The Climate Report | Second Quarter 2022
LAWYER SPOTLIGHT
Armelle Sandrin-Deforge, of counsel in Jones Day's Government Regulation Practice, focuses her practice on French, European, and international environmental law. She advises clients on a diverse range of decarbonized energy, climate change, health and safety, and regulatory issues, including industrial facilities, contaminated sites, waste, and circular economy. She has extensive experience assisting with the environmental aspects of M&A transactions—particularly in environmental audits, environmental representation, and warranties—and assisting French and international clients with ESG reporting.
Armelle is located in the Paris Office and is the author of numerous publications on environmental and energy law. She teaches a renewable energy course at Paris Descartes University and is a member of the France Fulbright Alumni Association.
REGULATORY ISSUES & UPDATES
UK Introduces New Climate-Related Disclosure Regulations for UK Companies and LLPs
The regulations provide UK companies with a uniform way to assess the financial impacts of their exposure to climate-related risks and opportunities, helping investors and stakeholders put climate change at the forefront of their decision-making.
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France Regulates the Use of Carbon Neutrality Claims in Advertisements
France recently adopted two decrees requiring corporate reporting in support of carbon neutrality claims in ads and setting out conditions under which noncompliance could be subject to administrative sanctions.
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EU Commission Proposes Two New Regulations to Tighten Control on Highly Potent Greenhouse Gases
The EU Commission recently proposed two new regulations to restrict the emission and use of fluorinated greenhouse gases and substances that deplete the ozone layer.
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Further Clarifications on Anti-Greenwashing Standards for Financial Products in the European Union
The European Securities and Markets Authority intends to work closely with national EU regulators to address greenwashing practices over the next two years.
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U.S. Securities and Exchange Commission Releases Proposed Rule on Climate Risk Disclosure
The SEC has proposed amendments to Regulations S-K and S-X that would require registrants to provide certain climate-related information in their registration statements and periodic reports.
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LITIGATION ISSUES & UPDATES
Fifth Circuit Stays Preliminary Injunction Enjoining Implementation of President Biden's Executive Order 13990 on the Social Cost of Greenhouse Gases
This is the first time a court of appeals has issued any substantive rulings on EO 13990, which directs federal agencies to consider the social costs of greenhouse gases when implementing regulations and other relevant agency actions.
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Energy Transition and Climate Change Treaties
As treaties have an increasing impact on industries affected by climate change and energy transition, a question arises about whether there is a potential conflict between States' international environmental law obligations and investment treaty protections granted by the same States to foreign investors.
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TRANSACTIONAL ISSUES & UPDATES
U.S. and EU Create Joint Task Force to Increase Natural Gas Imports and Reduce Dependence on Russian Energy
Such natural gas supply commitments appear to pit the Biden administration's stated plans to cut fossil fuel use as part of its larger climate change strategy against the strategic need to provide increased natural gas support to the EU, but the medium and long-term impact remains uncertain.
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European Commission Awards Grants to Seven Large-Scale Projects Under the Innovation Fund
The Innovation Fund aims at supporting projects involving highly innovative technologies, processes, or products that offer significant potential to reduce greenhouse gas emissions.
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UK Government Publishes Its "British Energy Security Strategy"
The British Energy Security Strategy focuses on reducing the United Kingdom's reliance on fossil fuels but fails to address concerns relating to rapidly rising energy costs, the net-zero transition, or short-term energy security.
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