CDP Releases 2021 Company Environmental Scores
On December 7, 2021, the CDP (formerly the Climate Disclosure Project), a climate research and environmental disclosure platform, announced the release of its 2021 company environmental scores. The CDP noted that over 13,000 companies reported environmental data to the CDP, which is nearly a 37% increase from the 2020 reporting cycle. (more…)
Biden Administration Issues Executive Order on Sustainable Procurement
On December 8, 2021, the Biden Administration issued an executive order seeking to leverage United States procurement power to promote investment in clean energy. The order sets out the following five goals: “100 percent carbon pollution-free electricity (CFE) by 2030, at least half of which will be locally supplied clean energy to meet 24/7 demand; 100 percent zero-emission vehicle (ZEV) acquisitions by 2035, including 100 percent zero-emission light-duty vehicle acquisitions by 2027; [n]et-zero emissions from federal procurement no later than 2050, including a Buy Clean policy to promote use of construction materials with lower embodied emissions; [a] net-zero emissions building portfolio by 2045, including a 50 percent emissions reduction by 2032; and [n]et-zero emissions from overall federal operations by 2050, including a 65 percent emissions reduction by 2030.” (more…)
Global Reporting Initiative Revises its Universal Standards on Sustainability Reporting
On October 5, 2021, the Global Reporting Initiative (GRI) revised its Universal Standards on sustainability reporting. GRI is one of several stakeholder-led organizations that publishes voluntary standards for sustainability reporting. Through its standards, GRI seeks to promote standardized environmental, social, and governance reporting by companies and industries to their stakeholders. (more…)
California to Ban PFAS in Certain Consumer and Children’s Products
On October 5, 2021, California Democratic Gov. Gavin Newsom signed A.B. 1200, which bans per- and polyfluoroalkyl substances (PFAS) in paper-based food packaging by January 1, 2023, while requiring cookware manufacturers to begin disclosing PFAS and other toxic chemicals used in their products by 2024. The bill also requires manufacturers to use “the least toxic alternative” when replacing PFAS in the food packaging. (more…)
Half of World’s Assets under Net Zero Asset Management
On Tuesday, July 6, 2021, 41 fund management firms announced their joining of the Net Zero Asset Managers initiative, an initiative by asset management firms to lower the carbon footprint of their clients’ portfolios and develop net-zero investment products.
Texas Receives Coal Ash Rule Approval from EPA
On Monday, June 28, 2021, the U.S. Environmental Protection Agency (EPA) approved the Texas Commission on Environmental Quality’s (TCEQ) request for delegated permit authority over coal ash disposal under the Resource Conservation and Recovery Act (RCRA).1
U.S. Supreme Court Provides Procedural Victory to Defendants Seeking to Keep Climate Change Nuisance Litigation in Federal Court
On May 24, 2021, the U.S. Supreme Court vacated and remanded First, Ninth, and Tenth Circuit rulings that sent climate change litigation to state courts (Order List: 593 U.S. – May 24, 2021). The Supreme Court’s orders come fresh off its May 17, 2021, decision in Mayor and City Council of Baltimore v. BP P.L.C., et al., in which the Supreme Court addressed appellate court review of a district court’s remand orders.
Texas Legislature Passes Anti-ESG Bill
Earlier in May, the Texas Legislature passed a bill (SB 13) that would prevent Texas from investing in environmental, social, and governance (ESG) financial products that boycott Texas energy companies. If signed into law by Republican Gov. Greg Abbott, SB 13 would require Texas’ public pension funds to “sell, redeem, divest, or withdraw all publicly traded securities of [any] financial company …” that “boycott[s] energy companies.” (more…)