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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Environmental

Date & Time
  • event Date

    Wednesday, December 13, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00
CLE
ALL

This CLE webinar will provide a detailed discussion of the recent EU climate initiatives Corporate Sustainability Reporting Directive (CSRD) and Carbon Border Adjustment Mechanism (CBAM) and their far-reaching compliance requirements including stringent ESG disclosures, carbon tax payments, and strict reporting obligations that will also affect non-EU companies. The panel will address which non-EU companies will be affected and when and provide best practices for compliance.

Faculty

Shannon S. Broome
Partner; California Environmental Practice Group Leader
Hunton Andrews Kurth LLP

Ms. Broome’s prior experience as a chemical engineer in the oil and gas industry affords her unparalleled insights into the development of regulations and counsel on environmental, health and safety issues. Her work focuses on permitting, enforcement, environmental incident response, and regulatory advocacy and litigation. A nationally recognized authority on Clean Air Act matters, with more than 25 years of experience addressing all aspects of the statute, Ms. Broome represents clients in a variety of manufacturing and energy sectors, including oil and gas, chemical, paper, automotive, power generation and utilities. She is a Governing Council Board Member 2019-2022 term, Immediate Past Chair Climate Change Committee, Vice-Chair, Climate Change Committee and Air Quality Committee, ABA’s Section on Energy, Environment, and Resources. Ms. Broome has achieved certification by the Sustainability Accounting Standards Board in ESG issues related to sustainable accounting principles.

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Jindrich Kloub
Partner, Head European Antitrust Team
Wilson Sonsini Goodrich & Rosati

Mr. Kloub focuses on complex antitrust investigations, cartel defense, digital markets regulations, and general antitrust counseling and compliance. He is a member of the firm’s ESG cross-practice initiative and his practice also covers counseling on sustainability collaborations and compliance with the EU’s sustainability regulations. Mr. Kloub is a frequent speaker and author on competition law and maintains deep connections within the international enforcement community. He has been a visiting professor of competition law at Université Catholique de Lille since 2010.

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Description

The EU has recently adopted two climate initiatives, CSRD and CBAM, that will begin affecting covered companies--including non-EU and U.S. companies--in the near future. Given the breadth of scope and complexity of each of these initiatives, counsel should take steps now to understand what effect these initiatives may have on their non-EU client companies and how they can best prepare for compliance with the extensive procedural and reporting obligations.

While the CSRD is a European directive, the CSRD is wide reaching and has the potential to affect at least 10,000 non-EU headquartered companies, of which more than 3,000 are U.S. companies. The CSRD's new reporting requirements are voluminous and complex and will require the disclosure of a broader set of ESG topics than the SEC's proposed climate-disclosure rule. The first reporting period begins on Jan. 1, 2024.

Additionally, the CBAM imposes a reporting obligation and carbon tax on the import of certain goods into the EU. The CBAM transition phase and first reporting period are effective Oct. 1, 2023. Companies must report for the first time by Jan. 31, 2024. Exporters into the EU will pay the CBAM based on the embedded emissions of the products they are selling, with a rebate for any carbon price that has already been paid in the country of origin. Exporters to the EU must report the emissions embedded in their products or face hefty fines.

Listen as our expert panel provides a detailed discussion of the CSRD and CBAM and how they will affect non-EU companies. The panel will address what companies may be affected and when and best practices to prepare for and comply with these new climate initiatives.

Outline

  1. Overview of EU climate initiatives
  2. CSRD
    1. Purpose
    2. Affected companies
    3. Progressive rollout timeline
    4. Required ESG disclosures
    5. Exemptions
    6. Effect on non-EU/U.S. companies
    7. Penalties for noncompliance
    8. Other considerations
  3. CBAM
    1. Purpose
    2. Affected companies
    3. Transition phase
    4. Covered exports to the EU
    5. Reporting and tax requirements
    6. Effect on non-EU/U.S. companies
    7. Penalties for noncompliance
    8. Other considerations
  4. Best practices for preparation and compliance

Benefits

The panel will review these and other key issues:

  • What ESG disclosures must be made under CSRD and how do these differ from the proposed SEC rule?
  • What is the progressive rollout timeline for CSRD compliance and what should companies do to prepare for CSRD compliance even if they are not immediately affected?
  • What is the transition phase of CBAM and when will it be fully effective?
  • What CBAM reporting is required of covered companies during the transition phase as compared to when it is fully effective?
  • What are the penalties for CSRD and CBAM noncompliance?