On August 25, 2021, the Environmental Defenders Office (EDO), acting on behalf of the Australasian Centre for Corporate Responsibility (ACCR), filed a consumer protection lawsuit with the Federal Court of Australia in respect of certain ESG related statements made in a gas company’s 2020 Annual Report (the Report).

This is the first lawsuit in the world that challenges the veracity of a company’s net zero emissions target, and in relation to the viability of carbon capture and storage and the environmental impacts of hydrogen as an energy source, increasingly touted as the key elements in gas companies’ pathways toward net zero emissions.


Continue Reading World-first Lawsuit Over Clean Energy and Zero Emissions Claims

On 20 July 2021, the Hong Kong Monetary Authority (HKMA) issued draft guidelines (the Draft Guidelines) on the management of climate-related risks by authorised institutions (AIs). The Draft Guidelines further develop the HKMA’s approach to climate risk, initially outlined in its June 2020 White Paper on Green and Sustainable Banking, and incorporate leading international standards and practices to provide comprehensive climate risk management guidance for banks in the areas of governance, strategy, risk management and disclosure.

In this Blog Post, we highlight key aspects of the Draft Guidelines and takeaways for AIs considering how to approach these new proposals in Hong Kong. For more information about evolving regulatory approaches to climate disclosure and risk management around the world, please see our comprehensive analysis, Climate Disclosure and Risk Management: Global Approaches.


Continue Reading Hong Kong Proposes Climate Risk Management Guidelines for Banks

Two new net zero alliances for the financial sector were launched on April 21, 2021: The Glasgow Financial Alliance for Net Zero (GFANZ) and the Net-Zero Banking Alliance (NZBA). The launch of these two alliances will bring about coordinated commitments across the financial system that are subject to transparent reporting and accounting in line with the Race to Zero criteria.

We highlight key aspects of GFANZ and NZBA in this Blog Post.


Continue Reading Fueling The Race To Zero: Launch Of The Glasgow Financial Alliance For Net Zero And The Net-Zero Banking Alliance

The drive towards sustainable change looks set to continue in 2021, with climate change issues continuing to receive attention from ESG-minded businesses and governmental bodies. The legal community is likewise keen on reducing the environmental impact of dispute resolution activities, in particular, in the (previously) jet-setting world of international arbitrations.

One such initiative is the Campaign for Greener Arbitrations which aims to significantly reduce the carbon footprint of the arbitration industry. In this Blog Post, read about the proposed framework and six protocols for greener arbitrations that are currently in public consultation and how these might feature in arbitration proceedings in the near future.


Continue Reading Greener Arbitrations – The Way Forward in International Dispute Resolution?