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The Climate Report: Third Quarter 2024
REGULATORY ISSUES & UPDATES
Update on Australia's New Climate-Related Financial Disclosure Regime
Australia's mandatory climate-related financial disclosure regime is inching closer to implementation after the proposed legislative reforms were passed by both Houses of Parliament in September 2024.
What Does a New UK Government Mean for Climate Change?
The newly elected Labour Party is expected to make a number of changes to the UK's climate change policy after 14 years of Conservative rule.
Taxing Tangle: U.S. IRS Releases Guidance for Clean Hydrogen Production Tax Credit
The proposed regulations provide more requirements for producers seeking to benefit from the Clean Hydrogen Production Tax Credit introduced in the Inflation Reduction Act of 2022.
Vermont Law Requires Energy Companies to Pay for Climate Change Damage
Vermont recently became the first state to pass a law requiring energy companies to pay for part of the damages from extreme weather events.
LITIGATION ISSUES & UPDATES
City of Baltimore v. BP, et al.: Baltimore's Climate Change Suit Against Fossil Fuel Manufacturers Dismissed
For the first time, a state court judge dismissed in full one of the many lawsuits brought by state and local governments seeking damages from fossil fuel manufacturers for the effects of using fossil fuels on the climate.
U.S. SEC Climate Disclosure Rules Spark Flurry of Litigation
Following the SEC's adoption of the climate-related disclosure rules, dozens of parties have filed petitions for review, consolidated in the U.S. Court of Appeals for the Eighth Circuit.
Australian Corporate Regulators Continue to Target Environmental Claims and Greenwashing in Enforcement Activities
ESG-related enforcement remains a top priority and focus for Australia's corporate regulators, with a steady stream of enforcement activity aimed at climate-related representations and greenwashing conduct.
Youth Climate Litigation and the Legacy of Juliana
Despite the U.S. Court of Appeals for the Ninth Circuit's recent dismissal of a landmark youth climate lawsuit, youth climate litigants are likely to continue using a combination of strategies to pursue climate change litigation.
UK Supreme Court Quashes Planning Permission Due to a Failure to Consider Downstream (Scope 3) Greenhouse Gas Emissions
The decision is expected to have significant implications for future fossil fuel developments in the United Kingdom and may have wider implications for major developments generally.
TRANSACTIONAL ISSUES & UPDATES
Navigating the Emerging Market for Green Energy Tax Credits
A robust market for energy tax credits is starting to develop, but the market is not expected to treat energy tax credits like renewable energy credits or other intangible commodities.
LAWYER SPOTLIGHT: Prudence Smith
Prudence Smith, partner in Jones Day's Sydney Office, focuses on competition/antitrust and consumer law as well as regulatory law. Prudence is also admitted in Australia and New Zealand. She has 15 years' experience as a former regulator which provides clients with an invaluable perspective when faced with regulatory investigations or interactions. Prudence advises and represents clients in Australia, New Zealand, Singapore, and throughout the Association of Southeast Asian Nations. She co-leads the Firm's ESG practice in Australia and supports the Firm's ESG practice in APAC. A significant part of Prudence's practice involves assisting clients to navigate the net-zero transition, greenwashing, and sustainability collaborations. Recently, Prudence has helped clients with inquiries and investigations regarding alleged greenwashing to comply with emissions reporting legislation and the reformed Safeguard Mechanism, negotiate carbon aspects of complex corporate transactions, and establish large-scale carbon capture and farming joint-venture arrangements.
Prudence also provides ESG head office support, including reviewing climate change and sustainability strategies, policies, and disclosures (including annual reports and standalone sustainability reports); assisting with AGM preparation in relation to sustainability and climate matters; and providing advice on the implementation of sustainability commitments. Prudence is also advising clients, principally multinational corporations and financial institutions, on preparations for Australia's mandatory climate-related financial disclosure regime and antislavery reporting.
Beyond ESG, Prudence advises on a range on significant antitrust, general consumer protection, and regulatory law matters, such as advising on merger clearances and joint ventures, including many cross-jurisdictional transactions. She is regularly sought out by clients facing complex private litigation issues involving competition law or misleading and deceptive conduct representations. Prudence also acts on defense matters for contractors, including on procurement issues, including in relation to compliance with the Commonwealth Procurement Guidelines. She has represented clients before the Australian Competition and Consumer Commission, Commerce Commission (New Zealand), Competition and Consumer Commission (Singapore), Australian Energy Regulator, Australian Prudential Regulation Authority, Australian Communications and Media Authority, Australian Securities and Investments Commission, Office of Drug Control, Anti-Dumping Commission, Therapeutic Goods Agency, Australian Transaction Reports and Analysis Centre, Senate Select Committees, and various state authorities.
