ClientEarth argues that UK oil and gas company Ithaca Energy failed to detail how climate risks might affect its business specifically or how significant the risks were
, the European Commission, French bank BNP Paribas, and food conglomerate Danone in a bid to force corporations and regulators to improve responses to the climate change threat.
The latest High Court claim argues that the watchdog acted unlawfully by approving the prospectus of UK oil and gas company Ithaca Energy, despite the company’s disclosures “failing to adequately describe the climate-related risks it faced” and therefore breaching legal requirements. Ithaca paid £1.12bn last April to acquire the Cambo field, situated about 75 miles to the west of Shetland, and an interest in the nearby Rosebank field. If developed, the field could yield hundreds of millions of barrels of oil.
Following the COP26 climate conference in Glasgow, climate campaigners and Scotland’s former First Minister Nicola Sturgeon opposed the exploitation, arguing it would undermine the UK’s ability to meet its climate commitments.Ithaca listed on the London Stock Exchange in November 2022 at the same time that world leaders and officials were meeting at the. A stock market listing cannot take place without the company’s prospectus being approved by the FCA.
While the oil firm acknowledged that climate change, climate legislation, carbon pricing and shifting perceptions of fossil fuels “may have a material adverse risk” to the oil and gas industry, ClientEarth argues that Ithaca failed to detail how these risks might affect its business specifically or how significant the risks were.
France Dernières Nouvelles, France Actualités
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