Policy makers and regulators seem keen to adopt both a “carrot” and “stick” approach to channelling private finance sustainably. Financial services regulators have been particularly vocal in the last 12 months, specifically about the impact on the financial services sector as the world experiences, and attempts to respond to, climate change. Mark Carney, outgoing governor of the Bank of England, highlighted how pressing an issue climate change is for the sector in October 2019, stating…

The European Commission has also established a mechanism to assist the transition of regions that will be more profoundly impacted by the 2050 carbon-neutrality target. By Paul A. Davies and Michael D. Green On 11 December 2019, the European Union announced that it would enshrine into legislation its goal to achieve carbon neutrality by 2050 (see “EU Commission Formally Announces European Green Deal”). The European Green Deal Investment Plan serves as the European…

How companies that are unable to issue green bonds can still participate in sustainable finance. By Paul A. Davies, Aaron E. Franklin, and Kristina S. Wyatt If the 2010s were the decade in which green bonds took hold, the 2020s will be the decade in which sustainable finance hits the broader marketplace. The green bond market has hit its stride, with issuances reaching well over US$200 billion in 2019. Attaining that figure is…

Governments as well as investors and companies will continue to actively address environmental, social, and governance issues this year. By Paul A. Davies, James R. Barrett, Michael D. Green, Aaron E. Franklin, and Kristina S. Wyatt Environmental, social, and governance (ESG) was more prominent than ever in 2019, as issues such as climate change and corporate responsibility regularly appeared in news cycles worldwide. This year, observers can expect even more focus…

Court finds the Netherlands’ 20% greenhouse gas emissions target to be unacceptable, citing the UN Framework Convention on Climate Change and the ECHR. By Paul A. Davies and Michael D. Green On 20 December 2019, the Dutch Supreme Court upheld the Court of Appeal ruling in the Urgenda case, determining that the Dutch State was required to reduce Dutch greenhouse gas emissions by 25%[i] by the end of 2020. This decision marked the final…

Ship owners face increased compliance costs with lowering of sulphur oxide limit for shipping fuels. By Paul A. Davies and Michael D. Green January 1, 2020 marked the implementation of the new sulphur oxide limit for shipping fuel imposed by the International Maritime Organisation under the MARPOL Convention, often referred to as IMO 2020. IMO 2020 intends to improve global air quality and protect the environment through these measures, but concerns have been raised regarding…

The proposed federal permitting regime includes some surprising provisions, including no permit expiration and no proposed application deadline for most units. By Claudia M. O’Brien and Stacey L. VanBelleghem On December 19, 2019, the US Environmental Protection Agency (EPA) released a proposed rule to establish a federal permitting program under the Resource Conservation and Recovery Act (RCRA) for the disposal of coal combustion residuals (CCR), also known as coal ash, in surface impoundments and landfills.…