COP 27: Top News for the Third Day of Events

Nov 9, 2022

Reading Time : 2 min
  • Global securities regulators called for greater scrutiny of carbon markets to deepen liquidity and prevent greenwashing. The International Organization of Securities Commissions (IOSCO) published papers that provided recommendations for both compliance and voluntary offset markets. It will solicit feedback and host consultations on proposed measures.
    • The chairman of IOSCO said: “No market can function without appropriate levels of integrity and, transparency and liquidity so IOSCO today hopes to lend its international, market expertise to help develop appropriate frameworks for sound and well-functioning carbon markets, focusing on promoting integrity and liquidity and increasing transparency to facilitate price discovery.”
  • The World Bank announced the creation of the Global Shield Financing Facility Instrument to distribute loss and damage assistance to developing countries. Germany disclosed that it is committing roughly $170 million to the project, while other countries including Austria and Scotland have funded the project by a total of $225 million.
  • The United States and the European Union (EU) are in talks regarding the trade tensions triggered by the Inflation Reduction Act (H.R. 5376). EU officials are displeased that the law puts its vehicle and battery manufacturers at a competitive disadvantage.
    • John Podesta said: "We are in dialogue about the particular structure...of the vehicle credits that the Europeans have raised."
  • The Egyptian Stock Exchange and its partners launched an African voluntary carbon market, the African Market for Carbon Certificates. The project will be developed over the next year.
  • Barbados Prime minister Mia Mottley called for a 10 percent tax on fossil fuel companies to fund loss and damage projects, especially climate refugee programs in developing countries.

Share This Insight

Previous Entries

Speaking Sustainability

January 7, 2026

On December 1, 2025, the New York Department of Environmental Conservation (NYDEC) finalized regulations for its greenhouse gas (GHG) emissions reporting program under the Climate Leadership and Community Protection Act (CLCPA).1 These rules establish mandatory annual GHG reporting requirements for certain facilities and suppliers beginning June 1, 2027, with earlier compliance milestones for Large Emission Sources and anaerobic digestion, liquid waste storage and certain solid waste landfill operators taking effect in late 2026. We previously wrote about the draft regulations here.

...

Read More

Speaking Sustainability

January 22, 2026

On January 9, 2026, the Ninth Circuit heard oral argument in an appeal challenging California’s climate reporting laws: SB 253 (emissions disclosure) and SB 261 (climate‑related financial risk reporting).1 The court previously stayed enforcement of SB 261 pending appeal, leaving SB 253 in place for now. We have covered the procedural background leading to oral argument here.

...

Read More

Speaking Sustainability

January 15, 2025

The 30th United Nations Climate Change Conference (COP30) ended on November 22, 2025. Among other things, the package of decisions reflected in the Belém Political Package brings renewed focus on scaling up climate finance and accelerating implementation of the Paris Agreement. The event sharpened focus on implementation and finance rather than binding global commitments. Key issues emerging out of COP30 include:

...

Read More

Speaking Sustainability

December 12, 2025

On November 18, the United States Court of Appeals for the Ninth Circuit granted a partial injunction blocking enforcement of California’s climate-related financial risk disclosure law (SB 261). Inaugural reports under SB 261 were intended to be published by reporting entities by January 1, 2026. Akin wrote on the subject in full detail here.

...

Read More

© 2026 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. Attorney advertising. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. Prior results do not guarantee a similar outcome. Akin is the practicing name of Akin Gump LLP, a New York limited liability partnership authorized and regulated by the Solicitors Regulation Authority under number 267321. A list of the partners is available for inspection at Eighth Floor, Ten Bishops Square, London E1 6EG. For more information about Akin Gump LLP, Akin Gump Strauss Hauer & Feld LLP and other associated entities under which the Akin Gump network operates worldwide, please see our Legal Notices page.