In the first article, Paul Henty, partner, Beale & Co, looks at CBAM, the carbon border adjustment mechanism, ‘proposed legislation from the EU and UK, which—in the name of combatting climate change—will effectively impose tariffs on certain targeted, imported goods’.
Businesses need to prepare for this now and ensure their systems can adapt. Henty also highlights possible disruption ahead, in the shape of a potential backlash from the US. He writes: ‘Given the importance of strategically significant industries—such as steel from Pennsylvania and aluminium exports—CBAM could be interpreted as a direct challenge to US competitiveness. The risk of trade disputes, tariffs or even diplomatic escalation cannot be ignored.’
Next, Richard Reichman, partner, BCL Solicitors, looks at the overlap between the failure to prevent fraud offence and ESG failings. Greenwashing (overstating environmental claims) is one example of the risks. Reichman writes that, given the public appetite for corporate accountability, ‘the risk areas will almost certainly continue to grow’.
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