The Climate Report | Third Quarter 2021
Climate Change Regulatory Issues & Updates
European Climate Law Sets a Binding Objective of Climate Neutrality by 2050
The recently adopted European Climate Law calls for the necessity to address "the growing climate-related risks to health" and sets out a binding objective of climate neutrality by 2050.
UK Government Adopts Ambitious Sixth Carbon Budget
The sixth budget seeks greenhouse gas ("GHG") emission reductions of 78% by 2035 and includes, for the first time, the United Kingdom's share of international aviation and shipping GHG emissions.
Pennsylvania Takes Next Step Toward Cap-and-Trade Amid Resistance
Pennsylvania has moved closer to joining the Regional Greenhouse Gas Initiative, a centerpiece of Governor Tom Wolf's goal of reducing the Commonwealth's carbon emissions from the electricity sector. However, support for joining is not uniform.
Climate Change Litigation Issues & Updates
Belgian and French Courts Ruled on New Climate Lawsuits Against Governments
Recent rulings reflect the growingly stringent trend in climate litigation and will most certainly have repercussions on Belgian and French government policies and regulations on climate change.
Preliminary Injunction Issued Preventing Ban on New Federal Oil and Gas Leases
The preliminary injunction signals that halting new oil and natural gas leases on U.S. public lands or in offshore waters may have to be handled through legislative action.
Federal Court Dismisses NEPA Challenge, Leaving Trump-Era Regulations in Effect, but Stalled During Biden Reconsideration
In finding that plaintiffs' claims were not ripe, the court left the Trump administration's changes to the National Environmental Policy Act ("NEPA") regulations in effect. But they are largely not being implemented by the federal agencies that conduct NEPA reviews of energy and infrastructure projects while the Biden Administration reconsiders the rules and decides on its own approach to assessing climate change impacts under NEPA going forward.
Australian Court Holds That Use of a Corporate Logo for Purposes of Engaging in a Public Campaign Amounts to Mostly Fair Dealing
A recent case before the Federal Court of Australia reminds brand owners to remain vigilant about protecting logos from unauthorized use while keeping in mind the possibility and application of fair dealing defenses.
Climate Change Transactional Issues & Updates
Climate Change Diligence—An Emerging Focus in U.S. Transactions
The scope of climate change diligence in transactions may change, but the fundamental principles of developing information that allows an investor to consider the potential costs and benefits of a particular investment will continue to apply.
Climate Change Disclosures Are Coming: Is Your Insurance Program Ready?
Climate change disclosures are an emerging focus within the arena of environmental, social, and governance issues. Corporate policyholders should ensure that their insurance programs are keeping pace with emerging risks.
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