Ahmed Alaa Hassan’s Post

Published today: My article explores some options that cities can look into to improve controls in their climate finance. This way valuable resources can be safegaurded from corruption and put to use to address climate change. The article is published open access in PELJ. #corruption #climatechange #cities #climatefinance

Biden Administration rolls out new principles for high-integrity voluntary carbon markets As part of an effort to move forward with its ambitious climate agenda, the Biden Administration has released its Voluntary Carbon Markets Joint Policy Statement, a set of principles establishing the U.S. government’s approach to advancing high-quality voluntary carbon markets (VCMs). The principles and statement sets forth the government’s commitment towards the responsible development of VCMs, with clear incentives and guardrails in place to ensure that this market drives ambitious and credible climate action and generates economic opportunity, stated a White House Briefing Room Fact Sheet. The principles and statement was co-signed by Treasury Secretary Janet Yellen, Agriculture Secretary Tom Vilsack, Energy Secretary Jennifer Granholm, Senior Advisor for International Climate Policy John Podesta, National Economic Advisor Lael Brainard, and National Climate Advisor Ali Zaidi. This story can be read in its entirety (no paywall) on the Wolters Kluwer Vital Law site at https://lnkd.in/gvhsJsci.   As reported by Brad Rosen. #WhiteHouse #VoluntaryCarbonMarkets #GreenHouseGasEmissions #DecarbonizationProjects

Here’s something I just blogged about on https://lnkd.in/eNhamTHA: “Things are topsy-turvy in the office.” I can’t help but think of that famous line from the end of “The Americans” TV series. But when you stop and think about it, it’s not a surprise that the SEC’s new climate disclosure rules are already subject to a stay given that we all have known for some time that there would be multiple legal challenges to the rules as soon as they were adopted. So here we are. On Friday, a three judge panel for the U.S. Court of Appeals for the Fifth Circuit granted a motion seeking an administrative stay in a one-sentence order. The stay is temporary. There are lawsuits filed against the SEC’s rules in four federal court of appeals so far – so those will be consolidated at this point in a single court to determine what to do next. The timing of the disposition of this is unknown. What does this mean for you and your relationship with the new rules? Not much at this point. We already knew there would be legal challenges. That is now playing out. The safe thing to do is to keep operating as if the rules will come into effect as adopted. Other SEC rules have been challenged in court upon adoption and they are still with us, such as the conflict minerals rules. So learn the new rules. Educate your senior managers and boards about them. For larger companies, you have disclosure obligations under other reporting regimes anyway. It’s perfectly fine to continue to freak out. If you’re not freaking out about this, you would be freaking out about something else… #esg #climate https://lnkd.in/eHHHRsKd

Mark Carney's 'Tragedy of the Horizon' speech in 2015 warned financial institution heads about the systemic risks of climate change, highlighting three categories of risk: 🌊 'Physical' risks - e.g., financial impact of storms, droughts, fires 🏛 'Transition' risks - e.g., financial impact of policy, technology and markets 👩⚖️ 'Liability' risks - e.g., financial impact of lawsuits, regulatory actions on While the first two categories of risk have been picked up in leading standards, such as the International Sustainability Standards Board (ISSB), climate liability risks have been neglected within the #sustainablefinance system. This is concerning as the scope of climate liability risks is growing. On Friday, Thom Wetzer, Rupert Stuart-Smith, and I published a piece in Science Magazine explaining the nature of climate liability risk, its magnitude, and how investors, regulators, and others can better quantify these risks. If you are in Australia, the US, or UK/EU, you should be particularly concerned as #climatelitigation is most prevalent in your jurisdictions (as well as regulatory action). Read the article 📜 here: https://lnkd.in/gNEBccts Coverage in 🗞 The Australian Financial Review by Gus McCubbing here: https://lnkd.in/gUGiSt5k This has been a collaboration between the Sustainable Finance Hub, Melbourne Climate Futures at University of Melbourne and Oxford Sustainable Law Programme, Smith School of Enterprise and the Environment - University of Oxford, and our work in this area will continue. Please reach out to learn more!

The lens through which #investors and #regulators examine #climatechange is that of #financialrisk . As per research from the University of Oxford, investors’ current climate risk assessments fail to account for a growing number of #climatelawsuits . However, the analysis of climate risk does not adequately consider #legal developments. In light of the escalating consequences of regulatory enforcement actions and #climatelitigation , existing #climaterisk assessments inaccurately depict the magnitude and scope of financial risks associated with climate change. As a result, investors invest in wrong projects and expose themselves to risks that are not comprehended by either the investors themselves or the regulators. The climate risk study has an importance but development of in-depth understanding of climate risk assessment by policymakers, investors, companies had to go concurrently. #actnow #esg #legalrisk University of Oxford https://lnkd.in/g4zZsjxF

Climate litigation trends are on the rise 📈 As we witness a significant increase in climate litigation, investment and stewardship teams must understand the landscape and implications for corporate governance. Our latest blog on SIEngage.com delves into the Grantham Research Institute on Climate Change & the Environment's findings, revealing a surge in "polluter pays" and "climate-washing" cases. Discover how these trends impact investment strategies, and how SI Engage can help navigate these challenges effectively. Stay ahead in managing risk and enhancing corporate accountability 🌱 👉 Read now at bit.ly/3WcjftL #ClimateChange #ClimateAction #Sustainability #CorporateGovernance

Read the latest edition of Climate and the Financial Sector, our weekly newsletter highlighting climate-related regulatory, litigation and enforcement developments relevant to the financial sector. #FinancialSector #climate #litigation #enforcement

The Securities and Exchange Commission’s (SEC) recent decision to accept a pause on its climate rule marks a pivotal moment in sustainable finance and regulatory frameworks. While some may perceive this pause as a setback, it presents an opportunity for deeper reflection and collaboration. It is essential to recognize the significance of deliberation and careful consideration in regulatory frameworks. The SEC's willingness to pause its climate rule indicates a commitment to developing effective policies that address climate challenges while also considering the diverse needs of stakeholders. This decision also underscores the growing recognition of climate risk within the financial sector. Businesses need to recognize that climate change isn't merely an environmental issue; It is a financial one too. Embracing sustainable practices, like investing in renewable energy solutions, not only mitigates risks but also fosters long-term resilience and value creation. To read more about this, check out the article below. #SEC #climatechange

Important regulatory change in the United States regarding climate-related disclosure by listed companies in the country. https://lnkd.in/eqEvDceP #sec ##corporateresponsibility #sustainableinvestments #esg #climatefinance #greeneconomy

The Investor Group on Climate Change (IGCC) has announced its annual Climate Finance and Investment Summit. This unmissable event brings together leading investment experts, policymakers, academics, and industry associations dedicated to driving the transition towards a decarbonised economy. This year, MCF Director Professor Jacqueline Peel features in a panel event - The Era of Early Warnings is Over: What boards need to know about the next wave of climate litigation. This year has seen significant activity in climate litigation and legal risks, with experts predicting continued complexity here and abroad. Litigation and regulatory prosecutions are now board-level concerns, as cases pose major risks, reshape operating models, and consume resources. Consequences include reputational damage, hefty fines, and a growing risk of directors being held personally accountable. This panel will examine how the climate litigation landscape has evolved over the past 18 months, its expected trajectory, and the strategies trustees and senior decision-makers need to navigate this shifting legal terrain.