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spring 2023 course materials

Class Policies

Framing the class
Caroline Bradley, Why Climate Finance
Neil Gunningham, A Quiet Revolution, Central Banks, Financial Regulators and Climate Finance, Sustainability (2020) (this article does a very good job of framing issues in the area of climate finance (especially focusing on regulation))

Fossil fuels and divestment
Themes:
– Campaigns may induce legislators/regulators to change the rules
– Changing public opinion about an area might affect how judges think about particular legal issues
– The importance of governance that isn’t about legal rules but about norms of behavior: beyond any potential impact on legal rules divestment is about changing how investors and financial firms behave
– Levels of harm: coal, oil, liquid natural gas
Readings:
Julie Ayling & Neil Gunningham, Non-state Governance and Climate Policy: the Fossil Fuel Divestment Movement, Climate Policy (2015)
Kate J. Neville, Shadows of Divestment: The Complications of Diverting Fossil Fuel Finance 20 Global Environmental Politics 3 (2020)
Mikko Rajavuori, Divestment of Fossil Fuel Assets (January 3, 2020) in Harro van Asselt & Michael Mehling (eds.), Research Handbook on Climate Finance and Investment Law (Edward Elgar 2021) Available at SSRN: https://ssrn.com/abstract=3724464
Auke Plantinga & Bert Scholtens The financial impact of fossil fuel divestment, 21 Climate Policy 107-119 (2021).
Global Fossil Fuel Divestment Commitments Database

Measuring carbon and net zero
See generally, United Nations Net-zero Coalition information
SBTi Net-Zero Standard (Oct. 2021)
Thomas Hale, Stephen M. Smith, Richard Black, Kate Cullen, Byron Fay, John Lang & Saba Mahmood (2022) Assessing the Rapidly-Emerging Landscape of Net Zero Targets, 22:1 Climate Policy 18-29 (2022). DOI: 10.1080/14693062.2021.2013155
IOSCO, Voluntary Carbon Markets Discussion Paper CR/06/22 (Nov. 2022).

Against ESG
Zoe Stern, Retirement Plan Fiduciaries Can Now Consider ESG Factors, The Regulatory Review (Jan. 26, 2023)
Department of Labor, Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, 87 Fed. Reg. 73822 (Dec. 1, 2022) [you can focus on pp 73822-73828]
Complaint in Utah v Department of Labor
The Heritage Foundation, Eliminate Economic Boycotts Act

Securities law and climate related financial disclosures

Climate change and financial regulation: banking

Climate change and financial regulation: insurance

Climate change and financial regulation: asset management

Climate change and financial regulation: financial market infrastructures and financial stability

Foreign investment law and fossil fuels
[energy charter treaty; states terminating the treaty; changing the sunset provision then terminating ]

Green/Sustainable financing
[Chancery Lane Project: specific suggested clauses]

ESG Ratings and Data Products

Climate change litigation

Climate Change and Inequality