On March 25, 2024, the Brazilian federal government published Decree No. 11.961/2024, establishing an advisory and deliberative group, the Brazilian Sustainable Taxonomy Interinstitutional Committee (“CITSB”), which will coordinate the development and implementation of the Brazilian Sustainable Taxonomy (“TSB”). The TSB will establish a classification system for sustainable projects and activities, providing standardized terminology for companies, financial institutions, investors, regulatory bodies,…
EUROPEAN COMMISSION ADOPTS DELEGATED REGULATION RELATING TO SUSTAINABILITY DISCLOSURES FOR STS SECURITISATIONS
On 5 March 2024, the European Commission adopted a delegated regulation that will supplement the EU Securitisation Regulation with regulatory technical standards (“RTS“) in relation to simple, transparent and standardised (“STS“) securitisations where the underlying exposures are residential loans or auto loans or leases. The RTS specify the content, methodologies and presentation of information related to the principal adverse impacts (“PAIs“) of…
Shell’s Empty Transition Promise
The oil and gas major’s Scope 3 commitments are muted but welcome, as expansion plans continue to prevail over sustainability targets. When Shell published its first energy transition strategy in 2021, investors and climate-focused NGOs alike were underwhelmed, with some even co-signing an open letter denouncing the plan. Much has happened in the three years since then – from Russia’s…
DEFORESTATION REGULATION: IMPACTS OF A POSSIBLE DELAY IN RISK CLASSIFICATION OF COUNTRIES AND OTHER RECENT DEVELOPMENTS
On 9 June 2023, the European Union published Regulation (EU) 2023/1115 on the making available on the Union market and the export from the Union of certain commodities and products associated with deforestation and forest degradation (the “Deforestation Regulation” or the “EUDR”). The EUDR entered into force on 29 June 2023, although the main prohibitions and obligations will not apply…
DEFORESTATION REGULATION: IMPACTS OF A POSSIBLE DELAY IN RISK CLASSIFICATION OF COUNTRIES AND OTHER RECENT DEVELOPMENTS
On 9 June 2023, the European Union published Regulation (EU) 2023/1115 on the making available on the Union market and the export from the Union of certain commodities and products associated with deforestation and forest degradation (the “Deforestation Regulation” or the “EUDR”). The EUDR entered into force on 29 June 2023, although the main prohibitions and obligations will not apply…
DEFORESTATION REGULATION: IMPACTS OF A POSSIBLE DELAY IN RISK CLASSIFICATION OF COUNTRIES AND OTHER RECENT DEVELOPMENTS
On 9 June 2023, the European Union published Regulation (EU) 2023/1115 on the making available on the Union market and the export from the Union of certain commodities and products associated with deforestation and forest degradation (the “Deforestation Regulation” or the “EUDR”). The EUDR entered into force on 29 June 2023, although the main prohibitions and obligations will not apply…
US APPEALS COURT TEMPORARILY HALTS SEC’S CLIMATE CHANGE DISCLOSURE RULES
On March 15, 2024, the US Court of Appeals for the Fifth Circuit granted an administrative stay of the climate-related disclosure rules recently adopted by the US Securities and Exchange Commission (the “SEC”). The SEC rules require public companies to provide information about climate-related risks that could significantly impact their business or financial statements. See our previous Legal Update for a more…
US APPEALS COURT TEMPORARILY HALTS SEC’S CLIMATE CHANGE DISCLOSURE RULES
On March 15, 2024, the US Court of Appeals for the Fifth Circuit granted an administrative stay of the climate-related disclosure rules recently adopted by the US Securities and Exchange Commission (the “SEC”). The SEC rules require public companies to provide information about climate-related risks that could significantly impact their business or financial statements. See our previous Legal Update for a more…
US APPEALS COURT TEMPORARILY HALTS SEC’S CLIMATE CHANGE DISCLOSURE RULES
On March 15, 2024, the US Court of Appeals for the Fifth Circuit granted an administrative stay of the climate-related disclosure rules recently adopted by the US Securities and Exchange Commission (the “SEC”). The SEC rules require public companies to provide information about climate-related risks that could significantly impact their business or financial statements. See our previous Legal Update for a more…
US APPEALS COURT TEMPORARILY HALTS SEC’S CLIMATE CHANGE DISCLOSURE RULES
On March 15, 2024, the US Court of Appeals for the Fifth Circuit granted an administrative stay of the climate-related disclosure rules recently adopted by the US Securities and Exchange Commission (the “SEC”). The SEC rules require public companies to provide information about climate-related risks that could significantly impact their business or financial statements. See our previous Legal Update for a more…