Multinational groups are increasingly likely to use voluntary carbon credits as part of their efforts to decarbonize their businesses and achieve their climate goals. There are a number of tax complexities and risks depending on how voluntary carbon credits are going to be acquired and used by companies and further guidance from HMRC would be welcomed, particularly as the market grows and becomes more regulated. Where multinational groups are taking a strategic approach to their offset activity, tax functions should play an active role in design and implementing structured arrangements.
The African Continental Free Trade Area Agreement (AfCFTA) recently launched the Guided Trade Initiative to test meaningful, continuous trade under AfCFTA and to assist in the development of shorter, regional value chains that will allow for more climate-resilient, sustainable trade across the continent. But for Africa to make the most of free trade, it is essential that large gaps in continent-wide infrastructure and manufacturing be developed in a sustainable way.
The Brazilian Institute of Environment and Natural Resources opened a public consultation regarding a new normative that regulates the control of corporate emissions and the management of pollutant emission credits for the Vehicle Emission Control Program’s L8 phase (“Proconve L8”).
The public consultation is being done in accordance with CONAMA Resolution No. 492/2018, which established the Proconve L7 and L8 phases, and aims to obtain input from stakeholders who will be involved in Proconve L8.
At COP 27 in November 2022, South Africa launched its new Just Energy Transition Investment Plan and announced a five-year investment plan for the USD 8.5 billion financing package, which was announced as part of the country’s Just Energy Transition Partnership with France, Germany, the United Kingdom, the United States and the European Union at COP 26. The JET IP is aligned with the Cabinet-approved National Just Transition Framework and outlines the investments required to achieve the country’s decarbonization commitments, while promoting sustainable development, and ensuring a just transition for affected workers and communities.
On 7 November 2022, the Energy Commission issued an information guide for the Corporate Green Power Programme. The CGPP aims to promote the adoption of green energy amongst corporate companies in Malaysia through the use of virtual power purchase agreements which is also known as the Corporate Green Power Agreement. The CGPP is open for application starting from 7 November 2022 until 6 February 2023.
Baker McKenzie was invited to serve as the global editor of the Chambers Advertising & Marketing 2022 Practice Guide which features 8 high-profile jurisdictions and provides the latest legal information on the impact of the COVID-19 pandemic, advertising claims and clinical studies, comparative advertising, social/digital media, influencer campaigns, consumer promotions, sports betting/gambling, and cryptocurrency and non-fungible tokens.
The 14th edition of the Insurance Outlook, researched and written by our knowledgeable lawyers in the Insurance Practice Group, offers an overview of the insurance sector in Thailand and is intended as an informative digest of the insurance sector’s most prominent aspects based on the latest reported data.
The fourth session of Vietnam’s National Assembly XV, which is taking place between 20 October 2022 and 18 November 2022, comprises meaningful discussions and the approval of draft legislation. The meeting agenda covers 14 legislative projects, only seven of which will be passed; the other seven will have to wait until the next session (June 2023).
The Malaysian Government has introduced the Corporate Green Power Programme to encourage the adoption of green electricity amongst corporate companies in Malaysia. This new initiative will be in addition to existing initiatives such as the net energy metering scheme, self-consumption schemes and the green electricity tariff programme to bolster Malaysia’s renewable energy agenda and promote carbon reduction.
After the introduction of the UK Modern Slavery Act, the French Duty of Vigilance Law, Germany also followed by adopting the Act on Corporate Due Diligence Obligations in Supply Chains (Lieferkettensorgfaltspflichtengesetz or “LkSG”). The LkSG lays down extensive obligations for companies with regard to their own business area, but also their direct and indirect suppliers. Many of the necessary measures require preparation. Therefore, companies should finalize their preparation in the coming weeks as the LkSG enters into force in 2023.