Law Commons^™

Investor–State Dispute Settlements: A Hidden Handbrake On Climate Action, Lea Di Salvatore, Lorenzo Cotula, Anirudh Nanda, Chloe Yuqing Wang

Columbia Center on Sustainable Investment

To achieve the Paris Agreement’s climate goals, states must move away from fossil fuels. But investor–state dispute settlement (ISDS) — a system that enables companies to take states to international arbitration — can increase the cost of this transition.

Our research shows that fossil fuel companies have historically secured at least US$82.8 billion in damages and large sums continue to be invested in fossil fuels worldwide. To address this problem, investment governance must be harmonised with global climate goals.

The Green's Dilemma: Building Tomorrow's Climate Infrastructure Today, J. B. Ruhl, James Salzman

Vanderbilt Law School Faculty Publications

"We need to make it easier to build electricity transmission lines." This plea came recently not from an electric utility executive but from Senator Sheldon Whitehouse, one of the Senate's champions of progressive climate change policy. His concern is that the massive scale of new climate infrastructure urgently needed to meet our nation's greenhouse gas emissions reduction policy goals will face a substantial obstacle in the form of existing federal, state, and local environmental laws. A small but growing chorus of politicians and commentators with impeccable green credentials agrees that reform of that system will be needed. But how? How …

Itlos Advisory Opinion On Climate Change: Summary Of Briefs And Statements Submitted To The Tribunal, Maria Antonia Tigre, Korey Silverman-Roati

Sabin Center for Climate Change Law

This report provides a summary of the briefs and statements submitted to the International Tribunal for the Law of the Sea (ITLOS) in response to the Co-Chairs of Commission of Small Island States (COSIS)’ request for an advisory opinion on climate change-related legal questions. The central issue before the ITLOS is whether State Parties to UNCLOS have specific obligations regarding the prevention, reduction, and control of marine environmental pollution stemming from climate change, as well as the protection and preservation of the marine environment concerning climate change impacts. While States and civil society organizations have put forward a variety of …

Permitting Co2 Pipelines, Martin Lockman

Sabin Center for Climate Change Law

Both emissions reductions and removal of greenhouse gases like carbon dioxide (CO2) from the atmosphere are essential if we hope to minimize the damage caused by climate change and globally reduce our net emissions of greenhouse gasses to zero. Some CO2 removal techniques, like “direct air capture” that uses chemical and electrochemical processes to capture atmospheric CO2 at relatively low concentrations, generate a stream of captured CO2 that is then injected into underground rock formations referred to as “geologic storage.” CO2 pipelines represent the most efficient way to transport high volumes of captured CO2 to geologic storage locations. However, while …

Decommissioning Liability At The End Of Offshore Oil And Gas: A Review Of International Obligations, National Laws, And Contractual Approaches In Ten Jurisdictions, Martin Lockman, Martin Dietrich Brauch, Esteban F. Fresno Rodríguez, José Luis Gallardo Torres

Sabin Center for Climate Change Law

Offshore oil and gas infrastructure faces an existential threat: the increasingly pressing need to address the climate emergency. The Intergovernmental Panel on Climate Change projects that GHG emissions from existing and planned fossil fuel infrastructure will push global warming past the Paris Agreement’s 1.5°C threshold, and more detailed projections estimate that “nearly 60 per cent of oil and fossil methane gas ... must remain unextracted to keep within a 1.5 °C carbon budget.” The growing urgency of climate action, coupled with the increasing adoption of renewable energy systems and energy-efficient technologies, may strand thousands of offshore oil and gas installations …

Beyond The North–South Divide: Litigation's Role In Resolving Climate Change Loss And Damage Claims, Maria Antonia Tigre, Margaretha Wewerinke-Singh

Sabin Center for Climate Change Law

Within the international climate regime, legal aspects surrounding loss and damage (L&D) are contentious topics, implicating liability, compensation and notions of vulnerability. The attribution of responsibility and the pursuit of redress for L&D present intricate legal and governance challenges. The ongoing debates under the United Nations Framework Convention on Climate Change are characterized by a pronounced North–South divide and have done little to provide tangible support to those most affected by L&D. This apparent neglect has prompted exploration of alternative avenues for climate harm redress. The burgeoning field of litigation for liability and compensation of climate harm holds potential significance …

Provisions On Liability For Decommissioning Upstream Offshore Oil And Gas Infrastructure In Investor–State Contracts, Martin Dietrich Brauch, Esteban F. Fresno Rodríguez, José Luis Gallardo Torres

Columbia Center on Sustainable Investment

Offshore oil and gas operations are inherently hazardous to the environment, posing environmental risks and impacts throughout all stages of the operations: exploration, development, production, and decommissioning. Offshore decommissioning consists of the process of planning, funding, and implementing measures aimed at safely closing, repurposing, or removing the infrastructure and equipment used in the exploration and production of oil and gas in the marine environment, and at mitigating their impacts. It encompasses a series of activities, including the safe plugging and closure of wells, the removal of equipment and pipelines, the repurposing of platforms, the disposal of non-usable materials and potentially …

Climate Damages, Globalism, And Federal Regulation, Arthur Fraas, John D. Graham, Kerry Krutilla, Randall Lutter, Jason Shogren, W. Kip Viscusi

Vanderbilt Law School Faculty Publications

The U.S. Environmental Protection Agency recently proposed for public comment new higher estimates of damages from greenhouse gas (GHG) emissions. The estimates, called the social cost of carbon (SCC), are "the monetary value of the net harm to society of emitting a metric ton of carbon dioxide to the atmosphere in a given year." Ranging from $120 to $340 per metric ton of carbon dioxide (C02) emitted for 2020, these estimates represent harm to everyone on earth from a metric ton of C02 emissions, and therein lies a key issue. Recent administrations have split on whether the U.S. government should …

Modelling Climate Litigation Risk For (Re)Insurers, Martin Lockman

Sabin Center for Climate Change Law

In response to the growing threat of climate change, the insurance industry has made significant investments in modelling and quantifying physical climate risks. However, the emerging risk of climate litigation has proven particularly difficult to model. In 2015 Mark Carney, then-Governor of the Bank of England and Chairman of the Financial Stability Board, warned that climate litigation poses “long-tail risks” for insurers that may be “significant, uncertain and non-linear.” Since that warning, the number of climate-related cases has more than doubled, and the scope and financial significance of climate litigation has become increasingly clear. However, insurers and regulators still struggle …

Global Climate Litigation Report: 2023 Status Review, Michael Burger, Maria Antonia Tigre

Sabin Center for Climate Change Law

This Global Climate Litigation Report: 2023 Status Review, which updates previous United Nations Environment Programme reports published in 2017 and 2020, provides an overview of the current state of climate change litigation and an update of global climate change litigation trends. It provides judges, lawyers, advocates, policymakers, researchers, environmental defenders, climate activists, human rights activists (including women’s rights activists), NGOs, businesses and the international community with an essential resource to understand the current state of global climate litigation, including descriptions of the key issues that courts have faced in the course of climate change cases.

Antitrust And Sustainability: A Landscape Analysis, Columbia Center On Sustainable Investment, Sabin Center For Climate Change Law

Columbia Center on Sustainable Investment

Competition policy and antitrust law are experiencing a global renaissance. New market realities such as digital market gatekeepers, the financialization of firms, highly concentrated markets, a rising labor movement, industrial policy, and trade wars, among others, are radically reshaping how this policy area is understood and applied.

Sustainability concerns have also been a driving force for reconstituting antitrust to meet twenty-first century challenges. It is now widely accepted that competition policy – both its aims and its enforcement – has wider societal impacts beyond competition, including effects on democracy, economic inequality, growth and innovation, racial and gender imbalances, privacy, geopolitical …

Harmonizing Product-Level Ghg Accounting For Steel And Aluminum, John Biberman, Gyunbae Joe, Perrine Toledano

Columbia Center on Sustainable Investment

Greenhouse gas (GHG) accounting methods for steel and aluminum products have begun converging towards common standards within their respective industries in recent years. However, accounting methods for steel products and aluminum products are still not fully comparable with each other. If emissions are measured and allocated differently for these products, then these accounting differences have the potential to influence materials choices for manufacturers concerned about reducing their reported GHG footprint. Companies could therefore be motivated to make a choice between aluminum and steel according to emissions benefits that materialize from differences in accounting frameworks, but which do not actually exist …

Finance For Zero: Redefining Financial-Sector Action To Achieve Global Climate Goals, Lisa E. Sachs, Nora Mardirossian, Perrine Toledano

Columbia Center on Sustainable Investment

As of 2023, the financial system is woefully misaligned with the world’s climate goals. Six times the current annual level of investment in non-fossil fuel investments is needed between 2023 and 2030 to stay on a 1.5ºC warming pathway. The ratio of clean-energy lending and equity underwriting by banks relative to fossil fuels needs to reach 4 to 1 by 2030, whereas for 1,142 assessed banks, the ratio was between 0.8 and 1 at the end of 2021.

As providers, underwriters, and fiduciaries of trillions of dollars of capital flows annually, financial institutions (FIs) play a critical role in decarbonizing …

Centrality And Compliance: Unitary Vs. Federalist Political Systems In The Implementation Of The Kyoto Protocol In Argentina And Uruguay, Aidan Homan

Baker Scholar Projects

When Uruguay and Argentina first gained their respective independence in the early 1800s, they appeared to be following the same path of development As countries that came from the same Spanish colonization, share almost identical agricultural economies, and retain a close relationship, it is logical that they would follow similar trajectories. This assumption proves to be inaccurate in more ways than one, but most prominently within the environmental sphere. One way to analyze this difference in policy implementation lies in compliance with international environmental treaties which contain specific goals and limits for all parties involved. The Kyoto Protocol presents a …

Grid Governance In The Energy-Trilemma Era: Remedying The Democracy Deficit, Daniel E. Walters, Andrew N. Kleit

Faculty Scholarship

Transforming the electric power grid is central to any viable scenario for addressing global climate change, but the process and politics of this transformation are complex. The desire to transform the grid creates an “energy trilemma” involving often conflicting desires for reliability, cost, and decarbonization; and, at least in the short run, it is difficult to avoid making tradeoffs between these different goals. It is somewhat shocking, then, that many crucial decisions about electric power service in the United States are made not by consumers or their utilities, nor by state public utilities commissions or federal regulators. Instead, for much …

Transferred Emissions Are Still Emissions: Why Fossil Fuel Asset Sales Need Enhanced Transparency And Carbon Accounting, Jack Arnold, Martin Lockman, Perrine Toledano, Martin Dietrich Brauch, Shraman Sen, Michael Burger

Columbia Center on Sustainable Investment

In a widely reported trend, the “Oil Supermajors” — BP, Chevron, ConocoPhillips, Eni, ExxonMobil, Shell, and TotalEnergies — are selling off many upstream fossil fuel assets.

Selling these assets to entities that will continue producing and selling the fossil fuel resources does not necessarily reduce greenhouse gas emissions, but the supermajors have used these asset sales to support claims that they are making progress toward reaching net-zero greenhouse gas emissions.

Emissions reporting frameworks allow companies to conflate the apparent emissions reductions from asset sales with direct reductions from efficiency improvements and asset retirements. In doing so, they hinder the ability …

Climate Services: The Business Of Physical Risk, Madison Condon

Faculty Scholarship

A growing number of investors, insurers, financial services providers, and nonprofits rely on information about localized physical climate risks, like floods, hurricanes, and wildfires. The outcomes of these risk projections have significant consequences in the economy, including allocating investment capital, impacting housing prices and demographic shifts, and prioritizing adaptation infrastructure projects. The climate risk information available to individual citizens and municipalities, however, is limited and expensive to access. Further, many providers of climate services use black box models that make overseeing the scientific rigor of their methodologies impossible— a concern given scientific critiques that many may be obfuscating the uncertainty …

Commentary: Nature-Based Insetting: A Harmful Distraction From Corporate Decarbonization, Nora Mardirossian, Jack Arnold

Columbia Center on Sustainable Investment

Carbon offsetting is used worldwide on a massive scale, purportedly to mitigate climate change by capturing atmospheric carbon or by increasing or protecting carbon storage. Yet, in recent years, offsetting has been increasingly criticized as a strategy that can harm Indigenous peoples and local communities, exacerbate land inequality, and, paradoxically, worsen the global climate crisis. “Carbon insetting” has emerged as an alternative approach to offsetting that localizes nature-based solutions projects and other greenhouse gas removal activities within company value chains and has been adopted by major global brands such as Nestlé, PepsiCo, and Burberry. This commentary takes a deep dive …

Developing Model Federal Legislation To Advance Safe And Responsible Ocean Carbon Dioxide Removal Research In The United States, Romany M. Webb, Korey Silverman-Roati

Sabin Center for Climate Change Law

This model federal legislation aims to advance safe and responsible ocean carbon dioxide removal (CDR) research in U.S. waters. Controlled field trials and other in-ocean research is critical to improve scientific and societal understanding of CDR techniques that could help the U.S. reach its climate goals. However, existing legal frameworks were not designed to regulate ocean CDR and, in some cases, unnecessarily or inappropriately restrict needed research. The purpose of this proposed model legislation is to establish clear and efficient permitting regime for in-ocean CDR research. At the same time, the model legislation builds in consultation, monitoring, and other safeguards …

Ghg Accounting Methods In The Aluminum Industry, John Biberman, Perrine Toledano, Rohini Ram Mohan

Columbia Center on Sustainable Investment

Primary aluminum production is one of the world’s most GHG-intensive industries, and also one where GHG accounting methods have become the most fully developed. GHG reporting for the primary aluminum sector has largely consolidated under the International Aluminium Institute’s (IAI) guidance, although Environment Canada (EC) guidance remains active and Chinese aluminum smelters will soon additionally be required to report their emissions under the China National Development and Reform Commission’s (China NDRC) guidelines, meant to support the development of the Chinese emissions trading system. The IAI method largely follows best GHG accounting practices, but aspects of it can be improved, and …

Climate Change And The Law Of National Security Adaptation, Mark P. Nevitt

Faculty Articles

The Department of Defense (DoD) is the largest employer in the world, owns and operates an enormous global real estate portfolio, and emits more Greenhouse Gases (GHGs) than many nations. Entrusted with the national security, the DoD is now threatened by a new enemy—climate change. Climate change imperils national security infrastructure while undermining the military’s capacity to respond to climate-driven disasters at home and abroad. However, legal scholarship has yet to address what I call “the law of national security adaptation” and related questions. For example, how do environmental and climate change laws apply to the U.S. military? What laws …

Protecting The Ocean - Moving Forward At 50: London Convention/Protocol And Stockholm Declaration, Fiftieth Anniversary Proceedings, Ronán Long, José Manuel Pacheco Castillo, Elnaz Barjandi, Ríán Derrig, Linda Del Savio, Dorothee Seybold, Andrew Birchenough, Fredrik Haag

Conference Papers

Fifty years have elapsed since environmental concerns were brought to the fore of the international community’s attention. The year 2022 marks the 50th anniversary of the adoption of the London Convention and the Stockholm Declaration, two landmark international instruments that set a path towards the current international environmental regulatory framework. The International Maritime Organization and the World Maritime University hosted the joint International Academic Conference ‘Protecting the Ocean – Moving forward at 50: London Convention and Stockholm Declaration’ with the aim of raising awareness, discussing ocean-climate-related topics, and charting new avenues for impactful future research and policy initiatives. This report …

Climate Security Insights From The Covid-19 Response, Mark P. Nevitt

Faculty Articles

The climate change crisis and COVID-19 crisis are both complex collective action problems. Neither the coronavirus nor greenhouse gas (GHG) emissions respect political borders. Both impose an opportunity cost that penalizes inaction. They are also increasingly understood as nontraditional, novel security threats. Indeed, COVID-19’s human cost is staggering, with American lives lost vastly exceeding those lost in recent armed conflicts. And climate change is both a threat accelerant and a catalyst for conflict—a characterization reinforced in several climate-security reports. To counter COVID-19, the President embraced martial language, stating that he will employ a “wartime footing” to “defeat the virus.” Perhaps …

Natural Gas And Net Zero: Mutually Exclusive Pathways For The Southeast, Adam D. Orford

Scholarly Works

Climate policy increasingly focuses on pathways to achieving net zero greenhouse gas emissions by 2050, providing a clear standard against which to evaluate energy system planning. Examining the current and projected fuel mix of the electric power sector in the southeastern United States shows that an ongoing transition to natural gas for electricity risks locking in decades of greenhouse gas emissions at levels fundamentally incompatible with net zero goals. Furthermore, southeastern regulatory proceedings are not well designed to engage with this reality, although useful regulatory models are emerging. Natural gas will remain an important part of the southeastern fuel mix …

Achieving Climate Justice Through Land Back: An Overview Of Tribal Dispossession, Land Return Efforts, And Practical Mechanisms For #Landback, Vanessa Racehorse

Faculty Scholarship

Due to the increasing pressures of the climate change crisis, federal and state governments are beginning to acknowledge that Indigenous-led stewardship and control over Tribal aboriginal homelands is a crucial component of addressing climate change. In the United States, Tribal nations have a long history of responsible land stewardship, with environmental conservation and respect for the world's biodiversity being an inextricable piece of Tribal customs, traditions, and knowledge. This Article strives to pay due respect to traditional land stewardship and its important role in the past, present, and future.

Part I of this Article starts with an overview of the …

Saving Climate Disclosure, Scott Hirst

Faculty Scholarship

Designing a regulatory response to climate change is one of the defining challenges of our era. In an attempt to address it, the Securities and Exchange Commission (SEC) has recently proposed a historic rule requiring climate-related disclosure by companies, resting squarely on the rationale of "investor demand." The proposed climate disclosure rule has met with an unprecedented response, some of it reflective of investor demand, but also including a broad array of opponents critical of the rule, who cast doubt on the rule's validity. A judicial challenge is all but inevitable.

This Article explains that the best way for the …

Growth ≠ Density: Zoning Deregulation And The Enduring Problem Of Sprawl, Christopher Serkin, Kelsea Best

Vanderbilt Law School Faculty Publications

According to its many critics, zoning bears significant responsi- bility for the housing crisis in America andfor promoting unsustain- able development patterns. Reformers argue that zoning reduces the supply of new housing and therefore drives up prices in thriving communities. Zoning also increases carbon emissions by restricting density in the urban core and promoting carbon-intensive, land- consuming, automobile-dependent sprawl in single-family suburbs. A growing chorus calls for relaxing zoning limits in order to pro- mote growth in the urban core as a response to the twin crises of housing costs and climate change. Relaxing zoning limits will al- most certainly …

Status Report On Principles Of International And Human Rights Law Relevant To Climate Change, Katelyn Horne, Maria Antonia Tigre, Michael B. Gerrard

Faculty Scholarship

The report aims to provide high-level guidance on the legal issues to be analyzed by the ICJ on the advisory opinion request on climate change. The status report addresses (i) advisory proceedings before the ICJ, including the Court’s jurisdiction and procedure (Section II), and (ii) key legal principles relevant to the request for an advisory opinion, including principles of international environmental law and international human rights law (Section III). The report identified, in a non-exhaustive manner, key relevant principles of international environmental law, key relevant principles of international human rights law, and issues of intergenerational equities that apply to the …

"Green" Corporate Governance, Madison Condon

Faculty Scholarship

This chapter explores the rise and future of “green” corporate governance, including how concerns about the changing climate are shaping long-extant debates in corporate law.² This area is difficult to survey in one short chapter, both because it has exploded in importance, and because it intersects in its own way with many of the topics discussed in the above chapters. Compliance, directors’ duties, corporate purpose, corporate groups, and investor stewardship, are just a few of the issues bound up in the rapid and recent shift toward thinking about climate change and its intersection with corporate governance.³

The rise …

The Case Against Regional Transmission Monopolies, Kristen Van De Biezendos

Faculty Scholarship

Over the next decade, the United States will need to build significant regional transmission infrastructure to achieve the country’s goal of net-zero power by 2035. However, there is a significant barrier: the transmission system is almost entirely owned by private monopolies. As a result, the grid has grown not to serve the public interest but in accordance with the economic priorities of these monopolies, which are not incentivized to innovate, find efficiencies, or lower costs. Past attempts to encourage competitive bidding for regional transmission projects have been stymied by laws intended to protect the monopolies, including the right of first …