Firms and Administrators Face a Wave of Local weather Legal guidelines in 2021 – What’s Going On?
Guest essay by Eric Worrall
As companies and corporate executives do everything possible to prevent the economic crash in Covid from turning into a new global economic crisis, the Greens are pushing ahead with their plans to bleed companies with a wave of annoying climate lawsuits.
Corporations, directors and governments are facing a wave of climate change laws
Hannah Wootton and Elouise Fowler
January 4, 2021 – 12:00 p.m.
Experts predict corporations, directors, governments and professional service companies face a growing risk of litigation related to their climate change disclosure and emissions reduction policies in 2021 as affected citizens turn to the courts to push environmental action.
It builds on a trend of litigation related to climate change that culminated in the 2020 agreement of the Retail Employees Superannuation Trust (Rest), which for the first time forced the super fund to recognize and test climate change as a financial risk his portfolio against the Task Force on Climate-Related Financial Disclosures (TCFD).
Mark McVeigh, the 24-year-old Rest member who started the landmark case against the fund, warned that anyone bringing up cases of climate change will have to settle in the long run.
“Be aware that it will take a long time, it won’t just happen,” he said.
But for Mr. McVeigh, it was worth the effort: “It’s a really powerful way to get climate action going in these industries.”
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Disclosure of the next “great story”
Will Heath, partner at King & Wood Mallesons, who specializes in corporate governance, said, “There is no doubt that the big story for next year will be climate disclosure requirements. [which are] only set to expand ”.
President-elect Joe Biden has pledged to oblige companies to disclose climate risk – a reflection of actions already being taken by the EU – and Australia has historically followed America’s lead in such reforms.
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Read more: https://www.afr.com/companies/financial-services/companies-directors-governments-face-wave-of-climate-change-lawfare-20201228-p56qf9
I doubt the Greens care if their relentless assault on difficult business causes a long-term recession or a new great depression.
We have all seen examples of climate activists celebrating the Covid-19 lockdown, or “heartwarming” images of abandoned children’s playgrounds. The Greens have made it clear that no matter how much pain this contraction in economic activity causes for ordinary people, many of them consider a decline in economic activity to be a good cause.
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