11 June 2021
Bank of England launches Climate Biennial Exploratory Scenario
On Tuesday 8 June, the Bank of England launched its Climate Biennial Exploratory Scenario ( BES ), a stress-testing exercise on the financial risks from climate change. While the regulator's rhetoric may sound like a call to arms, the BES hopes to understand the issues the financial system faces to...
27 May 2021
Dutch court orders Shell to reduce CO2 emissions by 45% by the end of 2030 relative to 2019 levels in accordance with Paris climate agreement
On 26 May 2021, the Hague District Court handed down its judgment in the Milieudefensie et al. vs. Royal Dutch Shell (" RDS ") case regarding RDS's compliance with the objectives of the 2016 Paris Agreement.
04 May 2021
Increasing expectations for climate change risk disclosure affecting businesses and financial services
Further statements from regulators and commentators reinforce the expectation that businesses will consider the materiality of climate change-related risks and disclose them accordingly. The obligations are not new, but rather the expected nature of action to satisfy existing obligations continues...
04 February 2021
Climate change and the role of regulators
In November 2020, the government announced an ambitious ten-point plan to boost green jobs and reach net-zero. The plan was a recent recognition at a national-level of the pressing need to combat climate change. It addresses an expansive set of topics: from offshore wind to walking and cycling;...
17 July 2020
Sustainable finance in Hong Kong: HKMA shares initial thinking on supervisory approach and range of practices by banks
The Hong Kong Monetary Authority ( HKMA ) has recently published its White Paper on Green and Sustainable Banking , as well as a circular to share a range of practices adopted by major authorised institutions ( AIs ) for managing climate risks ( 7 July Circular ). These form part of a series of...
29 January 2020
Is US government inaction on climate change a breach of the constitution?
A United States court has recently been asked to consider whether the federal government’s inaction in relation to climate change breaches the United States constitution. The court (by a majority of two to one) reluctantly found that they did not have jurisdiction to order the government to redress...
21 January 2020
The new environment for climate change litigation
The Dutch Supreme Court (the Court ) has recently affirmed a decision of the District Court to issue an order directing the State of the Netherlands to reduce it's greenhouse gas emissions by the end of 2020 by at least 25% of the emissions as at 1990. The order issued by the District Court now...
05 December 2018
Growing trend of environmental and human rights-based class actions
On 25 October 2018, Greenpeace e.V. , alongside three organic farmers, filed a claim in the Administrative Court of Berlin on the basis that the German federal government had wrongfully abandoned its target of cutting greenhouse gas emissions by 40% compared to 1990 levels by 2020. Under the...
18 October 2018
Juliana v. United States, No. 6:15-cv-01517-AA (D. Or.)
In August 2015, the United States, then president Barack Obama, and the heads of numerous federal executive agencies were sued in a civil rights action by a group of 21 young people, non-profit organization Earth Guardians, and Dr. James Hansen as guardian for future generations. The action was...
17 October 2018
Decision of the Dutch Court of Appeal, Urgenda Foundation v Kingdom of the Netherlands - Case Summary
The Dutch Court of Appeal (the “ Court ”) has upheld the 2015 decision of the Hague District Court in the case of Urgenda Foundation v Kingdom of the Netherlands, and ruled that the State (ie the Kingdom of the Netherlands) has a duty of care under Articles 2 and 8 ECHR to its citizens to reduce...
12 June 2018
Climate Change Bill - Summary and content
On 8 June 2018 the Minister of Environmental Affairs published the Climate Change Bill (“ the Bill ”) for public comment. The Bill provides a framework for climate change regulation in South Africa aimed at governing South Africa’s sustainable transition to a climate resilient, low carbon economy...
03 May 2018
South African mining outlook for 2018: Environmental and climate change resilience
The South African government has committed to reducing greenhouse gas ( GHG ) emissions to meet its nationally-determined contribution commitments in accordance with the Paris Agreement. In order to achieve these objectives, the South African government needs to implement regulatory and other...
07 July 2022
DOCA takeovers: the ‘third way’ for distressed Australian listed company acquisitions
While the M&A pipeline remains strong and the usual acquisition models for listed companies (takeovers and schemes of arrangement) remain active, as talk turns to economic headwinds and rising interest rates, it is worth bearing in mind the third possible pathway to acquire a listed company in...
06 July 2022
Trust Companies Survey 2022: Reputational Risk
This year, respondents said that the fourth greatest challenge to their business was reputational risk for clients in being associated with trust structures and offshore jurisdictions. In this article, we discuss why – six years after the Panama Papers story broke – reputation continues to weigh...
04 July 2022
Unbundling Competition: Asia competition law podcasts
In this podcast, members of the Herbert Smith Freehills Competition, Regulation and Trade team examine key competition law and related regulatory developments. In each instalment, we update you on the latest developments across Asia, as well as those affecting Asian businesses around the world,...
30 June 2022
Asia-Pacific Competition Law Guide 2022
We are pleased to announce the launch of the sixth edition of Herbert Smith Freehills’ Asia-Pacific Competition Law Guide. Since the previous edition of the guide and in the context of the changes brought about by the COVID-19 pandemic, competition authorities across the Asia-Pacific region have...
29 June 2022
Trust Companies see cyber security as key business risk
Our survey confirms that trust companies continue to see cyber security as a key business risk. This is in line with companies in other areas: in IBM's 25 th edition of "The CEO Study", drawn from interviews with 3,000 CEOs worldwide, CEOs ranked cyber risk as their greatest organisational...