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Climate Change Hero

Climate Change Blog

European Investment Bank Adopts New Energy Lending Policy

On 14 November 2019, the Board of Directors of the European Investment Bank (“EIB”), the world’s largest multilateral bank, adopted a new Energy Lending Policy (the “Policy”), which aims to end EIB investment in the majority of fossil fuel programs by the end of 2021. The Policy signals a change in the flow of capital from multilateral banks into greener energy investments and seeks to incentivize technological innovation.

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Exxon Climate Securities Litigation

The office of New York Attorney General Letitia James filed a complaint against ExxonMobil (“Exxon”) in October 2018 in New York state court. The case alleges a violation of New York’s Martin Act, which provides the attorney general broad powers to investigate financial fraud. The New York State Attorney General (the “State”) claims that Exxon misled investors on its evaluation of the impact of future climate regulations on its business through its use of internal metrics compared to published “proxy costs” or estimates of the cost of carbon emissions.

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Launch of the United Nations Principles for Responsible Banking

On September 22, 2019, 130 banks signed onto the United Nations’ newly launched Principles for Responsible Banking (the “Principles”). These banks — whose founding members include BBVA, Barclays, Standard Bank, and Santander, among others — collectively hold US$47 trillion in assets, amounting to approximately one-third of the global banking sector.

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  • 18
  • July
  • 2019

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Rhodium Group Report — Capturing Leadership: Policies for the U.S. to Advance Direct Air Capture Technology

Direct Air Capture (DAC) is a chemical process by which carbon dioxide (CO2) is removed directly from the air. Researchers highlight DAC research, development, and demonstration (RD&D) as a means to mitigate climate change and limit the increase in global temperature. In its 2018 report, the United Nations Intergovernmental Panel on Climate Change (IPCC) found that global emissions of CO2 had to reach net-zero between 2045 and 2055 to limit the increase in global temperature to 1.5 degrees Celsius above pre-industrial levels.

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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 Partner

Tyler E. Robinson

Tyler E. Robinson Counsel

Theresa Romanosky

Theresa Romanosky Senior Associate

Brandon M. Tuck

Brandon M. Tuck Counsel