Investors will be increasingly subject to direct climate litigation risk in 2024, reports ESG investor. The article cites research by Associate Professor Thom Wetzer and the Oxford Sustainable Law Programme, which found that investors are largely "flying blind" to the increasing risks.
Research by the Oxford Sustainable Law Programme (SLP) found that investors and regulators have seriously overlooked the risk of potential climate lawsuits. "The research is relevant to all investors, including the University of Oxford," said Associate Professor Thom Wetzer.
Failing to assess legal risks could lead investors and regulators to back the wrong projects, according to research by the Oxford Sustainable Law Programme. Associate Professor Thom Wetzer told Politico that it was "shock to realise" that these risks are largely missing from climate risk estimates.
In the run-up to COP28, new research from a team at the University of Oxford and Imperial College London warns that states which over-rely on future Carbon Dioxide Removal (CDR) to meet Paris Agreement targets could fall foul of international law.
Dr Ben Franta writes on how, according to a report by Greenpeace Italy and advocacy group ReCommon, Italian oil major Eni knew of the climate impacts of fossil fuel extraction since 1970.
A group of 16 youth climate activists won a remarkable victory in court against the state of Montana in the United States this week. “As other branches of government continue to show inadequate action, the judiciary offers glimmers of hope for those seeking to halt the climate catastrophe unfolding before us,” said Dr Benjamin Franta.
A group of eight large commercial law firms, calling themselves Legal Charter 1.5, have come together to create and sign a charter outlining a set of common principles to reduce greenhouse gas emissions on a timescale that will prevent global warming from rising above 1.5°C.
Dr Thom Wetzer, associate professor of law and finance at the University of Oxford, commented: “The legal profession has the potential to do tremendous good and it can be part of the solution to the climate crisis. That is why the launch of this Legal Charter is such a welcome step forward. It will allow law firms to share expertise with those seeking to improve the current system.”
Dr Thom Wetzer, Associate Professor of Law and Finance and the Founding Director of the Oxford Sustainable Law Programme, has been announced as the winner of The Smith School's inaugural Teaching Excellence Award.
Mishcon de Reya has today announced that it has partnered with organisations from three leading academic institutions - the London School of Economics and Political Science (LSE), Imperial College London and the University of Oxford - to launch the Climate Science and Law Forum. Dr Rupert Stuart-Smith commented: "Climate science has a crucial role to play in supporting legal claims for climate accountability. If the full potential of legal action on climate change is to be realised, it is essential that lawyers have access to scientific insight that provides a firm factual basis for claims. We are delighted to contribute to the Forum and look forward to collaborating with our partners to support high-impact climate litigation in the UK and beyond."