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Financial Regulation Regulatory Activities Report

Public Comments Overwhelmingly Support the US Labor Department Proposed Rule Addressing the Inclusion of ESG Criteria and Proxy Voting in ERISA-Governed Retirement Plans

This analysis of public comments found overwhelming support for the Department of Labor's proposed rule Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, with 97 percent of comments in favor. The proposed rule affirms the ability of retirement plan fiduciaries to consider climate risk and other environmental,…

Eric Pitt, Bryan McGannon, Ginny Brooks, Gabriel Malek, Stephanie Jones and Claire Staib-KaufmanJanuary 25, 2022

Financial Disclosure Financial Regulation Report

Assessing the Costs and Benefits of Mandatory Climate Risk Disclosure

As the Securities and Exchange Commission (SEC) prepares a new climate risk disclosure rule, this report analyzes relevant case law and highlights best practices that the SEC can follow in estimating the rule’s economic impacts. With trade groups expected to challenge any new disclosure requirement by claiming that its costs…

Jack Lienke and Alex SongJanuary 19, 2022

Financial Disclosure Financial Regulation Report Risk Management

What Investors and the SEC Can Learn from the Texas Power Crises

This report reviews 10-K filings to the SEC in the context of the February 2021 extreme winter weather event and ensuing power outages in Texas.

Stephanie Jones, Gabriel Malek, Michael Panfil and David VictorJune 14, 2021

Financial Disclosure Financial Regulation Report

Mandating Disclosure of Climate-Related Financial Risk

This report argues that the SEC should strengthen mandatory climate risk disclosure rules. An updated version was published as a journal article in the NYU Journal of Legislation and Public Policy in June 2022.

Madison Condon, Sarah Ladin, Jack Lienke, Michael Panfil and Alex SongFebruary 10, 2021

Financial Disclosure Financial Regulation Report

Corporate Climate Risk: Assessment, Disclosure, and Action (Conference Brief)

This brief summarizes remarks made at a conference on corporate climate-related financial risk, including panels on assessing risk, economic implications for mitigation, the current state of disclosure, and policy considerations for regulators.

Institute for Policy IntegrityFebruary 9, 2021

Adaptation as Risk Management Energy Regulation Report Risk Management State Energy Regulation

Climate Risk in the Electricity Sector: Legal Obligations to Advance Climate Resilience Planning by Electric Utilities

This report finds that proactive climate resilience planning by electric utilities is required under public utility law and tort law. An updated version was published as a journal article in the Environmental Law Review in October 2021.

Romany Webb, Michael Panfil and Sarah LadinDecember 3, 2020

Financial Disclosure Financial Regulation Report

Emission Omission: A Shareholder Engagement Guide to Uncovering Climate Risks from Non-Operated Assets in the Oil and Gas Industry

This report explores management of methane emissions from the oil and gas industry with the goal to support dialogue that can mitigate investment risk and drive reduction in climate warming, thereby linking shareholder engagement to shareholder value.

Meredith Block, Ben Ratner, Dominic Watson and Louise WhiteOctober 12, 2020

Report Risk Management

The Law and Science of Climate Change Attribution

This Article provides a comprehensive survey of the roles attribution science plays in climate change law and litigation.

Michael Burger, Jessica Wentz and Radley HortonFebruary 2, 2020

Report Risk Management

State Hazard Mitigation Plans & Climate Change: Rating the States 2019 Update

The Federal Emergency Management Agency (FEMA) provides technical assistance to states to develop State Hazard Mitigation Plans (SHMPs) which serve as “blueprints” for state efforts to prepare for natural and man-made hazards. This report analyzes SHMPs issued since 2014 and assesses their compliance with the 2016 FEMA Climate Guidance. The…

Dena Adler and Emma GoslinerSeptember 16, 2019

Environmental Justice Report Risk Management

Breaking the Cycle of Flood-Rebuild-Repeat: Local and State Options to Improve Substantial Damage and Improvement Standards in the National Flood Insurance Program

This paper discusses the substantial improvement/damage (SI/SD) standard in the National Flood Insurance Program (NFIP) which requires property owners making significant improvements or repairs to structures in areas most vulnerable to flooding to take certain measures to mitigate their risk. It also surveys more rigorous SI/SD standards adopted by NFIP…

Dena Adler and Joel ScataJanuary 22, 2019

Public Comments Overwhelmingly Support the US Labor Department Proposed Rule Addressing the Inclusion of ESG Criteria and Proxy Voting in ERISA-Governed Retirement Plans

Assessing the Costs and Benefits of Mandatory Climate Risk Disclosure

What Investors and the SEC Can Learn from the Texas Power Crises

Mandating Disclosure of Climate-Related Financial Risk

Corporate Climate Risk: Assessment, Disclosure, and Action (Conference Brief)

Climate Risk in the Electricity Sector: Legal Obligations to Advance Climate Resilience Planning by Electric Utilities

Emission Omission: A Shareholder Engagement Guide to Uncovering Climate Risks from Non-Operated Assets in the Oil and Gas Industry

The Law and Science of Climate Change Attribution

State Hazard Mitigation Plans & Climate Change: Rating the States 2019 Update

Breaking the Cycle of Flood-Rebuild-Repeat: Local and State Options to Improve Substantial Damage and Improvement Standards in the National Flood Insurance Program

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