The IPCC 2021 Climate Change Report – An Overview

The United Nations Intergovernmental Panel on Climate Change (IPCC) has released its 2021 AR6 climate change report (Report), as well as a summary for policy leaders. The Report addresses the current understanding of the climate system and climate change as well as the future possibilities of what could occur. In early 2022, the IPCC plans … Read more

Russia makes further steps towards GHG emissions reduction

In one of our previous articles we provided an update on greenhouse gas (GHG) regulation in Russia covering, among other matters, the draft Russian law on reduction of GHG emissions. With active discussions regarding the EU carbon border adjustment mechanism (CBAM) in the background,[1] the revised draft finally became law on 2 June 2021[2] (the … Read more

Fit for 55 – EU aligns emissions trading system with 2030 emissions ambition

The EU Commission has published a proposed Directive to amend the EU (Emissions Trading System) ETS Directive (Directive 2003/87/EC), the Market Stability Reserve (MSR) Decision (Decision (EU) 2015/1814) and the MRV Regulation (Regulation 2015/757). Being part of the EU’s ‘fit for 55’ package, the purpose of these amendments is to align the EU ETS Directive … Read more

Fit for 55 – EU aims to protect against carbon leakage with a carbon border adjustment mechanism (EU CBAM)

On 14 July 2021, the European Commission (the Commission) published its proposed regulation which would establish a carbon border adjustment mechanism (EU CBAM) (the Regulation), and is intended to come into effect, subject to transitional provisions, from 1 January 2023. The Regulation would require importers of certain goods to purchase a number of electronic certificates, … Read more

A look at the new Sustainability Disclosure Requirements

On 1 July 2021, Chancellor of the Exchequer Rishi Sunak announced plans to introduce new Sustainability Disclosure Requirements (SDRs). These represent additional disclosure requirements to those required by the Task Force on Climate-Related Financial Disclosures (TCFD) framework. What are SDRs? The government’s announcement indicates that the new SDR regime would apply to companies, pension schemes … Read more

Fit for 55 – EU reveals suite of proposals to combat climate change

The EU has revealed its ‘fit for 55’ suite of policies, which extends to about 2,000 pages and is designed to take a pro-active approach to combating climate change and to introduce a suite of proposals aimed at making Europe ‘the first climate neutral continent in the world’. Fit for 30: striking a balance The … Read more

Listing Regime – FCA consultation on enhanced climate-related financial disclosures

The Financial Conduct Authority (FCA) has published a consultation on enhancing climate-related disclosures by standard listed companies (CP21/18).  This consultation follows the FCA’s policy statement (PS20/17) on climate related disclosures by premium listed companies, published in December 2020, which introduced Listing Rule 9.8.6(8), requiring premium listed companies to report climate-related information in line with the … Read more