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Climate Change Blog

50th Annual World Economic Forum Highlights Differences in Opinion on Key Global Risks

The 50th annual World Economic Forum, hosted by the Swiss non-profit International Organization for Public-Private Cooperation, was held between January 21 and 24, 2020 in Davos, Switzerland (the “Forum”). The Forum was widely attended by political, business, academic, and cultural leaders and representatives from some of the world’s largest banking and investment companies. 

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  • 22
  • January
  • 2020

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Juliana v. United States – Another Climate Case Dismissed as Nonjusticiable

On January 17, 2020, the U.S. Court of Appeals for the Ninth Circuit ordered the dismissal of the high-profile constitutional climate lawsuit Juliana v. United States, which was originally filed in 2015 in Oregon by a group of children and young adults. While asserting that the plaintiffs had gathered compelling evidence about the impacts of climate change, the Ninth Circuit ultimately concluded that the plaintiffs lacked standing to bring the suit in question.

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What does ExxonMobil’s Win Mean for the Future of Climate Disclosures?

In a case that has been widely watched, on Tuesday December 10, ExxonMobil got good news in the climate change disclosure lawsuit brought against it by the New York Attorney General. As set forth in more detail in our prior post, the New York Attorney General alleged that ExxonMobil had made misleading statements regarding its use of carbon pricing in evaluating investment decisions and the value of its oil and gas reserves and sought to hold ExxonMobil accountable for those statements.

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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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Japan Hosts First-Ever Summit on Implementation of TCFD Recommendations

On October 8, 2019, the government of Japan hosted the first-ever corporate summit (the “Summit”) in Tokyo to discuss and guide implementation of the Task Force on Climate-Related Financial Disclosures (“TCFD”) recommendations. The Summit attracted over 300 attendees, including senior executives from companies such as Shell and Nippon Steel. One of the Summit’s co-hosts, the Japanese business community’s recently established TCFD Consortium, took the opportunity to reveal its Green Investment Guidance to help investors engage with companies on the topic of climate.

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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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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

Brandon M. Tuck

Brandon M. Tuck Counsel