On February 22, 2021, the US Federal Energy Regulatory Commission (FERC) announced its intention to open a new proceeding to examine the threat that climate change and extreme weather events pose to electric reliability.

On February 24, 2021, Acting Chair of the US Securities and Exchange Commission (SEC), Allison Herren Lee, announced that the agency will be focusing on public companies’ climate change disclosures as part of an effort to both assess current compliance with federal securities laws and develop new disclosure requirements for climate change.

The Pension Schemes Act 2021 sets out a framework for new climate risk-related governance and reporting requirements for trustees of larger schemes. The detailed requirements will be set out in regulations and statutory guidance, and the government is currently consulting on draft versions of the regulations and guidance.

On February 9, 2021, the US National Association of Insurance Commissioners (NAIC) announced its strategic priorities for 2021, and these included Climate Risk and Resiliency.

Over 1,000 firms have made either indicative or concrete pledges to align their greenhouse gas emissions with the Paris Agreement—which means reducing emissions to zero by 2050. For many firms, achieving this aim will require the use of carbon offsets at some point.

Whether or not climate change is real and represents an existential threat and, if so, regardless of the reasons for it, the number and severity of domestic natural disasters appear to be on the rise.

Whether or not climate change is real and represents an existential threat and, if so, regardless of the reasons for it, the number and severity of domestic natural disasters appear to be on the rise.

On 14 January 2021, the Financial Services Commission (FSC) announced a series of measures to improve corporate disclosure rules in South Korea, including initiatives to promote environmental, social and governance (ESG) and responsible investing (the “Measures”).