On May 1, 2025, the federal government brought separate suits against both New York and Vermont alleging that these state’s “climate Superfund” statutes are unconstitutional on multiple grounds. In two nearly identical...more
On April 11, 2025, the Marine Environment Protection Committee (“MEPC”) of the International Maritime Organization (“IMO”) announced the approval of a long-awaited framework to reduce greenhouse gas (“GHG”) emissions from the...more
On April 8, 2025, President Trump issued an Executive Order titled “Protecting American Energy From State Overreach” (the “Executive Order”), which directs the United States Attorney General to identify and halt the...more
In a move that perhaps comes as no surprise, on March 27, 2025, the Securities and Exchange Commission (“SEC” or “the Commission”) issued Press Release 2025-58 announcing it had voted to end its defense of its climate-related...more
On December 26, 2024, New York Governor Kathy Hochul signed the Climate Change Superfund Act (“CCSA” or the “Act”) into law. The law requires certain fossil fuel producers and refiners with sufficient connections to New York...more
Despite the Biden administration’s public support for carbon capture and sequestration (“CCS”), we saw neither faster CCS permit approvals from the U.S. Environmental Protection Agency (“EPA”) nor a significant push towards...more
In early March 2024, the U.S. Securities and Exchange Commission (“SEC”) finalized its climate-related disclosures rule (The Enhancement and Standardization of Climate-Related Disclosures for Investors) (the “Final Rule”)....more
On February 3, 2025, the U.S. District Court for the Central District of California granted a partial motion to dismiss filed by the California Air Resources Board (“CARB”), dismissing the claims that SB 253 (the Climate...more
On December 26, 2024, New York Governor Kathy Hochul signed the Climate Change Superfund Act (“CCSA” or the “Act”) into law. The law requires certain fossil fuel producers and refiners with sufficient connections to New York...more
1/20/2025
/ Carbon Emissions ,
CERCLA ,
Climate Change ,
Energy Policy ,
Energy Sector ,
Environmental Justice ,
Environmental Liability ,
Environmental Policies ,
Fossil Fuel ,
Greenhouse Gas Emissions ,
Infrastructure ,
New York ,
Oil & Gas ,
State Legislatures ,
Superfund
With Trump’s impending inauguration, significant shifts in Environmental, Social, and Governance (ESG) policies domestically are expected, as is the overall cultural and corporate mood for ESG. Companies can anticipate a...more
1/16/2025
/ California ,
Climate Change ,
Compliance ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Shareholders ,
State Attorneys General ,
Sustainability
In a significant legal maneuver with potentially far-reaching implications, California Attorney General Rob Bonta filed an amended complaint on June 10, 2024, to California’s high-profile lawsuit targeting five of the world’s...more
After much anticipation, on March 6, 2024, the Securities and Exchange Commission (“SEC” or the “Commission”) released its Final Rule—The Enhancement and Standardization of Climate-Related Disclosures for Investors—mandating...more
3/29/2024
/ Business Development Companies ,
Carbon Emissions ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Final Rules ,
Foreign Issuers ,
Form S-8 ,
MD&A Statements ,
PSLRA ,
Regulation S-K ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
While 2022 showed that the sustainable debt market is not impervious to overall economic slow-down (particularly in the capital markets), 2023 demonstrated its resiliency, even in a high-interest rate market. Notwithstanding...more
3/15/2024
/ Climate Change ,
Corporate Governance ,
Debt Financing ,
Documentation ,
Environmental Social & Governance (ESG) ,
EU ,
Green Bonds ,
Green Finance ,
Green Loans ,
Interest Rates ,
Renewable Energy ,
Sustainability
On January 30, 2024, the U.S. Chamber of Commerce and five co-plaintiffs representing a coalition of business groups filed a lawsuit against the state of California seeking to block the state’s new landmark climate disclosure...more
The 2023 United Nations Climate Change Conference (“COP28”) reached a significant development in international climate policy, ending with the “first Global Stocktake” calling for a “transition away from fossil fuels in...more
The 28th Conference of the Parties (or “COP28”) to the UN Framework Convention on Climate Change (“UNFCCC”) at Expo City in Dubai has ended with an agreement described by COP28 president Dr Sultan Ahmed Al Jaber as “historic”...more
Much of the attention on California of late has focused on the passing of two climate-related disclosure laws; namely, the Climate Corporate Data Accountability Act (“CCDAA”) (SB 253) and the Climate-Related Financial Risk...more
Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter and, where...more
10/13/2023
/ Artificial Intelligence ,
BlackRock ,
Carbon Emissions ,
Clawbacks ,
Climate Change ,
Corporate Governance ,
Corporate Transparency Act ,
Cybersecurity ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Insider Trading ,
NYSE ,
Private Funds ,
Publicly-Traded Companies ,
Quarterly Report ,
Reporting Requirements ,
Rule 10b-5 ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)
As public companies anticipate the Securities and Exchange Commission’s (“SEC”) final climate disclosure rules, which are expected to be released sometime fourth quarter of 2023, California has beaten the federal government...more
As public companies anticipate the Securities and Exchange Commission’s (“SEC”) final climate disclosure rules, which are expected to be released sometime fourth quarter of 2023, California has beaten the federal government...more
9/28/2023
/ California ,
CARB ,
Carbon Emissions ,
Climate Change ,
Corporate Social Responsibility ,
Department of Insurance ,
Disclosure Requirements ,
Greenhouse Gas Emissions ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)
Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter and, where...more
7/13/2023
/ C&DIs ,
Climate Change ,
COSO ,
Cybersecurity ,
Disclosure Requirements ,
Diversity ,
Divestment ,
Environmental Justice ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Nasdaq ,
No-Action Letters ,
NYSE ,
Proxy Season ,
Repurchases ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Universal Proxy Cards
Tackling the challenges presented by climate change cannot be successfully navigated without also considering the dire effects of biodiversity loss. While climate change and the effects of greenhouse gas emissions on our...more
Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter and, where...more
4/4/2023
/ 10b5-1 Plans ,
Brokers ,
Climate Change ,
Disclosure Requirements ,
Diversity ,
Environmental Social & Governance (ESG) ,
Insider Trading ,
Investors ,
Nasdaq ,
Non-Voting Shares ,
Proxy Season ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)
On March 21, 2022, the SEC issued a Proposing Release setting out sweeping new requirements for climate change disclosures. If finalized as proposed, these climate disclosure rules would require dramatic changes to corporate...more
4/11/2022
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
ICFR ,
Proposed Rules ,
Regulation S-K ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)
The Securities and Exchange Commission (“SEC”) released a proposed rule on March 21, 2022, that would require U.S. and foreign private issuers to provide certain climate-related information in their registration statements...more