The decision will set a precedent for climate change litigation worldwide, demanding accountability from both state and non-state actors vis-à-vis their climate actions.
Following a year-long investigation, Denmark’s Mediation and Complaints-Handling Institution for Responsible Business Conduct (NCP Denmark) has determined that Rockwool International and its North American subsidiary failed to comply with well-established international guidelines in the planning and construction of its factory in Jefferson County, West Virginia.
The ruling appears to mark the first time that a challenge brought under these international guidelines has resulted in a final ruling against a multinational corporation for non-compliance while operating in the United States.
While the ruling has no direct legal or regulatory consequences, Rockwool has a year to address its deficiencies and demonstrate to NCP Denmark, a quasi-governmental institution, that it will comply with these international standards for proper corporate behavior.
The Shell climate verdict: a major win for mandatory due diligence and corporate accountability
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The global movement to hold corporations accountable for their impact on the climate is having a moment. Wednesday, 26 May, may well go down in history as the most important day of climate news in 2021, though the news emanated from corporate boardrooms and courthouses rather than the usual political summit or intergovernmental gathering. In the US, activist shareholders succeed in
May.19.2021
On May 13, the Government of Canada released its “modernized and inclusive” Foreign Investment Promotion and Protection Agreement Model (“FIPA Model”), sending a message that it intends to continue to provide international dispute resolution protections to foreign investors. The original iteration of the FIPA Model dates to 2004, which Canada had stated built on its experiences with NAFTA. It subsequently released an updated iteration in 2014. The current FIPA Model reflects further updates based on stakeholder consultations in 2018-2019.
The current FIPA Model also comes on the heels of recent investment-related developments, including the United States-Mexico-Canada Agreement (USMCA), which went in effect in July 2020, and signing of the Canada-UK Trade Continuity Agreement. Canada has not entered into an investment treaty since its agreement with the Republic of Moldova in 2018.
National Contact Points in OECD Countries Promote Business & Human Rights in the Extractives Sector | King & Spalding jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.