Over the past several years, there have been more than three dozen lawsuits launched against the major fossil fuel companies seeking damages due to climate change caused by greenhouse gas emissions. These claims are based...more
This week, the Hawaii Supreme Court--in response to certified questions of law from the federal district court in Hawaii--held that the insurance policies purchased by fossil fuel companies in Hawaii would not provide...more
This summer, California Governor Newsom had proposed that California delay the implementation date of its climate disclosure law for two years. The California legislature rejected this proposal, instead passing S.B. 219,...more
The Securities & Exchange Commission has disbanded its Climate & ESG Task Force, which had been launched with great fanfare in March 2021 at the beginning of the Biden administration. However, the Climate & ESG Task Force had...more
Recently, Governor Newsom proposed that California delay the implementation of its recently-enacted climate disclosure laws for two years. The California legislature has effectively rejected this proposal by passing S.B....more
Companies in Australia will soon have to abide by a set of significant climate disclosures aligned with the International Sustainability Standards Board guidelines. These disclosures, which will impose significant compliance...more
Last week, the Dutch central bank released a study that concluded that “[s]ince 2020, a clear price difference has emerged between the costs of borrowing for companies with relatively high carbon emissions and those with...more
On June 24, the State of Hawaii entered into a settlement agreement with a group of thirteen plaintiffs, all minor children, concerning the impact of climate change and the efforts the State of Hawaii would make to reduce its...more
On August 12, 2024, three Congressional Democrats (Casten (D-IL); Waters (D-CA); and Senator Whitehouse (D-RI)) sent a letter to the National Association of Insurance Commissioners (NAIC), inquiring as to “the status of the...more
Earlier this year, the SEC issued its long-awaited regulation concerning mandatory climate disclosures. As expected, this climate disclosure rule was immediately challenged in the courts by, among others, conservative states...more
A couple of weeks ago, a lawsuit brought by the State of Connecticut against a major fossil fuel company, alleging various violations of the consumer protection laws in Connecticut (specifically, the Connecticut Unfair Trade...more
About a month ago, one of the myriad climate change tort lawsuits brought by state and local governments against major fossil fuel producers was dismissed by a state court judge in Baltimore, Maryland. (These lawsuits have...more
Regulatory Updates -
Governor Newsom (D-CA) recently proposed a two-year delay to California’s sweeping new mandatory climate disclosures, which apply to all large companies—public or private—doing business in California....more
8/2/2024
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Governor Newsom has proposed that the implementation of California's mandatory climate disclosure laws--which apply to all companies doing business in California and earning more than $500 million in revenue--be delayed for...more
Puerto Rico has become the latest governmental entity to launch a lawsuit against the major fossil fuel companies concerning tort claims related to climate change. These lawsuits have proliferated in state courts in recent...more
On June 4, 2024, a number of Congressional Democrats (10 Senators; 28 Congressmen) sent a letter to SEC Chairman Gensler, urging that the SEC “enforce existing SEC climate disclosure-related guidance” while the legal...more
On June 25, 2024, thirty-five Republican legislators, including seventeen senators and eighteen representatives, filed an amicus brief in the Eighth Circuit Court of Appeals in support of the pending challenge to the SEC’s...more
On June 4, 2024, a number of Congressional Democrats (10 Senators; 28 Congressmen) sent a letter to Chairman Gensler of the Securities & Exchange Commission, urging that the SEC “enforce[] [] existing SEC climate...more
About five years ago, the New York City Council enacted Local Law 97, which imposes strict restrictions on greenhouse gas emissions for large buildings (25,000 square feet or larger), and assesses fines and penalties for...more
When the SEC announced its mandatory climate disclosure rule on March 6, 2024, this regulation was immediately challenged by parties on both ends of the political spectrum. A number of states, fossil fuel companies, and...more
It has been reported that the European Central Bank will be imposing fines on as many as four lenders due to “not meeting deadlines set by the ECB for assessing their exposure to climate risks.” Specifically, ECB regulations...more
A coalition of Republican state attorneys-general representing nineteen states (Alabama, Alaska, Florida, Georgia, Idaho, Iowa, Kansas, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South...more
Today, the Treasury Department and other federal agencies (including the Agriculture Department and Energy Department) issued a joint statement identifying seven principles that should be applied in the voluntary carbon...more
On Monday, May 21, 2024, Congressman Nadler (D-NY) and Congressman Correa (D-CA), the ranking Democratic members on the House Judiciary Committee and relevant subcommittee, sent a letter to the Attorney General and Chief...more
Last week, the Attorney General of Michigan announced that her office “will begin seeking proposals from attorneys and law firms . . . to pursue litigation related to the climate change impacts caused by the fossil fuel...more