Climate change is a critical long-term challenge for businesses.
The effects are already being felt and causing significant shifts in corporate strategy and compliance management.
The Paris target of limiting warming to 1.5 degrees represents the 'north star' for these shifts, but organisations face the challenge of fragmented domestic implementation of this international target.
Alongside this challenge, the regulatory response to climate change also presents significant opportunities, with new markets and technologies developing as part of the transition towards a lower carbon economy.
How we can help
Clients look for efficient and comprehensive guidance on the changing regulatory environment to take advantage of emerging opportunities and to comply with evolving standards.
We provide advice on:
- Directors' duties and corporate disclosure obligations in relation to climate-related financial risk, in particular the interaction between these duties and the Taskforce on Climate-related Financial Disclosures (TCFD) framework;
- Statutory duties of public bodies in relation to climate-related financial risks;
- Obligations under emissions reporting, renewable energy and emissions reduction legislation, including the National Greenhouse and Energy Reporting Scheme and Safeguard Mechanism;
- Advice and submission writing in relation to emerging reforms in the climate change and renewable energy policy area;
- Projects aimed at greenhouse gas reductions, both domestically and internationally, including in the agricultural and land use sectors;
- Offtake agreements for carbon units, including Australian Carbon Credit Units;
- Contractual allocation of risk in relation to, and responsibility for, climate-related regulatory obligations;
- Assisting clients to manage climate-related risks in approvals processes for new projects; and
- Advising on physical risk mitigation strategies, including organisation-wide climate adaptation strategy planning.
Keeping our clients informed of climate change-related regulation in Australia, Asia and Europe
Our extensive resources, including our alliance with Linklaters, enable us to stay ahead of legal issues relating to climate change across multiple jurisdictions and to share this information with our client network. In particular, we work with Allens' industry specialists to tailor advice on emerging climate risks and opportunities to ensure its relevance to boards, in-house counsel and managers in affected sectors.
In line with our commitment to sustainability, we were the first Australian law firm to be certified carbon neutral
Through the Australian Government's Carbon Neutral Program, sourcing high quality carbon offsets in partnership with the Qantas Future Planet Program, we seek to support projects with social and economic co-benefits, including an indigenous carbon farming project in the North Kimberley.