Guest essay by Eric Worrall
As companies and company directors go all in to try to prevent the Covid economic crash from turning into a new great depression, greens are advancing plans to bleed struggling businesses with a wave of nuisance climate lawsuits.
Companies, directors, governments face wave of climate change lawfare
Companies, directors, governments and professional services firms face a growing risk of litigation over their climate change disclosure and emissions reduction policies in 2021, experts predict, as concerned citizens turn to the courts to spearhead environmental action.
It builds on a trend of climate change litigation that culminated in the Retail Employees Superannuation Trust (Rest) settlement in 2020, which for the first time forced the super fund to recognise climate change was a financial risk, and stress-test its portfolio against the Task Force on Climate-related Financial Disclosures (TCFD).
Mark McVeigh, the 24-year-old Rest member who launched the landmark case against the fund, warned that anyone bringing climate change cases needed to settle in for the long haul.
“Be aware it will take a long time, it won’t happen in a straightforward way either,” he said.
But to Mr McVeigh, the effort was worth it: “It’s a really powerful way to get the ball moving on climate action in these industries.”
Disclosure the next ‘big story’
King & Wood Mallesons partner Will Heath, who specialises in corporate governance, said “there’s no doubt the big story for next year will be requirements related to climate disclosure … [which are] only set to expand”.
President-elect Joe Biden has committed to mandating companies disclose climate risk – mirroring action already taken by the EU – and Australia has historically followed America’s lead on such reforms.
…Read more: https://www.afr.com/companies/financial-services/companies-directors-governments-face-wave-of-climate-change-lawfare-20201228-p56qf9
I doubt greens care if their relentless attacks on struggling business end up triggering a long term recession or a new great depression.
We’ve all seen examples of how climate activists celebrated the Covid-19 lockdown, or “heart warming” images of deserted children’s playgrounds. Greens have made it abundantly clear that many of them think reduced economic activity is a good thing, no matter how much pain that contraction in economic activity causes for ordinary people.