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…)
Key Takeaways: People Places Planet: The Enforcement Angle Podcast Featuring SEC’s Kelly Gibson
This Sidley Update provides key takeaways from the most recent “The Enforcement Angle” episode as part of the Environmental Law Institute’s People Places Planet podcast. The episode is hosted by Justin Savage, partner and global co-leader of Sidley’s Environmental practice, and Ranah Esmaili, who recently joined the firm as a partner in the global Securities Enforcement and Regulatory practice from the SEC’s Asset Management Unit within the Division of Enforcement. Justin and Ranah talk with Kelly Gibson, director of the Philadelphia Regional Office for the SEC and leader of the Climate and ESG Task Force within the SEC’s Division of Enforcement.
Read more here.
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…)
Biden Administration Proposals: Sustainable Fuels, Greenhouse Gas Reductions in the Aviation Industry
U.S. President Joe Biden unveiled an initiative to promote the production and use of sustainable fuel in the aviation industry on Thursday, September 9. This initiative includes a goal to cut emissions in the aviation sector by 20% by 2030 and is part of the Administration’s goal to reach net-zero emissions by 2050. (more…)
SEC Climate Disclosure Bill Clears U.S. House Committee Vote
The U.S. House of Representatives Financial Services Committee advanced another piece of legislation related to disclosures of environmental, social, and corporate governance (ESG) metrics on Wednesday, May 12, 2021. Introduced by Rep. Sean Casten, D-Ill., HR 2570, the Climate Risk Disclosure Act, cleared the committee with the full support of the majority members in a vote of 28 to 24. (more…)
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…)
President Biden Signs Sweeping Executive Order on “Climate-Related Financial Risk”
On May 20, 2021, U.S. President Joe Biden issued an executive order (EO) on “Climate-Related Financial Risk,” which established a comprehensive policy to advance disclosure and mitigation of climate-related financial risk in an effort to achieve the U.S. goal of net zero emissions by 2050.
U.S. House Advances Environmental, Social, Governance Disclosure Bill
Last week the U.S. House of Representatives advanced the first piece of legislation of the year regarding environmental, social, and governance (ESG). On Wednesday, April 21, the House Financial Services Committee passed H.R. 1187, the ESG Disclosure Simplification Act of 2021, by a party-line vote of 28-22.