Pub Date : 2023-12-13DOI: 10.1163/22134514-bja10061
Jörg Prokop, Rika Kristin Müller
We investigate whether a green bond issue constitutes a reliable indicator to capital market participants that the issuing firm will be able to improve its environmental footprint in the near future. Based on a propensity-score-matched sample of green bond and conventional bond issues within the EU, we compare firms’ environmental performances with respect to three measures, namely greenhouse gas emissions, energy intensity, and water intensity. We find that there is no evidence of green bond issues being a good indicator of a firm’s ability to improve its environmental performance in the near term. Overall, while we observe certain improvements in environmental performance in the years following corporate bond issuances in general, green issuers and conventional issuers do not differ significantly with respect to these changes. Hence, we conclude that a green bond issue in itself is not a useful indicator of a firm’s commitment to a more sustainable business model.
{"title":"Green Bond Financing and Corporate Environmental Performance","authors":"Jörg Prokop, Rika Kristin Müller","doi":"10.1163/22134514-bja10061","DOIUrl":"https://doi.org/10.1163/22134514-bja10061","url":null,"abstract":"\u0000We investigate whether a green bond issue constitutes a reliable indicator to capital market participants that the issuing firm will be able to improve its environmental footprint in the near future. Based on a propensity-score-matched sample of green bond and conventional bond issues within the EU, we compare firms’ environmental performances with respect to three measures, namely greenhouse gas emissions, energy intensity, and water intensity. We find that there is no evidence of green bond issues being a good indicator of a firm’s ability to improve its environmental performance in the near term. Overall, while we observe certain improvements in environmental performance in the years following corporate bond issuances in general, green issuers and conventional issuers do not differ significantly with respect to these changes. Hence, we conclude that a green bond issue in itself is not a useful indicator of a firm’s commitment to a more sustainable business model.","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":"6 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139005850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-12DOI: 10.1163/22134514-bja10065
Riccardo Vecellio Segate
Patent offices worldwide deny patentability to innovations which stand against the ordre public: does enhancement represent a value-laden societal threat? Patent offices also reject applications for therapeutical methods: when is enhancement also a therapeutical method? One specific class of enhancers, i.e. pharmaceutical neuroenhancers, is particularly complex in this respect: certain molecules can potentially function both as treatment for neuropsychiatric disorders and as recreational enhancers for non-patients’ brain. Hence, the present work advances the debate on enhancement patentability in two directions: ratione loci, by scrutinising China’s stances on enhancement’s safety and morality, compared to the most frequently explored Western jurisdictions, namely the EU and the US; and ratione materiae, by illuminating the porous bioethical boundaries between treatment and enhancement in the domain of neuropsychiatry. It challenges patent offices’ de facto regulatory role in defining and policing citizens’ access to neuroenhancing substances through misplaced or pseudo-scientific intellectual-property narratives of innovativeness and morale.
{"title":"Neuroenhancement Patentability and the Boundaries Conundrum in Psychiatric Disorders","authors":"Riccardo Vecellio Segate","doi":"10.1163/22134514-bja10065","DOIUrl":"https://doi.org/10.1163/22134514-bja10065","url":null,"abstract":"\u0000Patent offices worldwide deny patentability to innovations which stand against the ordre public: does enhancement represent a value-laden societal threat? Patent offices also reject applications for therapeutical methods: when is enhancement also a therapeutical method? One specific class of enhancers, i.e. pharmaceutical neuroenhancers, is particularly complex in this respect: certain molecules can potentially function both as treatment for neuropsychiatric disorders and as recreational enhancers for non-patients’ brain. Hence, the present work advances the debate on enhancement patentability in two directions: ratione loci, by scrutinising China’s stances on enhancement’s safety and morality, compared to the most frequently explored Western jurisdictions, namely the EU and the US; and ratione materiae, by illuminating the porous bioethical boundaries between treatment and enhancement in the domain of neuropsychiatry. It challenges patent offices’ de facto regulatory role in defining and policing citizens’ access to neuroenhancing substances through misplaced or pseudo-scientific intellectual-property narratives of innovativeness and morale.","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":"42 7","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139007228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-12DOI: 10.1163/22134514-bja10064
Ceciel Nieuwenhout
With high offshore wind ambitions, the North Sea coastal states have each followed a different path in the development of the legal framework for offshore wind development. This article compares the legal frameworks of the coastal states on three main issues: the location choice, including selection of developers; the permitting procedures, and the connection of the owf s. The analysis shows legislative and governance convergence across the North Sea, but also a few instances where different choices are made. The consequences of the choices are discussed and analysed, with recommendations for other coastal states wishing to develop an offshore wind regulatory framework.
{"title":"Developing Offshore Wind Farms – A Comparison and Analysis of the Legal and Governance Frameworks of the North Sea Coastal States","authors":"Ceciel Nieuwenhout","doi":"10.1163/22134514-bja10064","DOIUrl":"https://doi.org/10.1163/22134514-bja10064","url":null,"abstract":"\u0000With high offshore wind ambitions, the North Sea coastal states have each followed a different path in the development of the legal framework for offshore wind development. This article compares the legal frameworks of the coastal states on three main issues: the location choice, including selection of developers; the permitting procedures, and the connection of the owf s. The analysis shows legislative and governance convergence across the North Sea, but also a few instances where different choices are made. The consequences of the choices are discussed and analysed, with recommendations for other coastal states wishing to develop an offshore wind regulatory framework.","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":"21 10","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139007834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-08DOI: 10.1163/22134514-bja10062
Carola Glinski
In recent years, constitutional courts and supreme courts have handed down important decisions on (potentially) insufficient climate protection regulation. This article analyses the climate decision of the German Federal Constitutional Court and discusses its application to biodiversity protection. It shows that despite of clarifications related to the State’s constitutional duty to protect citizens, including future generations, against the risks of climate change, the application of the decision to other urgent environmental problems remains unclear. The German standard of review grants the legislator considerable leeway in case of remaining scientific uncertainty and still relies on a clear quantification of protection needs. In contrast, the Urgenda ruling of the Dutch Supreme Court shows the way how in case of scientific uncertainty (potentially insufficient) environmental protection can be judicially reviewed while safeguarding the margin of appreciation of the legislator at the same time.
{"title":"Transfer of Climate Litigation to Biodiversity Protection?","authors":"Carola Glinski","doi":"10.1163/22134514-bja10062","DOIUrl":"https://doi.org/10.1163/22134514-bja10062","url":null,"abstract":"\u0000In recent years, constitutional courts and supreme courts have handed down important decisions on (potentially) insufficient climate protection regulation. This article analyses the climate decision of the German Federal Constitutional Court and discusses its application to biodiversity protection. It shows that despite of clarifications related to the State’s constitutional duty to protect citizens, including future generations, against the risks of climate change, the application of the decision to other urgent environmental problems remains unclear. The German standard of review grants the legislator considerable leeway in case of remaining scientific uncertainty and still relies on a clear quantification of protection needs. In contrast, the Urgenda ruling of the Dutch Supreme Court shows the way how in case of scientific uncertainty (potentially insufficient) environmental protection can be judicially reviewed while safeguarding the margin of appreciation of the legislator at the same time.","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":"4 7","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138589891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-28DOI: 10.1163/22134514-bja10060
Peter Rott
Many industrial projects with detrimental effects on the environment and the climate require borrowed capital; which brings the financing banks into the spotlight of climate activism. This is not entirely new, and soft law instruments such as the Equator Principles and the unep fi Principles for Responsible Banking have long recognised the financial industry’s responsibility for environmental protection and, more recently, climate protection. As activism is moving towards litigation, this article explores whether financing banks could be successfully sued to omit the financing of a detrimental project, or to pay for protection against climate risks where they have already done so.
许多对环境和气候有不利影响的工业项目都需要借贷资本，这使得融资银行成为气候行动主义的焦点。这并不是什么新鲜事，《赤道原则》和《unep fi 负责任银行业原则》等软法律文书早已承认金融业对环境保护以及最近的气候保护负有责任。由于激进主义正朝着诉讼的方向发展，本文探讨了是否可以成功起诉融资银行，要求其放弃对有害项目的融资，或要求其在已经这样做的情况下支付气候风险保护费用。
{"title":"Money Makes The World Go Hot – Climate Litigation Against Banks?","authors":"Peter Rott","doi":"10.1163/22134514-bja10060","DOIUrl":"https://doi.org/10.1163/22134514-bja10060","url":null,"abstract":"Many industrial projects with detrimental effects on the environment and the climate require borrowed capital; which brings the financing banks into the spotlight of climate activism. This is not entirely new, and soft law instruments such as the Equator Principles and the unep fi Principles for Responsible Banking have long recognised the financial industry’s responsibility for environmental protection and, more recently, climate protection. As activism is moving towards litigation, this article explores whether financing banks could be successfully sued to omit the financing of a detrimental project, or to pay for protection against climate risks where they have already done so.","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139216458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-28DOI: 10.1163/22134514-bja10059
Christine Godt
This article explores two issues raised by the EU legislative project of a Corporate Sustainability Due Diligence Directive (“csddd”), that of climate change and civil liability. It focuses on environmental issues – and leaves workers´ protection aside. The comparison of the various draft texts of the EU Commission of 23 February 2022, the position of the ep´s Committee on Legal Affairs of 8 November 2022, the Council´s joint statement of 1 December 2022, and the ep´s statement of 1 June 2023 reveals that climate abatement has become an important pillar, next to workers´ protection. The analysis shows how contested the instrument of civil liability in the context of climate change abatement has become. It is most likely that civil liability for the violation of climate change related due diligence obligations will become central to the final package of compromises, and once enacted it may neither be frequent, nor an important legal tool. However, for the understanding of the political momentum, it is important to understand the background of some delegations standpoints, in this case the fierce opposition of the German delegation against civil liability as a tool, and the counter arguments. The analysis also reveals some interesting novelties: Liability would, if causation could be established, extend to ecological damages. The concept of due diligence changes some basic requirements of civil liability, such as the violation of a duty, the addressee of a claim and the procedural set-up. The limitation to large firms is consistent with this concept, and does not appear non-equitable.
{"title":"Climate Protection and Supply Chain Civil Liability","authors":"Christine Godt","doi":"10.1163/22134514-bja10059","DOIUrl":"https://doi.org/10.1163/22134514-bja10059","url":null,"abstract":"This article explores two issues raised by the EU legislative project of a Corporate Sustainability Due Diligence Directive (“csddd”), that of climate change and civil liability. It focuses on environmental issues – and leaves workers´ protection aside. The comparison of the various draft texts of the EU Commission of 23 February 2022, the position of the ep´s Committee on Legal Affairs of 8 November 2022, the Council´s joint statement of 1 December 2022, and the ep´s statement of 1 June 2023 reveals that climate abatement has become an important pillar, next to workers´ protection. The analysis shows how contested the instrument of civil liability in the context of climate change abatement has become. It is most likely that civil liability for the violation of climate change related due diligence obligations will become central to the final package of compromises, and once enacted it may neither be frequent, nor an important legal tool. However, for the understanding of the political momentum, it is important to understand the background of some delegations standpoints, in this case the fierce opposition of the German delegation against civil liability as a tool, and the counter arguments. The analysis also reveals some interesting novelties: Liability would, if causation could be established, extend to ecological damages. The concept of due diligence changes some basic requirements of civil liability, such as the violation of a duty, the addressee of a claim and the procedural set-up. The limitation to large firms is consistent with this concept, and does not appear non-equitable.","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":"59 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139226810","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-16DOI: 10.1163/22134514-bja10058
Peter Rott, A. C. Ciacchi
{"title":"Environmental and Climate Law and Governance","authors":"Peter Rott, A. C. Ciacchi","doi":"10.1163/22134514-bja10058","DOIUrl":"https://doi.org/10.1163/22134514-bja10058","url":null,"abstract":"","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":"64 2","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139269657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-16DOI: 10.1163/22134514-bja10057
Axel Halfmeier
This article looks at the relationship between private law and environmental concerns. It describes the history of this relationship and some of its legal foundations in German, European, and international law. It also provides a critical overview of modern theoretical approaches in this field. With a view to developments currently underway, it discusses two cases from Germany and the Netherlands. The article concludes that steps are being taken towards a more eco-friendly concept of private law but that the German Federal Court in particular has not yet sufficiently integrated environmental concerns into its concept of private law.
{"title":"Environmental Private Law","authors":"Axel Halfmeier","doi":"10.1163/22134514-bja10057","DOIUrl":"https://doi.org/10.1163/22134514-bja10057","url":null,"abstract":"This article looks at the relationship between private law and environmental concerns. It describes the history of this relationship and some of its legal foundations in German, European, and international law. It also provides a critical overview of modern theoretical approaches in this field. With a view to developments currently underway, it discusses two cases from Germany and the Netherlands. The article concludes that steps are being taken towards a more eco-friendly concept of private law but that the German Federal Court in particular has not yet sufficiently integrated environmental concerns into its concept of private law.","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":"63 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139268194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-10DOI: 10.1163/22134514-bja10055
Michel Vols, Isabella Hoogenhout, Max Schaetzel, Lea Schubert
Abstract This paper analyses the implementation of the right to adequate housing in Brazil, China, and Russia, which are part of the brics group of countries. The study reveals that while Brazil and Russia have legally recognised the right to housing through domestic law and multinational human rights treaties, China has been less willing to do so. Even when international instruments have been implemented, they have not always successfully ensured state accountability for housing rights violations, and few cases have been brought under individual complaint procedures. This study highlights common housing issues faced by each jurisdiction in the practical implementation of the right to housing, which are similar to those encountered by other countries but are often more severe due to the economic, political, and historical circumstances of the countries under review.
{"title":"The Right to Adequate Housing & brics","authors":"Michel Vols, Isabella Hoogenhout, Max Schaetzel, Lea Schubert","doi":"10.1163/22134514-bja10055","DOIUrl":"https://doi.org/10.1163/22134514-bja10055","url":null,"abstract":"Abstract This paper analyses the implementation of the right to adequate housing in Brazil, China, and Russia, which are part of the brics group of countries. The study reveals that while Brazil and Russia have legally recognised the right to housing through domestic law and multinational human rights treaties, China has been less willing to do so. Even when international instruments have been implemented, they have not always successfully ensured state accountability for housing rights violations, and few cases have been brought under individual complaint procedures. This study highlights common housing issues faced by each jurisdiction in the practical implementation of the right to housing, which are similar to those encountered by other countries but are often more severe due to the economic, political, and historical circumstances of the countries under review.","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":" 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135191495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-09DOI: 10.1163/22134514-bja10056
Björn Hoops
Abstract In 2021 the District Court of The Hague ordered Royal Dutch Shell to reduce its greenhouse gas emissions by 45% until 2030. The Court emphasised the relevance of each individual reduction to the fight against global warming, raising the question of whether also individuals have a duty of care to reduce their emissions. Applying the considerations of the Court to individuals, this contribution first argues that as human rights not only protect the victims of global warming but also individuals meeting their needs through emissions, individuals do not bear such a duty of care. However, we may soon observe the gradual development of a social norm outlawing excessive emissions for non-basic needs. This contribution goes on to argue that the tort law liability of individuals for their ghg emissions would also not be desirable from a law-and-economics perspective. It would be more effective and less costly to hold big companies liable or to impose emission standards or carbon taxes.
{"title":"The Duty of Care of Individuals for ghg Emissions under Dutch Tort Law","authors":"Björn Hoops","doi":"10.1163/22134514-bja10056","DOIUrl":"https://doi.org/10.1163/22134514-bja10056","url":null,"abstract":"Abstract In 2021 the District Court of The Hague ordered Royal Dutch Shell to reduce its greenhouse gas emissions by 45% until 2030. The Court emphasised the relevance of each individual reduction to the fight against global warming, raising the question of whether also individuals have a duty of care to reduce their emissions. Applying the considerations of the Court to individuals, this contribution first argues that as human rights not only protect the victims of global warming but also individuals meeting their needs through emissions, individuals do not bear such a duty of care. However, we may soon observe the gradual development of a social norm outlawing excessive emissions for non-basic needs. This contribution goes on to argue that the tort law liability of individuals for their ghg emissions would also not be desirable from a law-and-economics perspective. It would be more effective and less costly to hold big companies liable or to impose emission standards or carbon taxes.","PeriodicalId":37233,"journal":{"name":"European Journal of Comparative Law and Governance","volume":" 46","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135293079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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