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The Climate Report | First Quarter 2024
REGULATORY ISSUES & UPDATES
U.S. SEC Finalizes Climate Disclosure Rules
The U.S. Securities and Exchange Commission has adopted much anticipated climate-related disclosure rules.
UK Emissions Trading Scheme Consultations
Two consultations launched by the UK's Department for Energy Security and Net Zero in December 2023 may have a significant impact on the less efficient carbon emitter participants, in particular ones who may have been over-reliant on free allowances.
U.S. Federal Highway Administration Enacts GHG Performance Rule for On-Road Emissions on the National Highway System
The rule—which is already subject to challenge—creates a framework for State Departments of Transportation and metropolitan planning organizations to measure and track GHG emissions based on the percent changes in on-road tailpipe carbon dioxide emissions relative to the reference year of 2022.
U.S. FAA Publishes Airplane Fuel Efficiency Final Rule
The rule adopts a January 2021 EPA standard addressing domestic airplane greenhouse gas emissions by certain "covered" aircraft into the FAA's aircraft certification regulations.
New French Incentives for Green Buildings and Green Industry
The incentives promote French solar panel production and, more broadly, green industrial investments through the so-called "Green Industry Tax Credit" introduced by the French Finance Act for 2024.
UK FCA Publishes Sustainability Disclosure Requirements and Investment Labels
The long-awaited rules and guidance are intended to improve trust and bring greater transparency to the market for sustainable investment products, including those claiming to have positive climate change mitigation or adaptation impacts.
Australian Government Releases Draft Climate Disclosure Laws
As discussed in a recent Jones Day Commentary, the Australian government released its widely anticipated exposure draft legislation for the introduction of Australia's national mandatory climate-related financial disclosures regime.
LITIGATION ISSUES & UPDATES
Climate Litigation in Australia Remains Active
Australia continues to be a highly active jurisdiction for climate-related lawsuits commenced against corporations and government bodies, with plaintiffs experiencing mixed success.
Class Action "Greenwashing" Bottled Water Lawsuit Survives Motion to Dismiss in New York Federal Court
The case, filed in the midst of a global rise in greenwashing litigation against a variety of industries, exemplifies the risks associated with green campaigns.
Young Americans See Promising Path for Future Climate Litigation
With recent progress at both the state and federal levels, young climate litigants are now poised to go head-to-head with the EPA.
TRANSACTIONAL ISSUES & UPDATES
U.S. EPA's New Methane Emissions Charge – My Wallet or Yours?
Parties should carefully consider the burdens and opportunities of the EPA's new Proposed Rule on methane emissions charges when scrutinizing existing contractual arrangements and negotiating new ones.
LAWYER SPOTLIGHT: Holly Sara
Holly, a partner in the Global Disputes Practice in the Sydney Office, is an experienced litigator and advisor with a strong track record in handling high-profile, complex matters.
She has been recognized as a leading lawyer by Chambers and The Legal 500 for her practice, which encompasses regulatory investigations and actions, class actions, and corporate disputes. She has extensive experience dealing with Australian and foreign regulators, including ASIC (Australian Securities and Investments Commission), ACCC (Australian Competition and Consumer Commission), and AUSTRAC (Australian Transaction Reports and Analysis Centre), among others.
Holly, who leads Jones Day's ESG efforts in Australia, regularly counsels clients on ESG litigation and risk issues—including greenwashing and climate/supply chain reporting obligations. Her experience includes advising corporations (listed and unlisted), financial institutions, and individual directors and officers across several industry sectors, including health care and life sciences, energy and resources, technology, funds, property and development, consumer goods, and manufacturing.
