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All boards need to think about whether and to what extent climate change is an issue for them. Only then can they mitigate the risks, look for solutions and find opportunities A key focus right now for plaintiff firms, investors and regulators is disclosure: are public companies saying the right things about their exposure to climate change risk – and also about the opportunities it presents them with. - James Cooper, Partner, Clyde & Co, London
Wider ramifications If the courts decide that petroleum can be considered a defective product, there could be ramifications for sectors outside of oil and gas. “Potentially, any industries which consume petroleum or sell petroleum-consuming products could fall into the line of fire,” says Neil Beresford. He points out that claims has already affected the energy sector. A Peruvian farmer has commenced a damages claim against a German energy company for loss and damage caused by a nearby melting glacier. However, Beresford says that those who seek to claim from other sectors face a more difficult burden of proof. They will need to show that the defendants knew or ought to have known about the risks, which may be harder to demonstrate against companies other than the oil and gas majors.
- Ned Kirk, Partner, Clyde & Co, London
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