Integrating green remediation and sustainable practices can accelerate site cleanups, reduce costs, lower emissions of greenhouse gases, and contribute to meeting state and local renewable energy standards. Commonly used technologies like pump and treat systems may be effective but are energy intensive and expensive to maintain.
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Earlier this month, the SEC’s Division of Corporation Finance issued a no-action letter saying that ExxonMobil could exclude a shareholder proposal that called for the disclosure of specific greenhouse gas (GHG) emissions targets – specifically, targets that correspond with goals outlined in the Paris Climate Agreement.
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The latest development in climate change litigation came out of last week’s Eastern District of Pennsylvania dismissal – spurring more speculation that these issues will eventually be appealed to and decided by the U.S. Supreme Court. This is one of several novel cases around the country attempting to hold the federal government responsible for climate change.
The decision comes on the heels of a similar, closely watched, and highly publicized suit filed by 21 minors – Juliana v. U.S. – in which an Oregon federal judge denied a comparable motion to dismiss, but granted interlocutory appeal, opening the door for it to be presented to the Ninth Circuit.
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A case filed in 2015 by 21 minors, Juliana v. United States, seeks to hold the U.S. government liable for climate change. After an Oregon federal judge granted an interlocutory appeal to the defendants following a denial of their motion to dismiss, the case is now pending before the Ninth Circuit.
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As climate change is integrated more and more into the planning of corporate opportunities and risks, the Fourth National Climate Assessment released last week may be a valuable resource to assess how climate change may impact your plants or business strategy on the horizon.
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Late last week, the Supreme Court lifted the stay on Juliana v. United States, a closely watched federal case that could create an unprecedented link between the government’s environmental policy and constitutional rights, if it proceeds to trial.
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When people think of environmental law, they often think of statutory law and regulations. But parties sometimes seek to use other sources of law — such as the Constitution — to regulate the environment.
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The arrival of a new year marks the beginning of the annual proxy season. And this year, shareholders can expect to see a lot more climate change disclosure in 2017 corporate financials.
Companies now have guidelines to help do that. In June 2017, the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosures (TCFD) issued voluntary disclosure recommendations, so companies can provide shareholders with information about the business risks, opportunities, and impacts posed by climate change. The TCFD is an international coalition of business, government, and financial leaders tasked with developing voluntary disclosure recommendations to help companies identify, report, and protect against climate risks. The voluntary recommendations are designed to “foster shareholder engagement and broader use of climate-related financial disclosures, thus promoting a more informed understanding of climate-related risks and opportunities by investors and others.” Id. at iv. The TCFD emphasizes that disclosure should be made according to each jurisdiction’s requirements and that the guidelines do not replace existing law.
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One day before the U.S. withdrawal from the Paris Agreement, ExxonMobil shareholders overwhelmingly voted to require increased attention to and disclosure of the future impact of climate change on business expectations, while Chevron’s shareholders defeated similar proposals.
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As President Trump’s administration attempts to dismantle President Obama’s Climate Action Plan, one action may be removing funding from the Securities Exchange Commission (SEC) for enforcement of the 2010 Commission Guidance Regarding Disclosure Related to Climate Change. So, should public companies continue to disclose climate change-driven risks and benefits?
Yes – according to the SEC, the climate change disclosure guidance merely “assists companies in satisfying” their pre-existing requirements concerning disclosure of environmental issues, affirming disclosure obligations in place since the 1970s. By following the guidance, companies merely will be supplying information about climate change that may impact investors’ decision-making.
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