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Climate Change Hero

Climate Change Blog

Glencore the Latest to Commit to Climate Action 100+ Initiative

Glencore PLC, the British-Swiss multinational trading and mining company, is one of the latest to commit to take steps in line with investor initiative Climate Action 100+. In what some are calling a potential tipping point in shareholder engagement on climate issues, Glencore committed to cap coal production at current levels, prioritize investment in commodities supporting low-emissions technology, and continue to disclose climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

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The Sustainability Report Heard Round the World?

On March 9, 2018, UBS filed a Form 6-K with the SEC enclosing its EU-required corporate sustainability report. This filing marks a significant moment in the rapidly changing world of environmental, social, and governance (“ESG”) disclosures as it effectively declares climate and sustainability reporting to be material. As we have noted previously, increasing investor demands for information on ESG topics, including climate change, has rapidly blurred the line between financial and non-financial disclosures.

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ExxonMobil Releases Climate Change Report, Following Similar Reports by Chevron, Shell, and Others

In response to a shareholder proposal that received a majority vote in 2017, ExxonMobil released Energy & Carbon Summary: Positioning for a Lower-Carbon Energy Future, a report outlining the potential impacts of climate change on ExxonMobil’s business through 2040.

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The Task Force on Climate-related Financial Disclosures (TCFD) Seeks to Revamp Climate Change Disclosures Worldwide

Investors and lenders are beginning to publicly urge companies from a wide variety of industries to implement the June 2017 Final Recommendations of the G20 Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosures (TCFD) and account for climate-related risks and opportunities in their public financial filings. The TCFD’s recommendations are a voluntary disclosure framework, but shareholders, non-governmental organizations (“NGOs”), and others are pushing for their widespread adoption. The energy industry will certainly be a focus as the TCFD looks to implement its recommendations, and the recommendations themselves include a note that the group will promulgate additional, sector-specific guidance for the energy industry at a later time. This post provides a step-by-step analysis of the TCFD’s recommendations and how these recommendations incorporate but also move far beyond any current voluntary climate disclosure program. Energy companies should be aware of the full extent of what the TCFD is requesting as they consider their overall policies and strategy on climate change.

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  • 11
  • October
  • 2017

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Court Vacates BLM’s Postponement of Obama Methane Rule

On October 4, 2017, in a consolidated decision for Sierra Club, et al. v. Zinke, et al., No. 17-cv-03885, and State of California, et al. v. United States Bureau of Land Management, et al., No. 17-cv-03804, a Magistrate Judge in the U.S. District Court for the Northern District of California vacated BLM’s postponement of its 2016 final rule entitled “Waste Prevention, Production Subject to Royalties, and Resource Conservation” (the “Waste Prevention Rule” or “Rule”). The Waste Prevention Rule imposes additional emission control requirements relating to venting, flaring, and leaking of natural gas from oil and gas production operations on public lands in an effort to reduce methane emissions. The Rule required operators to submit “waste minimization” plans by January 2017 and includes other compliance deadlines, beginning in January 2018. On October 5, 2017, BLM published a proposed rule that would extend the January 2018 compliance deadlines to January 2019. The comment period for this proposed rule is currently open through November 6, 2017.

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Contributors

Margaret E. Peloso

Margaret E. Peloso Partner

Eric Groten

Eric Groten Partner

George C. Hopkins

George C. Hopkins Partner

Michael B. Wigmore

Michael B. Wigmore Partner

Mattew T. Dobbins

Matthew Dobbins Senior Associate

Tyler E. Robinson

Tyler E. Robinson Senior Associate

Theresa Romanosky

Theresa Romanosky Senior Associate

Brandon M. Tuck

Brandon M. Tuck Counsel