Dutch court orders Shell to reduce CO2 emissions by 45% by the end of 2030 relative to 2019 levels in accordance with Paris climate agreement

On 26 May 2021, the Hague District Court handed down its judgment in the Milieudefensie et al. vs. Royal Dutch Shell (“RDS“) case regarding RDS’s compliance with the objectives of the 2016 Paris Agreement. The claim was brought by seven environmental associations and NGOs acting as co-claimants –  led by Milieudefensie (Friends of the Earth … Read more

Australian Government splashes the cash in positive step towards cutting emissions

The Australian Government has committed over AUS$1.1 billion for hydrogen, CCS/CCUS and international technology partnerships. The funding comes from the 2021-2022 Federal budget and broadly consists of: AUS$275.5m for the development of four hydrogen hubs AUS$263.7m for the development of CCS/CCUS projects AUS$565.8m for international technology partnerships This week’s Federal Government’s commitment sees some AUS$1.1 … Read more

Corporate reporting – BEIS consultation on climate-related disclosures by publicly quoted companies, large private companies and LLPs

The Department for Business, Energy and Industrial Strategy (BEIS) has launched a consultation on mandatory climate-related disclosures by publicly quoted companies, large private companies and limited liability partnerships (LLPs). Context of the proposed mandatory disclosure requirements The UK Government aims under its 2019 Green Finance Strategy for all listed companies and large asset owners to make disclosures … Read more

Climate change, decarbonisation, net zero – a glimpse into the 2021 Budget

The UK Chancellor of the Exchequer delivered the 2021 Budget to the UK Parliament on 3 March 2021. The budget delivered includes a package of related policy documents, some of which relate to planned commitments to tackle climate change and achieve the Government’s net zero by 2050 ambition. Two of the more interesting aspects of this budget … Read more

Climate-related disclosures for issuers: further steps towards mandatory requirements?

In November 2020, the UK Joint Government Regulator TCFD Taskforce published its “roadmap towards mandatory climate-related disclosures”, which set out a vision for the next five years. As an initial step towards fulfilling that vision, in January 2021, the new Listing Rule 9.8.6(8) (LR) came into force. The LR requires premium-listed issuers, in their periodic … Read more

UK’s Industrial Decarbonisation Strategy: one step closer to net zero?

On the 17 March 2021, the UK’s Department for Business, Energy and Industrial Strategy (BEIS) published a comprehensive 175 page decarbonisation strategy placing the industrial sector at the core of the UK’s ambition to reach net-zero carbon emissions by 2050. The strategy, which BEIS describes as the “world’s first” to set a specific vision for a low-carbon … Read more

ESMA final report on Article 8 of the EU Taxonomy Regulation

On 1 March 2021 the European Securities and Markets Authority (ESMA) published its Final Report on advice under Article 8 of the Taxonomy Regulation. The Final Report outlines the information that non-financial undertakings and asset managers need to provide to comply with their disclosure obligations under the Non-Financial Reporting Directive (NFRD). The Taxonomy Regulation came into force on 12 July 2020, … Read more

EU Taxonomy Regulation – proposed technical screening criteria for climate change mitigation and adaptation

On 20 November 2020 the European Commission published the proposed draft technical screening criteria for climate change mitigation and adaptation in the form of a draft delegated regulation, which was open to consultation until 18 December 2020. The Taxonomy Regulation came into force on 12 July 2020, and establishes the framework for the EU taxonomy by setting out … Read more

Climate change and the role of regulators

The post below was first published on our Public Law Notes blog In November 2020, the government announced an ambitious ten-point plan to boost green jobs and reach net-zero. The plan was the most recent recognition at a national-level of the pressing need to combat climate change. It addresses an expansive set of topics: from offshore wind to walking … Read more