Companies’ obligations to identify and disclose climate-related financial risks and climate data have become increasingly complex in recent years, both at the state and federal levels. The fate of federal climate disclosure rules remains unclear, with the Securities and Exchange Commission (SEC), other federal agencies, and the courts deferring action. Meanwhile, some states, such as California, are stepping in with their own robust requirements.
The United States Environmental Protection Agency (EPA) in July of this year designated two PFAS (perfluoroalkyl and polyfluoroalkyl substances) chemical types as “hazardous substances” under the federal Comprehensive Environmental Response Compensation and Liability Act (CERCLA, better known as the Superfund liability law), which has had a major impact in the ever-evolving environmental regulatory arena. PFAS substances are commonly referred to as “forever chemicals” because, according to the EPA, they are difficult to break down and can accumulate and persist in the human body for long periods of time. Because PFAS chemicals have been manufactured and used in a large variety of products for decades, the EPA states that they are found in water, air, fish and soil at locations around the globe. The Superfund designation is part of a larger EPA strategy to address PFAS contamination, including promulgation in April of this year of new and very strict standards for PFAS in drinking water. In addition, there has been movement by several states to regulate PFAS, including some that are imposing bans on use of PFAS chemicals in a growing range of products.