Concurrent 7. Presentation for: Climate change litigation: directors’ duties, legal developments and risk management
Louise Camenzuli A * and Andrew Korbel AA Corrs Chambers Westgarth, Sydney, NSW, Australia.
The APPEA Journal 62 - https://doi.org/10.1071/AJ21320
Published: 3 June 2022
Abstract
Presented on Tuesday 17 May: Session 7
Climate change is being repositioned in commercial, financial and legal spheres as a matter that requires board-level strategic attention. With a broad-ranging consensus that climate change risks are material and reasonably foreseeable, activists are pursuing a myriad of legal challenges seeking to hold government and companies to account. As the law develops, a number of trends are emerging which will require companies and directors to adapt their response to climate-change-related risks. In particular, directors are required to adequately inform themselves as to the broader physical and economic consequences of climate change, to critically evaluate the implications for financial performance and risk management, to adapt their company’s strategic response, and disclose and report relevant information to stakeholders. These requirements need to be managed amid significant uncertainties and complexities about the impacts of climate change, and also as to realistic emissions reduction targets, offsetting, innovation, measurement and reporting methodologies. This paper outlines climate litigation trends to assist in equipping boards, directors and general counsel to understand and engage with their company’s exposure. In particular, we consider claims against government which are of relevance to companies, including challenges to project approvals on climate change grounds; as well as potential actions against companies, directors and advisors in respect of fiduciary duties, disclosures and greenwashing.
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Keywords: climate change, climate change duty of care, climate change litigation, climate litigation, climate litigation trends, climate risk, climate risk management, climate-related financial disclosures, climate-related risk, directors’ duties, due care and diligence, emissions reduction target, financial disclosures, greenhouse gas emissions, greenwashing, net zero target, risk management.
Dr Louise Camenzuli is the Head of Environment and Planning at Corrs Chambers Westgarth. Louise is a Planning and Environment Law specialist, with particular expertise in land use and zoning laws, infrastructure agreements and major road, light rail, heavy rail, telecommunications, water and other infrastructure projects. She has acted on numerous extractive industry projects, including mining, coal seam gas extraction and quarrying projects and renewable energy projects, and regularly advises on climate-change-related law and policy. |
Andrew Korbel is a Partner within the Commercial Litigation practice group at Corrs Chambers Westgarth. Andrew is an experienced litigator and has been a trusted advisor to both the private sector and government for more than 20 years. He works with clients to resolve complex and high-value commercial disputes, and protects their interests in inquiries and investigations, including by acting for senior executives and directors in their dealings with regulators. Andrew has closely followed, and written and presented widely on, climate litigation both globally and in Australia, as it has developed and transformed over recent years. |
