In this week’s edition, we discuss the UK’s advertising regulator’s continued focus on greenwashing enforcement – this time, in relation to Virgin Atlantic and its use of sustainable aviation fuel. We also discuss the latest...more
On March 6, 2024, the Securities and Exchange Commission (SEC) released final rules regarding the Enhancement and Standardization of Climate-Related Disclosures for Investors (the Final Rules). We provided an overview of the...more
In this week’s edition, the European Commission contacted 20 airlines requiring them to address potentially misleading or inaccurate green claims. The International Sustainability Standards Board (ISSB) launched its digital...more
On April 24, 2024, the European Parliament approved the Corporate Sustainability Due Diligence Directive (CS3D). The directive, which must be formally endorsed by the Council of the European Union (EU) before officially...more
In this week’s edition, we discuss the ever-increasing focus on greenwashing by way of enforcement action taken by regulatory authorities and incoming legislation aimed at enhancing consumer protection. The EU confirmed the...more
On March 6, 2024, the SEC adopted final rules (Final Rules) requiring extensive climate-related disclosures in companies’ annual reports and registration statements. The new rules are set forth in Release No. 33-11275. The...more
Introduction - With the adoption by 196 parties of the Paris Agreement in December 2015, legally binding international climate change arrived. The Paris Agreement requires increasingly aggressive five-year cycles climate...more
Introduction: Strategic Carbon Management - The corporate world is experiencing significant growth in the need for carbon management services. Within the diverse field of environmental and sustainability services, the top...more
Executive Summary- Climate disclosure regulations are among the most significant and complex challenges faced by companies and boards, with a variety of requirements emanating from numerous governmental authorities and...more
On September 18, 2023, following a two-year development process, the Taskforce on Nature-related Financial Disclosures (TNFD) published its final recommendations (the Recommendations) to help market participants with...more
According to a survey conducted by KPMG, 75% of companies are not in a position to obtain third-party assurance on their published ESG data. This is despite the fact that two-thirds of companies must disclose such data, or...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
California Governor Gavin Newsom signed into law two key climate bills as part of the California legislature’s broader Climate Accountability Package. The two laws—Senate Bill No. 253 (SB 253) and Senate Bill No. 261 (SB...more
In addition to the risk of regulatory enforcement actions and penalties, the court system continues to be used as a battleground for climate issues through litigation against oil and gas (“O&G”) companies....more
Two new bills have been passed in California as part of a “Climate Accountability Package” that require US-based companies “doing business”1 in California to make disclosures about their emissions and climate-related...more
On August 10, 2023, the Australian Securities and Investments Commission (ASIC) announced its third civil penalty proceeding this year for greenwashing against LGSS Pty Limited, which is trustee for superannuation fund Local...more
California Governor Gavin Newsom publicly confirmed that he will sign two unprecedent climate disclosure mandate bills into law. The mandates will apply to thousands of private entities that conduct any business in...more
A new study by the IBM Institute for Business Value found that approximately half of CEOs and their executive teams surveyed have their compensation tied to the organizations’ performance in relation to sustainability goals....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
In June 2023, the UK and France announced a joint plan to launch a new biodiversity credits scheme. Through the Global Biodiversity Credits Roadmap, the two countries have pledged to support private sector biodiversity...more
In its 2023 snapshot report (the Climate Litigation Report), the London School of Economics’ Grantham Institute found that climate litigation continues to grow, with 190 new cases filed in the last 12 months, including cases...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
In a speech delivered at the Australian Finance Review’s ESG summit on June 5, 2023, the Australian Securities and Investments Commission’s (ASIC) Chair, Joe Longo, warned companies that greenwashing is an ongoing concern for...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
Much of the current debate about ESG initiatives and how companies consider the impact of climate change on their operations appears to operate in a vacuum, untethered to the real world, where pundits and politicians opine on...more