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On the 10th of November 2021, the Scottish Government published its Draft Hydrogen Action Plan (the “Plan”), as a companion document to its December 2020 Hydrogen Policy Statement.

The Plan sets out the Scottish Government’s detailed proposals for the Hydrogen industry in Scotland across the next five years. The aim is for Scotland to have capacity to produce 5 GW of Hydrogen by 2030 and 25 GW of Hydrogen by 2045. This blog sets out the key takeaways from the Plan.…

Continue Reading The Scottish Government’s Draft Hydrogen Action Plan

On 19 October, alongside a number of other important strategy documents (over 2,000 pages in total), the UK Government published its ‘Net-Zero Strategy’ (NZS) which will help achieve the UK’s interim five yearly carbon targets leading up to net-zero by 2050.
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Continue Reading The UK’s Net Zero Strategy

The European Commission has published a proposal for a Corporate Sustainability Reporting Directive (2021/0104) (“CSRD”), which forms just one part of a comprehensive package of sustainable finance measures (see our blog here).  The Commission has put forward these measures in response to demand for stronger and wider sustainability reporting standards, over and above what the EU Non-Financial Reporting Directive currently provides.  The CSRD seeks to mandate sustainability reporting and assurance through the amendment of existing EU laws, including the Transparency Directive, the Accounting Directive, and the Audit Directive.  More fundamentally, according to the Commission, it will move the EU one step closer to realizing its aim of having sustainability reporting be “on a par” with financial reporting, in terms of attached weight and importance.  This is reflected in the change of terminology used in the CSRD proposal, from a focus on “non-financial” information reporting, to “sustainability”.

We cover below the background and detail, but in summary, these are the key elements of the CSRD proposal that corporates should be aware of:

  • Scope: The CSRD reporting requirements will apply to all large EU companies and all listed companies, including listed small and medium-sized enterprises (“SMEs”). This is estimated to cover around 49,000 companies.
  • Reporting: The so-called “double materiality” principle remains, but in-scope companies will now have to report according to mandatory sustainability standards. Simpler and “proportionate” standards will apply to listed SMEs.
  • Audit: The CSRD will require, for the first time, a general EU-wide audit (assurance) requirement for sustainability information.
  • Digitization: The sustainability information must be published in companies’ management reports — and not separately reported — and the information will need to be digitized or “tagged” so it can be incorporated into a planned European Single Access Point.
  • Timing: If the proposal is adopted and standards can be agreed in line with current ambitious estimates, large in-scope companies must comply from financial years starting on or after 1 January 2023, publishing reports from 2024; whilst SMEs have to comply from 1 January 2026.

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Continue Reading The EU Corporate Sustainability Reporting Directive Proposal: What Companies Need to Know

On March 4, 2020, the European Commission delivered the first major climate piece of its European Green Deal: it proposed a “European Climate Law,” which takes the form of a Regulation and establishes a framework for the irreversible and gradual reduction of greenhouse gas emissions and the enhancement of removals in the European Union.  The proposal and the fact that it takes the form of a binding Regulation may have a significant impact on a wide variety of legislative and policy initiatives that the EU and its Member States may take within the next years.
Continue Reading Call Me By My Name: The Importance of the European Commission’s Proposed Climate Change Law

Last week, the European Commission took a major step to implement the climate aspects of its European Green Deal.  It presented a proposal for a European Climate Law and two consultations on its announced Climate Pact and Carbon Border Adjustment Mechanism (“CBAM”).
Continue Reading Climate Change: The EU Moves Towards a Carbon Border Adjustment Mechanism

Last month, New York Governor Andrew M. Cuomo and state lawmakers agreed on a plan to implement a sweeping new transportation policy in Manhattan: congestion pricing.   New York will join other major cities around the world – including London (Congestion Charge), Stockholm (Congestion Tax), and Singapore (Electronic Road Pricing) – which have recently implemented a form of congestion pricing, but New York City will be the first American city to do it.
Continue Reading Pricing Roads in the United States: New York Sets the Bar on Fixing Traffic and Reducing Urban Pollution