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The ACCC has launched a review of over 200 company websites to identify misleading or deceptive environmental and sustainability claims as part of a focus on so called "green washing" claims in Australia. In this article we provide some background to the ACCC review and highlight potential strategies for Australian businesses to mitigate the risks of regulatory scrutiny.
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Environmental, social and governance (ESG) considerations have an increasing impact on all businesses, globally. Here we take a look at some of the issues facing businesses from sustainable finance, to developments in carbon trading and the increasing use of ESG-related litigation.
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As part of the Federal Government's crackdown on greenwashing, an independent review of the Australian Carbon Credit Units regime will be carried out by former Chief Scientist, Professor Ian Chubb. This reflects a global trend of increased regulatory interest and investigation into "green" claims, and companies in this sector should prepare for greater scrutiny.
ReadIn the wake of the Government's "Green Claims Code" published in September 2021, the ASA published its own statement committing to take further action in relation to environmental claims in advertising. In this statement, the ASA committed to a series of enquiries into sector specific issues, starting with the Climate Change Committee's priority areas requiring carbon reduction, which included aviation, cars and heating.
Consumer litigation over allegedly deceptive trade practices and false advertising tied to ESG-related claims is on the rise, paralleling the attention to greenwashing in securities-related rulemaking and enforcement actions.
ReadShoppers are regularly searching for more environmentally friendly shopping options – a 2021 government survey demonstrated that 52 per cent of UK consumers based their purchasing decisions on a brand's eco-credentials. As a result, fashion brands have been quick to highlight to customers their ethical and eco-credentials, such as announcing initiatives to reduce carbon emissions, releasing "sustainable" ranges, and creating new roles for staff focused on sustainability issues.
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Clifford Chance has collaborated with the World Economic Forum on the publication, Delivering a Trade and Climate Agenda. The report finds that while businesses are actively pursuing emissions reductions, action on trade policy can help accelerate this shift. The report outlines eight ways in which trade policy can help businesses accelerate the transition to net-zero.
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Here are our five recommendations for policymakers to ensure that the UK retains its leadership in sustainable digital finance, while meeting its international obligations and other applicable targets
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We explore the eight ESG trends that we think will help shape the year ahead
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The requirements expected to come into force on 6 April 2022
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There's no path to net zero without innovation, and nobody knows innovation like venture capital. What does it mean to be a climate VC investor? Find out in the fourth episode 'The Climate Lawyer', where host Richard Kim (counsel, Düsseldorf) is joined by Mona Alsubaei, a member of the investment team at Union Square Ventures (USV) and specialist in climate tech investing.
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In the latest of our vlogs designed to give you a short explainer on the key terms and trends within proptech. Guy Grainger, Global Head of ESG Services and Sustainability at JLL, shares his thoughts on the importance of proptech in tracking the progress and implementation of our ESG strategies and goals.
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Smart cities are using technology to make cities faster, smarter, more efficient and sustainable. The market for smart city related services is growing fast, with the European Space Agency referencing a forecast growth of +57% between 2020-2025. Many of these smart city services and associated technology are heavily reliant, if not entirely dependent, on space tech. Our panel will explore the importance of space tech to smart cities, the latest developments, and the opportunities and risks for financial investors in the sector.
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Clifford Chance
