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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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S&P Launches Forward-Looking ESG Benchmark

On April 12, 2019, S&P Global Ratings (S&P) announced the launch of “ESG Evaluation,” a new benchmark designed to evaluate environmental, social and governance (ESG) factors. The new benchmark is separate from S&P’s credit ratings and is an aggregate of two components: a quantitative data-driven assessment of a company’s current ESG performance and a qualitative review of how a company is prepared to mitigate future ESG risks and take advantage of opportunities following discussions with the company’s senior management and board of directors.

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  • 31
  • May
  • 2018

Author:

  • Eric Holdsworth

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The Edison Electric Institute ESG/Sustainability Reporting Template: A Model For Other Industries

EEI’s member companies are leading the transformation to a lower-carbon economy through major capital investments in cleaner energy and smarter energy infrastructure. For example, since 2007, the mix of resources used to generate electricity in the United States has changed dramatically, with more than one-third of the nation’s electricity now coming from non-emitting resources. In addition, EEI member companies have undertaken a wide range of initiatives over the last 30 years to reduce, avoid, or sequester emissions, and, in 2017, power sector carbon dioxide emissions were 27 percent below 2005 levels. EEI’s member companies have also been at the forefront of ESG/sustainability reporting, being amongst the first industries to undertake sustainability and climate reporting.

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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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SEC Staff Permits “Micro-Management” Argument to Exclude Climate Change Proposals

During the 2018 proxy season, the SEC has been taking a more nuanced, company-friendly approach to certain climate change and environmental protection shareholder proposals. Specifically, the Commission recently concurred with the exclusion of several climate change shareholder proposals on the grounds that they sought to “micro-manage” the company under the “ordinary business” exception to Rule 14a-8.

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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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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