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Climate Change Blog

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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State Street Issues New Recommendations for Enhanced Climate-Related Disclosures

On August 14, 2017, State Street Global Advisors, the world’s third largest asset manager, holding over $2.4 trillion in assets under management, issued new climate change disclosure guidance targeting U.S. and international public companies primarily in the oil and gas, utilities and mining sectors. This new guidance, entitled Perspectives on Effective Climate Change Disclosure, identifies “best practices” in climate-related disclosure and prescribes detailed disclosure methods in areas it deems pertinent to investors for evaluating whether “a company’s assets and long-term business strategy are resilient to the impacts of climate change.” In particular, State Street’s guidance emphasizes disclosure of climate change scenario planning and its impact on long-term strategy, which will carry significant business and strategic implications for U.S. public companies in these targeted sectors. 

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  • 28
  • June
  • 2017

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Environmental Groups Move to Revive NEPA Lawsuit Over Federal Coal Leasing Program

Environmental groups are seeking to revive a climate change lawsuit regarding the federal coal leasing program, which allows companies to lease federal lands to mine coal. The coal leasing program manages leases on approximately 570 million acres of federal land, and produces approximately 40% of domestically sourced coal. Over 30% of energy generated in the United States comes from coal.

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  • 15
  • June
  • 2017

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The Ascendance of 2° Celsius Proposals in ESG Activism

The 2017 proxy season will be remembered as the first proxy season to see “2° Celsius” shareholder proposals succeed at annual meetings of U.S. public companies. Environmental shareholder proposals have quietly garnered increasing support in annual meetings of public companies in recent years, but the 2° Celsius proposal has enjoyed greater and more vocal support than others. Shareholder voting data from the 2016 proxy season pointed to the possibility that 2017 could be the first year that these proposals would receive more than 50% of shareholder votes at annual meetings. As of mid-June 2017, three 2° Celsius proposals have passed the 50% vote threshold at annual meetings. Below we summarize the groundwork laid for this type of proposal by the 2015 Paris Agreement and international meetings before it, and we present voting data from annual meetings of 2016 and 2017 to show the increasing popularity of these proposals.

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  • 06
  • June
  • 2017

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President Trump Announces U.S. Exit From the Paris Agreement

President Trump announced on Thursday, June 1, 2017 that he will pull the U.S. out of the Paris Agreement. This decision is hugely controversial. Indeed, even Exxon Mobil and ConocoPhillips, the world’s two largest oil producers, opposed withdrawal. Moreover, nearly every country in the world (including North Korea) has signed onto the Agreement. By withdrawing, the U.S. has become one of only three countries to abstain from participation, joining ranks with Nicaragua and Syria.

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IHS Markit Challenges Recommendations of the Task Force on Climate-Related Financial Disclosures

In another chapter in the ongoing debate regarding the future of public company disclosures concerning the environment, the London-based consulting firm IHS Markit Ltd. has issued a lengthy report critiquing the Draft Recommendations published in December 2016 by the Task Force on Climate-related Financial Disclosures (TCFD). A handful of energy company supermajors provided financial support for the report, entitled Climate-Related Financial Risk and the Oil and Gas Sector.

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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 Senior Associate