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

As pressure grows to achieve net zero by 2050, organisations need to know how regulators are investigating and enforcing ‘greenwashing’.

14 December 2022

As part of the economy-wide approach to achieving commitments under the Paris Agreement, the Federal Government has announced further changes intended to support industry emissions reductions, while maintaining competitiveness as the global economy decarbonises.

02 December 2022

In a decision that will have significant ramifications for the coal industry, the Queensland Land Court has found that scope 3 emissions are a relevant consideration and that human rights may be infringed by mining activities.

28 November 2022

Greenwashing mentions in global financial press have more than doubled since January. Regulators are intensifying efforts as businesses transition to a net zero economy, fuelling a surge in interest.

09 November 2022

On 8 September 2022, the NSW Environment Protection Authority (NSW EPA) released its draft Climate Change Policy (Draft Policy) and Action Plan (Draft Action Plan) for public consultation.

20 October 2022

On 26 August 2022, the Government announced the creation of a biodiversity certificates and trading scheme (BCS).

07 October 2022

In June 2022 Australian government lodged an updated Nationally Determined Contribution (NDC) with the United Nations Framework Convention on Climate Change (UNFCCC) secretariat in relation to Australia’s obligations pursuant to Article 4 of the Paris Agreement, committing Australia to net zero GHG emission by 2050 and 43% below 2005 levels by 2030.

19 September 2022

By leveraging strong economic and trade complementarities, Australian and Chinese businesses are well positioned to unlock new opportunities and deliver a greener future.

14 September 2022

The issue of a global climate challenge and agreed emission targets by definition crosses borders. Confronting it requires international cooperation.

14 September 2022

The Modern Slavery Act 2018 (Cth) (MSA) has been in force since 1 January 2019. Under the MSA, companies that carry on business in Australia and have a minimum annual consolidated revenue of A$100 million are required to report annually on how they are addressing modern slavery risk in their domestic and global operations and supply chains.

26 August 2022

Last month, the Australian government lodged an updated Nationally Determined Contribution (NDC) with the United Nations Framework Convention on Climate Change (UNFCCC) secretariat in relation to Australia’s obligations pursuant to Article 4 of the Paris Agreement.

27 July 2022

On 15 March 2022, the Taskforce on Nature-related Financial Disclosures (TNFD) released a prototype for its nature-related risk-management and disclosure framework.

31 March 2022

In our full Federal Budget Report, we reflected on the fact that Australia remains a ‘lucky’ country in having a stable political environment, vast natural resources and low unemployment. The challenge for the Government will be capitalising on those advantages and being able to smooth short term issues while still ensuring long term prosperity.

31 March 2022

As outlined in our previous alerts in May 2020, July 2020 and September 2020, a legal challenge has been commenced against Waratah Coal’s application for a mining lease and environmental authority for its Galilee Basin mining project.

23 March 2022

In its decision today, the Full Federal Court overturned last year’s ground-breaking decision in Sharma v Minister for the Environment [2021] FCA 560 (Sharma).

16 March 2022

The Bill expands director and manager liability for environmental offences in NSW and provides the EPA with wider powers.

07 March 2022

Outgoing Chair Rod Sims today announced the ACCC’s Compliance and Enforcement priorities for FY 2022-23 and, just like last year, it’s not all about digital platforms.

03 March 2022

Written by Michelle Astridge, Michael Causer & Kate Dean.

31 January 2022

Written by Michelle Astridge, Kate Dean and Lucy McKindlay.

21 October 2021

Written by Anna Vella, Erin Eckhoff, Sati Nagra and Aisling Scott

27 September 2021

This article was written by Edwina Kwan, Erin Eckhoff and Sati Nagra.

27 August 2021

Written by Edwina Kwan, Darren Roiser, Gu Jieyu, Holly Blackwell, Erin Eckhoff and Sati Nagra

11 August 2021

This article was written by Mark Beaufoy and Bridget Phelan

02 July 2021

Written by Daisy Mallett and Sati Nagra with contributions from Will Heath, Erin Eckhoff, Tom Crompton and Emma Newnham

01 June 2021

Written by Edwina Kwan, Amanda Lees, Patric McGonigal and Nick Horton

05 May 2021

This article was written by Erin Eckhoff with contributions from Daisy Mallett, Will Heath, Emma Newnham and Sati Nagra.

20 April 2021