Mark Banks
Mark is a Senior Associate in Baker McKenzie's Dispute Resolution department in London.
Mark advises clients on high value disputes and investigations, including civil fraud, banking litigation and white collar crime investigations.
Mark also has expertise advising on ESG-related supply chain investigations and group litigation, including cases relating to climate change, forced labour and human rights.
1 Contributions by Mark Banks
PRACTICE NOTES
Climate and ESG Litigation and Enforcement in the Financial Sector: Trends, Drivers, Greenwashing and Disclosure Risks, Portfolio Emissions, and Practical Steps for Preparedness
This Practice Note examines the rise in ESG and climate-focused litigation and regulatory enforcement, and outlines measures financial institutions can take to ready themselves for and reduce this risk.
Key points
Many financial institutions remain ill-equipped to handle climate risk, leaving them vulnerable to more climate-linked claims and enforcement. Simultaneously, a growing cohort of claimants is turning to litigation to push businesses towards climate-friendly policies.
Multiple drivers are fuelling more climate litigation and enforcement. While most pronounced in North America, other regions are rapidly catching up. As pivotal financiers of economic activity, financial institutions are increasingly targeted.
Until lately, cases chiefly sought to compel disclosure of climate information. The emphasis is shifting from allegations of inadequate disclosure to actions scrutinising what prudent financial management entails. Greenwashing-related claims are also increasing.
Financial institutions would be wise to plan for and lessen exposure, for instance by reviewing their corporate strategies around climate change and carbon...
Financial Services
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