I have provided below a link to a pdf of a new paper (September 2020) that is written as “the result of a collaboration between the PRI and the Climate Risk Initiative at UC Berkeley School of Law’s Center for Law, Energy & the Environment.” The UNEP Finance Initiative also appears to be an author or sponsor.
The paper and its recommendations are not law. However, the paper is potentially (i.e., appears to be) more than simply discussion when you view the Acknowledgements (page 4) and the Forwards (pages 5-7).
The paper contains 40 recommendations in 7 categories which encourage California to enact legislation and/or regulations that require ESG standards or processes and disclosures for the listed entities and organizations.
I will not be spending much time on this paper for the reason that as a general rule I don’t spend much time on discussion papers that are not proposed or actual legislation, regulations or rules. However, I am mentioning this paper because I am presuming that it was written with at least some buy-in from other people who have the authority to make some or all of the provisions enforceable by law. And I note that at page 26, under the heading “Challenges” with respect to ESG integration, the paper notes “A lack of consistent, comparable, robust, and widely available ESG data . . . ,” and the paper also does contain the 40 specific recommendations many of which relate to statutes (law) or regulations (also law).
One additional comment about the paper and ESG standards, while the paper in part discusses legislation to require and mandate that certain non-governmental businesses implement certain ESG standards and reporting or disclosure, the paper also discussed or provides ESG recommendations for governmental organizations in California – for which I presume that ESG standards and reporting (i.e., standards and reporting for governmental entities and organizations) could be ordered or required immediately or relatively easily right now – thus, one approach would be for governmental entities and organizations to lead the way by example.
The following is a link to the paper:
Best to you. David Tate, Esq.
Remember, every case and situation is different. It is important to obtain and evaluate all of the evidence that is available, and to apply that evidence to the applicable standards and laws. You do need to consult with an attorney and other professionals about your particular situation. This post is not a solicitation for legal or other services inside of or outside of California, and, of course, this post only is a summary of information that changes from time to time, and does not apply to any particular situation or to your specific situation. So . . . you cannot rely on this post for your situation or as legal or other professional advice or representation.
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Best to you, David Tate, Esq. (and inactive California CPA) – practicing in California only
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