing potential for legal risk associated with biodiversity loss in the agriculture and seafood sectors, the currently...more
An Austrian regional court found Austrian Airlines AG (AUA), a subsidiary of German airline Lufthansa, liable for greenwashing for advertisements offering carbon-neutral flights that used 100% sustainable aviation fuel (SAF),...more
11/28/2023
/ Airlines ,
Austria ,
Aviation Industry ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
False Advertising ,
Greenwashing ,
Marketing ,
Misrepresentation ,
Net Zero ,
Sustainable Business Practices
At a September legal conference convened by the European Central Bank (ECB), Frank Elderson, a member of the ECB’s executive board and vice-chair of its supervisory board, observed the increasing risk of climate lawsuits and...more
On September 21, 2023, a Texas federal court dismissed an action commenced by more than two dozen Republican state attorneys general challenging a 2022 Department of Labor (DOL) Rule that addressed consideration of ESG...more
11/8/2023
/ Administrative Procedure Act ,
Climate Action Plan ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Services Industry ,
Investment Adviser ,
Investment Management ,
Investment Opportunities ,
Retirement Plan
On September 4, 2023, the Intergovernmental Negotiating Committee on Plastic Pollution (INCPP) released a draft proposal on the reduction of global plastic pollution. The so-called “Zero Draft” proposes measures to address...more
In August 2023, American Airlines, Inc. moved to dismiss a class action lawsuit filed against the airline for allegedly jeopardizing employees’ retirement savings by investing in environmental, social and governance (ESG)...more
10/25/2023
/ 401k ,
American Airlines ,
BlackRock ,
Class Action ,
Climate Action Plan ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Services Industry ,
Investment Funds ,
Investment Management ,
Investment Opportunities ,
Motion to Dismiss ,
Retirement Plan
The Hong Kong Monetary Authority (HKMA), Hong Kong’s de facto central banking institution, issued a directive for banks setting out high-level principles on planning for a transition to a net-zero economy. In a “Dear CEO”...more
10/17/2023
/ Banks ,
Business Strategies ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Financial Institutions ,
Financial Services Industry ,
Hong Kong ,
Hong Kong Monetary Authority (HKMA) ,
Net Zero ,
Transparency
An investor coalition with more than $1 trillion in assets under management, led by UK-based NGO ShareAction, published a letter to the International Sustainability Standards Board (ISSB) urging it to create new and...more
In a report published in August 2023, non-profit disclosure organization CDP concluded that financial institutions often are not accounting for nature-related risks and opportunities in their “financial decision-making,” and...more
On September 8, 2023, the United Nations published its first Global Stocktake report on the progress made by nations in addressing climate change. The report, which represents the first comprehensive assessment of nearly 200...more
9/27/2023
/ Carbon Emissions ,
Clean Energy ,
Climate Action Plan ,
Climate Change ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
Fossil Fuel ,
Greenhouse Gas Emissions ,
Infrastructure ,
Paris Agreement ,
Supply Chain ,
United Nations
In July 2023, the Australian Competition and Consumer Commission (ACCC) released draft guidance for businesses making environmental and sustainability claims (the Draft Greenwashing Guidance). The Draft Greenwashing Guidance...more
In late July 2023, House Republicans on the Financial Services Committee introduced four bills targeting various business and market activities that implicate environmental, social, and governance issues. In a statement...more
9/7/2023
/ Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Popular ,
Proposed Legislation ,
Proxy Voting ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals
Environmental law NGO ClientEarth has written to the Global Public Policy Committee (GPPC), which brings together representatives of the six large international accounting organizations, to request greater transparency and...more
On July 5, the UN Environment Programme (UNEP) released a statement on the Net-Zero Insurance Alliance’s (NZIA) progress towards net-zero targets. The NZIA is convened by the UN Principles for Sustainable Insurance (PSI) and...more
On June 21, two Republican members of Congress renewed efforts to enact legislation that arguably would restrict investment managers from taking into account ESG considerations in investing on behalf of retirement funds. U.S....more
In June 2023, Climate Action 100+, a climate-focused investor initiative, launched the second phase of its benchmarking program to help investors assess and engage with public companies on climate-related issues. Phase 2...more
In a report published in June 2023, the Columbia Center on Sustainable Investment (CCSI) claims that many financial institutions’ climate strategies are not currently aligned with global climate goals under the Paris...more
On June 6, 2023, the BEUC and 23 of its member organizations from 19 countries filed a complaint with the European Commission and relevant consumer protection agencies pursuant to Directive 2005/29/EC, accusing 17 European...more
In May 2023, the Sustainable Markets Initiative (SMI) published a new guide setting out how to use ESG-related metrics effectively in private markets (the ESG Metrics Guide), and how measuring and monitoring these metrics can...more
On June 6, 2023, the World Economic Forum (WEF) announced the formation of the Forum ISSB Preparers Group in partnership with the International Sustainability Standards Board (ISSB). The ISSB is a standard-setting...more
In May 2023, the shareholder advocacy group Australasian Centre for Corporate Responsibility (ACCR), HSBC Global Asset Management (UK) Limited and Amundi Asset Management filed shareholder resolutions pressing Japanese power...more
In April 2023, as part of ongoing efforts to enhance transparency, Morningstar Sustainalytics launched a ratings system designed to provide investors with an assessment of a company’s current net-zero alignment. The company’s...more
On May 30, 2023, a consumer class action lawsuit was filed in the United States District Court for the Northern District of California asserting that the airline falsely claimed that it is the world’s “first carbon-neutral...more
6/6/2023
/ Aviation Industry ,
Carbon Emissions ,
Class Action ,
Climate Change ,
CLRA ,
Corporate Social Responsibility ,
Delta Airlines ,
Environmental Social & Governance (ESG) ,
Fraud ,
Greenwashing ,
Misleading Statements ,
Offsets
A working paper from the London School of Economics and Political Science that looked at over 100 climate-related lawsuits between 2005 and 2021 found that the filing of a climate-based litigation claim or corresponding...more