Reviewing Energy and Environmental News for October 2024

The Securities & Exchange Commission (SEC) has disbanded its Climate & ESG Task Force, which was established in March 2021 during the Biden administration. Despite the task force s relatively few enforcement actions over the past three-and-a-half years, it pursued high-profile cases against various entities, including asset managers and mining companies. The SEC also focused on ESG-related activities, such as greenwashing, without involving this task force. In California, Governor Newsom s proposal to delay the implementation of recently enacted climate disclosure laws was rejected by the California Legislature. Instead, S.B. 219 was passed, granting the state agency an additional six months to adopt the regulations but not extending the compliance deadline for companies. Governor Newsom has not yet signed this legislation, and the laws are currently being challenged in court. Recent greenwashing litigation has primarily targeted the consumer products sector. A private plaintiff filed a consumer protection lawsuit against Tyson Foods, alleging misrepresentations about climate-smart beef. Additionally, the SEC filed an enforcement action against a coffee machine manufacturer for false statements about the recyclability of coffee pods. These cases highlight the ongoing focus on consumer products in greenwashing litigation and suggest that more lawsuits or enforcement actions may be forthcoming against similar companies. In summary, the SEC s disbandment of the Climate & ESG Task Force may not significantly impact ESG enforcement, while California s legislative response to the climate disclosure laws and recent greenwashing litigation demonstrate the continued attention to environmental issues in the consumer products sector.

Source: natlawreview.com
Published on 2024-10-01

Resolution Life Australia targets growth via acquisitions , partnerships | Asset Owners »

Greenwashing

Related news