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The 2021 United Nations Climate Change Conference (also known as COP26) is taking place in Glasgow between 31 October and 12 November 2021. With the summit approaching, we have recently seen a plethora of proposed governmental policy supporting the UK’s commitment to transition to a net zero economy.
The post-Brexit landscape demands consideration in a number of business critical areas. In our latest report, we examine the outstanding issues around the mutual recognition of regulations, and the impact to UK insurers.
The recent decision by a Dutch court against Shell (Milieudefensie et al. v Royal Dutch Shell plc) has expanded climate litigation into the protection of fundamental rights and the imposition of positive duties on companies in respect of their future actions.
The global challenge to transition to a carbon neutral economy increasingly dictates that climate conservation becomes an integral part of decision making in the private and public sector. The Climate Change Act (2050 Target Amendment) Order 2019 has legislated the UK target to reduce greenhouse gas emissions by 100% by 2050.
The EU-UK Trade and Cooperation Agreement (TCA) provides the basis for further legal certainty to be agreed following the end of the transition period on 31 December 2020. It was, as we all saw, a fairly tortuous journey and securing a deal seemed impossible at times because both sides had very different aims in mind.
Stress-testing for banks was first introduced as a response to the financial crisis in 2008/2009, and is used by the Bank of England to assess how banks can cope with severe economic scenarios in terms of capital requirements.
Insurers must balance the income from insuring and investing in fossil fuel projects against the growing reputational and litigation risks.