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On July 25, 2023, Representative Ted Lieu and 19 other Democratic lawmakers from the U.S. House of Representatives and Senate sent a letter to U.S. Attorney General Merrick Garland, requesting that the Department of Justice open an investigation into certain oil and gas companies.
In June 2023, the Australian government published an updated Statement of Expectations for the Australian Prudential Regulation Authority (APRA), requiring it to, among other things, “promote prudent practices and transparency in relation to climate-related financial risks and the adoption of climate reporting standards by regulated entities.”
In June 2023, Climate Action 100+, a climate-focused investor initiative, launched the second phase of its benchmarking program to help investors assess and engage with public companies on climate-related issues.
To investigate and prosecute the illegal trade of timber around the world and the deforestation that results, the U.S. Department of Justice has formed the Timber Interdiction Membership Board and Enforcement Resource (TIMBER) Working Group.
Environmental group ClientEarth has filed a complaint against Cargill, one of the world’s largest soy and grain traders, over alleged deforestation and related human rights issues in Brazil.
On March 28, 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) announced the release of the fourth and final iteration of its beta framework for nature-related risk management and disclosures, including a tiered approach to disclosure metrics.
In April 2023, Goldman Sachs Asset Management (GSAM) published its 12th annual insurance survey, which not surprisingly includes findings that the industry continues to be focused on the potential impact of climate change.
On March 29, the European Financial Reporting Advisory Group (EFRAG) announced that it would start to develop additional guidance for sector-agnostic European Sustainability Reporting Standards (ESRS).
On March 27, the Association of Southeast Asian Nations (ASEAN) Taxonomy Board (ATB), representing ASEAN finance sectoral bodies, released Version 2 of the ASEAN Taxonomy for Sustainable Finance.
Climate Action 100+, a climate-focused investor initiative, last month announced an updated framework designed to help investors assess and engage with public companies on climate-related issues.