Speaking Sustainability

Note: Subsequent to publishing our client alert, at least four lawsuits have been filed in federal courts challenging the SEC’s final climate risk disclosure rule. On Friday, March 15th, a three-judge panel for the U.S. Court of Appeals for the Fifth Circuit granted a motion for an administrative order temporarily staying the effectiveness of the agency’s final rule. As predicted in our alert, litigation over the final rule is expected to be lengthy and it is impossible to know when such litigation will be concluded. 

In March 2023, the Ministry of Energy and Mineral Resources Regulation No. 2 of 2023 was announced by Indonesia’s Minister of Energy and Mineral Resources, Arifin Tasrif, concerning Implementation of Carbon Capture and Storage, as well as Carbon Capture, Utilization and Storage in Upstream Oil and Gas Business Activities (the “MEMR 2/2023”). Indonesia, which has geological formations well suited to the development of carbon capture and storage (“CCS”) as well as carbon capture, utilization and storage (“CCUS”) projects, has become one of the first countries in Southeast Asia to promulgate regulations to support the integration of CCS/CCUS projects within upstream exploration and production activities with the goal of helping to decarbonize the industry.

Earlier this year, some of the steps that Singapore has been taking to build a sustainable future and address climate change was discussed in our article “Singapore Green Energy Transition – Recent Developments”. In this update, we focus on two new developments in South Korea and Singapore, which showcase the region’s efforts to accelerate the green energy transition and reach our net-zero targets.