There was the pounding Ida delivered to the Gulf Coast and parts of the Northeast. Many attribute that firce hurricane to climate change. There could be more speculation about the impacts of climate change as the hurriance season continues.
Now this on climate change from global healthcare authorities: The Wall Street Journal reports:
"Editors of 220 leading medical, nursing and public-health journals from around the world called for urgent action on climate change, in a joint editorial published on Sunday. The editorial, which appeared in journals including the New England Journal of Medicine, the British Medical Journal and The Lancet, warns that current efforts aren’t enough to address health problems resulting from rising global temperatures caused by emissions of carbon dioxide and other greenhouse gases."
What is recommended is that aggessive efforts be made to limit the temperature increase to 2.7 degrees Fahrenheit. That objective came from the 2015 Paris Summit. These issues will be discovered at a UN General Assembly meeting on September 14. Meanwhile, the global healthcare alarm is out there, worldwide.
Obviously, this hightened sensitivity to climate change accelerates the development of challenges corporations could face with their products, services, processes, and supply chains. For guidance on how to navigate the political, legal, branding, and stock market implications, those corporations could be turning to their law firms' ESG practices or integrated ESG services. ESG is shorthand for Environmental Social and Governance.
The Corporate Governance Institute defines and discusses "ESG" this way:
"Environmental, social and governance (ESG) is a set of standards for how a company operates in regard to the planet and its people. ESG is important because socially conscious investors now use ESG criteria to screen potential investments."
The Responsible Investor documents that there are more than 50 law firms around the world offering that kind of counsel.
In the U.S. an early adopter in establishing a full-service ESG practice had been Paul Weiss, chaired by Brad Karp. That was in April 2020. Here is that model:
"Business leaders face greater pressure to increase their organizations’ resilience while simultaneously addressing social issues of importance to stakeholders. Our advisory practice helps companies navigate the legal, business and political ramifications of developing and implementing ESG initiatives. We advise on matters such as stakeholder engagement, corporate governance, crisis management, corporate social responsibility, sustainability, diversity and inclusion, ethics and compliance."
In February 2021, The American Lawyer reported that a number of U.S. law firms had recently launched ESG services. Those law firms range from Syefarth Shaw to Gibson Dunn.
The umbrella concept of "green" has evolved into a multi-dimentional business issue.
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