In this week’s edition, we discuss the UK’s advertising regulator’s continued focus on greenwashing enforcement – this time, in relation to Virgin Atlantic and its use of sustainable aviation fuel. We also discuss the latest...more
In this edition we discuss several updates aimed at the financial sector, including transition planning reports published by the Network for Greening the Financial System, prudential guidance from the Bank of England on how...more
In this week’s edition, we discuss the European Parliament’s approval of a certification framework that is set to govern carbon removal activities, including the proper certification of carbon credits. Europe continues to...more
In this week’s edition, we discuss the ever-increasing focus on greenwashing by way of enforcement action taken by regulatory authorities and incoming legislation aimed at enhancing consumer protection. The EU confirmed the...more
Greenwashing Beef Production - On February 28, New York State Attorney General (NYAG) Letitia James filed a lawsuit with the New York Supreme Court against meat processing company JBS USA for misleading the public about its...more
The Situation: On January 17, 2024, mandatory biodiversity net gain ("BNG") regulations took effect, impacting most new developments in England. ...more
On October 19, 2023, the UK government’s Taskforce on Social Factors (Taskforce) launched a consultation to produce guidance on how pension funds can consider social issues in their investment decisions. The guide is intended...more
REGULATORY ISSUES & UPDATES - Mandatory Climate Change Reporting Requirements Under the New European ESRS E1 - The implementation of the European Sustainability Reporting Standards poses risks for reporting companies,...more
On October 9, 2023, the Transition Plan Taskforce (TPT) published the Disclosure Framework providing good practice recommendations for companies to enable them to make “high quality, consistent and comparable transition plan...more
The framework claims to set the “gold standard” for companies to contribute to the net zero transition while emphasising ambition, action, and accountability. The UK Transition Plan Taskforce (TPT) launched its...more
In August 2023, the UK government announced that it would publish guidance on emissions monitoring and reporting for public sector organizations in order to help achieve its aim to reduce direct greenhouse gas emissions from...more
In early September 2023, the Green Technical Advisory Group (GTAG) issued two reports relating to the treatment of green financial products and taxonomy reporting. GTAG was established in 2021 and is an expert group that...more
In August 2023, the UK Parliament’s Environmental Audit Committee launched an inquiry into the current and future role of private finance in nature recovery, in order to meet its goal of reaching Net Zero by 2050 while...more
Methodology - For this report we used a definition of climate finance aligned with the United Nations Framework Convention on Climate Change (UNFCCC) Standing Committee on Finance, which states: “Climate finance aims at...more
The transition to a low-carbon, resilient, and just economy is the greatest investment opportunity of our lifetime. Institutions that are well prepared to embark on Net Zero pathways will be able to take full advantage of...more
Until now, however, no comprehensive estimate existed of the of that opportunity, (or, to put it another way, the size of the financing gap between committed spending and the investment needed to deliver Net Zero by 2050...more
The UK Climate Change Committee (CCC) recently released its 2023 statutory report, evaluating the UK’s progress towards reducing greenhouse gas emissions and meeting carbon reduction targets. This report, mandated by the...more
In June 2023, the UK and France announced a joint plan to launch a new biodiversity credits scheme. Through the Global Biodiversity Credits Roadmap, the two countries have pledged to support private sector biodiversity...more
In May 2023, Global Feedback, an environmental advocacy group based in the UK and the Netherlands, announced that it had filed legal proceedings against the UK government, claiming that it failed to adequately assess the...more
"Green Day" in the UK - As part of its "Powering Up Britain" strategy, the UK government has published a series of documents setting out its vision for the UK's transition to net zero and the strengthening of UK energy...more
On May 12, 2023, the UK High Court dismissed a lawsuit filed by ClientEarth against Shell’s Board of Directors, finding that ClientEarth failed to establish a prima facie case against the Board for its management of climate...more
A new report by professional services firm EY has found that only 5% of FTSE 100 companies have disclosed “credible” and sufficiently detailed transition plans to become net zero by 2050....more
On March 23, the British Standards Institution (BSI), the UK National Standards Body, announced the launch of a three-year Nature Investment Standards Programme and related consultation, which aims to stimulate private sector...more
Last month, the Financial Conduct Authority (FCA) announced that, after conducting a “preliminary review” of ESG benchmarks, “the overall quality of ESG-related disclosures made by benchmark administrators was poor” and...more
On March 30, 2023, the UK government announced the publication of its 2023 green finance strategy, updating its earlier 2019 strategy, which is intended to mitigate climate-related risk and damage while increasing the amount...more