High Court refuses permission for climate change judicial review against the FCA for a second time

The High Court has refused environmental NGO ClientEarth’s application for permission for judicial review of the decision taken by the Financial Conduct Authority (FCA) to approve the prospectus of an oil and gas operator Ithaca Energy plc: R (on the application of ClientEarth) v Financial Conduct Authority [2023] EWHC 3301 (Admin). This was an innovative attempt by … Read more

Adaptation – From Paris to Dubai and beyond

Momentum for adaptation action is growing across the board – but who will lead the way? With the effects of climate change already being felt around the world, climate mitigation measures, while important, may not be enough. More than ever, equal attention needs to be given to climate adaptation – to protect, and ensure the … Read more

Greenwashing dispute risks – International perspectives

With companies increasingly making environmental claims and a rise in ESG regulation, we outline the risks of greenwashing allegations in three key markets Fuelled by the global spread of ESG and climate-related disclosure obligations and coupled with pressures from increasingly ESG-driven stakeholders, businesses are saying more than ever about their environmental and social performance. These … Read more

Innovation, IP and the energy transition – Creative tensions

Reconciling the need for breakthroughs to back the energy transition with the commercial drivers required to achieve them will demand thoughtful use of IP The scale of the change needed to tackle climate change is enormous and it is clear the global transformation to a low carbon economy will be underpinned by technological innovation. Incredibly, … Read more

Climate disputes – Parent company and supply chain risk

Growth of transnational tort claims means businesses risk liability for environmental failures by subsidiaries and counterparties In recent decades, there has been a marked increase in the number of actions brought in the UK and elsewhere based on alleged environmental and human rights-based failings by large multinational corporations. As these claims have developed in the … Read more

Court of Appeal rejects second major attempt at a climate-related derivative action

In July 2023, the Court of Appeal upheld the first instance decision in McGaughey & Anor v Universities Superannuation Scheme Limited [2023] EWCA Civ 873 (“McGaughey“), dismissing the application by members of a pension scheme to bring a derivative action against the directors of the scheme’s trustee company. McGaughey and ClientEarth v Shell, taken together, … Read more

Global perspectives on climate disputes – A recent history of shareholder claims

Our series on climate disputes finds the UK, Australia and the US placing high hurdles to successful investor claims but the risk is growing. Recent years have shown a rise in activist shareholders striving to shape corporate conduct around ESG matters, particularly climate change. Institutional investors are increasingly backing such initiatives, driven by the need to … Read more

UK government launches call for evidence on scope 3 emissions reporting

UK government seeks views on the costs, benefits and practicalities of Scope 3 emissions reporting to inform whether it endorses the International Sustainability Standard Board’s sustainability disclosure standards.  The Department for Energy Security and Net Zero (“DESNZ“) has launched a call for evidence on Scope 3 greenhouse gas emissions (“GHG“) reporting. Scope 3 emissions are … Read more

UK Transition Plan Taskforce publishes final disclosure framework

On 9 October 2023, the UK’s Transition Plan Taskforce (“TPT“) published its final disclosure framework (“Disclosure Framework“) and supporting documents. The Disclosure Framework is intended to act as a “gold standard” for companies to develop, disclose and deliver their climate transition plans. The Disclosure Framework seeks to offer practical support to UK companies already disclosing … Read more