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Climate Risk: Enforcement Of Corporate And Securities Law In Common Law Asia

Year of Publication: 2022
Month of Publication: 5
Author(s): Ernest Lim and Umakanth Varottil
Research Area(s): Corporate Law
WPS Paper Number: LAW-WPS-2206
Abstract:

The extensive literature on strategic climate litigation focuses mainly on lawsuits brought against private litigants or the state based on breaches of environmental law, tort law, human rights law or public law. Relatively far less has been written about corporate and securities litigation against companies or their directors, let alone in relation to Asia. This paper fills these gaps. It critically examines whether and how the enforcement of corporate law and securities law can be used as a tool to address climate-related risks in three leading common law jurisdictions in Asia – India, Singapore, and Hong Kong. The central argument of this paper is that because of the limitations of private and public enforcement of corporate law, public enforcement of securities law and listing rules is a more effective mechanism in addressing climate risks in the three jurisdictions.

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