EU Reaches Provisional Agreement on Forced Labour Regulation
Latham's Clean Energy Law Report
by Latham & Watkins LLP
4d ago
The proposed regulation would ban forced labour-made products from the EU market, affecting companies’ supply chains and requiring compliance checks.  By Paul A. Davies, Michael D. Green, and James Bee On 5 March 2024, the European Parliament and European Council announced that they had reached a provisional political agreement on the regulation (Regulation) that aims to prohibit any product manufactured using forced labour from being placed on or exported from the EU market. The European Commission proposed the Regulation on 14 September 2022, building on the UN Sustainable Development ..read more
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Fifth Circuit Presses Pause on SEC’s Final Climate Regulation
Latham's Clean Energy Law Report
by Latham & Watkins LLP
6d ago
The court’s decision is the latest development in the litigation over the SEC’s final rules, which have faced numerous legal challenges since their adoption. By Paul A. Davies, Sarah E. Fortt, and Betty M. Huber On March 15, 2024, the US Court of Appeals for the Fifth Circuit granted an administrative stay of the Securities and Exchange Commission’s recently finalized climate disclosure rules, in response to a March 8 request.[1] Petitioners had requested the stay in light of the “irreparable injury in the form of unrecoverable compliance costs and constitutional injuries” that they said woul ..read more
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EU Member States Reach Agreement on Corporate Due Diligence Directive
Latham's Clean Energy Law Report
by Latham & Watkins
1w ago
Following extended negotiations, the directive was endorsed with a significantly narrower scope that would reduce the number of companies affected. By Paul A. Davies, Michael D. Green, and James Bee On 15 March 2024, EU Member States endorsed the Belgian Presidency’s political deal on the Corporate Sustainability Due Diligence Directive (CSDDD), despite Germany abstaining from the vote. The CSDDD would require companies to conduct due diligence to identify and assess environmental and human rights issues across their value chain, and to take steps to prevent and eliminate them. Timeline and B ..read more
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Mandatory Climate Reporting in Singapore From FY2025
Latham's Clean Energy Law Report
by Latham & Watkins
3w ago
The Accounting and Corporate Regulatory Authority and Singapore Exchange Regulation have provided details of mandatory climate reporting for listed issuers and large non-listed companies. By Paul A. Davies, Farhana Sharmeen, Michael D. Green, James Bee, and Kevin Mak On 28 February 2024, the Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) introduced regulations for mandatory climate-related disclosures (CRD) (the Regulations). The Regulations will be introduced in a phased approach in line with the recommendations from the Sustainability Repo ..read more
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Four Stock Exchanges Collaborate to Develop the ASEAN-Interconnected Sustainability Ecosystem
Latham's Clean Energy Law Report
by Latham & Watkins LLP
3w ago
The stock exchanges of Malaysia, Indonesia, Thailand, and Singapore have partnered to advance sustainability in ASEAN through the development of an interregional ESG ecosystem. By Paul A. Davies, Farhana Sharmeen, Michael D. Green, James Bee, and Kevin Mak On February 15, 2024, Bursa Malaysia Berhad (Bursa Malaysia), Indonesia Stock Exchange (IDX), The Stock Exchange of Thailand (SET), and Singapore Exchange (SGX Group) released a joint statement announcing their collaboration on the development of the ASEAN-Interconnected Sustainability Ecosystem (ASEAN-ISE). The ASEAN-ISE initiative was rat ..read more
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China Releases Carbon Allowance Trading Regulations
Latham's Clean Energy Law Report
by Latham & Watkins LLP
1M ago
The regulations aim to provide a legal framework for China’s carbon allowance trading market by strengthening requirements and designating responsibilities. By Hui Xu, Paul A. Davies, Jean-Philippe Brisson, and Qingyi Pan On January 25, 2024, Chinese Premier Li Qiang signed a decree of the State Council, introducing the Regulations on the Administration of Carbon Allowance Trading (the Regulations). Effective from May 1, 2024, the Regulations provide a legal framework for the operation of China’s emissions trading scheme (ETS), which initially commenced operations in July 2021 under ministry ..read more
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EU Reaches Provisional Agreement on ESG Ratings Regulation
Latham's Clean Energy Law Report
by Latham & Watkins
1M ago
The European Parliament and the Council of the EU have made some significant changes to the European Commission’s proposal. On 5 February 2024, the European Parliament and Council of the EU announced that they had reached a provisional political agreement on the text of the ESG Ratings Regulation (the Regulation). The agreed text was subsequently published on 14 February 2024. The Regulation was initially proposed by the Commission in June 2023, and seeks to introduce a new regulatory regime for ESG ratings providers “operating in the Union”. Refer to this Latham blog post for previous commen ..read more
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European Parliament and Council Reach Political Agreement on Right to Repair Directive
Latham's Clean Energy Law Report
by Latham & Watkins
1M ago
The directive aims to reduce waste and bolster the repair sector. By Paul A. Davies, Michael D. Green, and James Bee On 2 February 2024, the European Parliament (Parliament) and European Council (Council) reached a provisional deal on a directive promoting the repair of broken or defective goods, known as the Right to Repair Directive. The directive was proposed in March 2023 by the European Commission[1] (Commission), seeking to deliver on environmental targets outlined in the European Green Deal, specifically regarding sustainable consumption and the circular economy. The provisional agreem ..read more
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New Zealand Supreme Court Paves Way for Novel Climate Change Claim
Latham's Clean Energy Law Report
by Latham & Watkins
1M ago
On appeal of a strike out decision, the Court gives the plaintiff “his day in court” to argue that corporates owe a common law duty of care in tort to reduce greenhouse gas emissions. By Sophie J. Lamb KC and Stephanie Forrest On 7 February 2024, the Supreme Court of New Zealand decided to allow a novel climate change claim to proceed to trial. In Smith v. Fonterra, the Supreme Court reversed the earlier decision of its Court of Appeal, allowing an individual plaintiff to proceed to trial with his claim in tort against several New Zealand companies. This blog post highlights the obstacles thi ..read more
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California Water Challenges Remain Despite Significant Precipitation in 2023
Latham's Clean Energy Law Report
by Latham & Watkins
1M ago
State and federal officials move forward plans and policies for water conservation, conveyance, and climate resilience. By Michael G. Romey, Lucas I. Quass, John Detrich, Cody M. Kermanian, and Julie Miles The winter of 2022-23 brought historic levels of precipitation to California after years of deep drought, dwindling reservoirs, and groundwater depletion. In the first quarter of 2023, most of the state received rainfall exceeding historic averages, with some areas experiencing 200%, or even 300% of average levels. According to the US Drought Monitor, the state is currently drought-free, al ..read more
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