Climate change liability risks
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Insurers must balance the income from insuring and investing in fossil fuel projects against the growing reputational and litigation risks.
London Market casualty insurers are experiencing increased notifications for climate change related tort claims pursued against “Big Oil” defendants in the USA and other jurisdictions. We outline the headline policy coverage issues arising from these claims and whether the experience of other jurisdictions will be replicated in the UK.
On 18 June 2020, the Bank of England (the Bank) released its first report regarding its own exposures to climate change-related financial risks and its proposed strategy to manage those risks effectively.
The results of Part 2 of the Law Commissions’ joint consultation into the regulation of automated vehicles, “emphasised how uncertain the future has become, and how regulation must be sufficiently flexible to deal with a wide variety of eventualities.”
Since our last article on climate change considerations, perception has moved to a recognition that climate risks affect all sectors, including financial institutions.
On March 23, 2020, Pacific Gas & Electric (PG&E)—the California energy utility—announced that it will plead guilty to criminal charges for its role in the 2018 Camp Fire in Northern California, which led to the deaths of 85 people and caused billions of dollars in property damage. This plea brings a lengthy investigation to a conclusion, but it is not anticipated that PG&E’s existing civil liabilities ($24.5 billion) will increase as a result of the plea agreement.
Boris Johnson’s “oven ready” deal to begin withdrawing the United Kingdom (UK) from the European Union (EU) received royal accent on 23 January 2020, following his success in the December 2019 General Election.
The Court of Appeal (CoA) has very recently handed down its decision in R (Friends of the Earth) v Secretary of State for Transport and others [27.02.20] halting plans for a third runway at Heathrow Airport.
A look at how board-level considerations of climate change must shift, and the potential consequences if they do not.
On Wednesday 9 May 2018, the German government approved a draft law permitting owners of diesel vehicles to join class action lawsuits in Germany.