Climate risk, governance & litigation

On 6 September 2023, Australia’s Minister for Environment and Water, the Hon. Tanya Plibersek MP, introduced the Water Amendment (Restoring Our Rivers) Bill 2023 (Cth) (Bill) to Parliament.

21 September 2023

Treasury has released its second consultation paper on climate-related financial disclosures. This paper builds on Treasury’s initial consultation paper released late last year. The initial consultation paper received 194 submissions, most of which are publicly available here.

05 July 2023

This is a result of the important role finance flows play in the global shift toward a low-carbon, climate-resilient economy[1]. The stakeholders range from pension funds to banks and import-export institutions, which not only face the continuing indirect risks arising from climate action brought against clients and investees, but are also increasingly the direct targets of climate action for their roles in financing projects associated with significant carbon emissions.

01 June 2023

The eagerly anticipated report on the statutory review of Australia’s Modern Slavery Act 2018 (Cth) (Act) has been released (Report).

31 May 2023

After signalling its intent by issuing infringement notices to four financial services providers (including one superannuation trustee) and foreshadowing its intensified focus on sustainable finance practices in its Corporate Plan and enforcement priorities for 2023, ASIC has fired a first shot across the bow for superannuation trustees. That shot took the form of commencement of legal proceedings on 27 February 2023 within which ASIC alleged that misleading statements were made about the sustainable nature and characteristics of certain superannuation investment options. This will be a sobering warning to all superannuation trustees to take great care regarding their conduct and disclosure on ESG related matters. This article explores three aspects of those considerations.

13 March 2023

Directors beware! A world-first derivative shareholder action has been commenced by ClientEarth in the High Court of England and Wales against 11 Shell directors for breach of their directors’ duties.

20 February 2023

The Environment Protection Authority Victoria (EPA) has released a new Separation Distance Guideline and a Landfill Buffer Guideline (Guidelines).

10 February 2023

The Final Report of the Independent Review of Australian Carbon Credit Units (ACCUs) was released on 9 January 2023 (the Report). We considered the independent review in our October update on the proposed biodiversity certificates scheme.

08 February 2023

The year 2023 is shaping up as a significant year for legislative reform in Australia, with comprehensive changes to fundamental environment and climate change laws expected.

30 January 2023