China Plans To Adopt ESG-Disclosure Framework Based on International Sustainability Standards Board Standards
In speaking at the recent Boao Asia Forum Annual Conference, Vice Chairman Fang Xinghai of the China Securities Regulatory Commission (CSRC) announced that the CSRC is preparing new reporting standards and would adopt the new disclosure rules prepared by the International Sustainability Standards Board (ISSB). (more…)
SEC Brings First Enforcement Action Over ESG Disclosures
In late April, the U.S. Securities and Exchange Commission (SEC) brought its first enforcement action over alleged false and misleading claims made in a mining company’s environmental, social, and governance (ESG) disclosures. The complaint relates to the 2019 collapse of the company’s dam that injured hundreds and released 12 million tons of mining waste into the environment. (more…)
U.S. Treasury’s Federal Insurance Office Eyes Climate Risk Factors in the Insurance Sector
In February 2022, the U.S. Department of the Treasury Federal Insurance Office (FIO) announced that it would be joining the Network of Central Banks and Supervisors for Greening the Financial System. FIO intends to address climate-related financial risks and their effects on the insurance sector. (more…)
Ninth Circuit Approves U.S. Fish and Wildlife Service’s Barred Owls vs. Spotted Owls Experiment
On March 4, 2022, the U.S. Court of Appeals for the Ninth Circuit ruled in favor of the U.S. Fish and Wildlife Service (FWS) in Friends of Animals v. U.S. Fish and Wildlife Service and FWS’ experimental plan that authorizes certain individuals to kill barred owls, a species of owls that has encroached on the northern spotted owls’ habitat. Primarily in the Pacific Northwest, the northern spotted owl has been listed as a threatened species under the Endangered Species Act (ESA) since June 26, 1990. 55 Fed. Reg. 26114. On December 15, 2020, FWS released its 12-month finding for the northern spotted owl that precluded reclassifying the species from threatened to endangered. (more…)
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