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Regulation Outstripped by Industry Practice Ahead of COP27

Ahead of COP27 in Egypt later this year, law firm Herbert Smith Freehills (HSF) has published the ‘Halfway to COP27‘ report, which reviews governments’ climate ambitions six months on from COP26. The report recognises that the effects of climate change will be different around the world, and that policy, regulatory and legislative responses will therefore differ between countries, but collaborative global action is necessary to align with a 1.5°C. The EU and UK continue to lead the way on the regulatory front, HSF said. “At COP26 the business world was invited to the negotiation table and showed it would not be slowed by governments’ inability to reach consensus and provide the legislative guidance which has been requested of them over the past decade. With industry standards increasingly exceeding legal compliance, governments and legislators must play catch-up with a world that wants to transition to net zero,” the report noted.

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