Climate litigation and information disclosure in capital markets regulation: lessons from the ExxonMobil case
DOI:
https://doi.org/10.5380/rfdufpr.v69i1.89248Keywords:
Climate Litigation. Capital Markets Regulation. Information Disclosure. Tort law and civil liability. ExxonMobil case.Abstract
Cases of climate litigation have been gaining visibility in the pursuit of a global low-carbon economy and reveal issues of significant impact, such as the survival of future generations of the human species and the conditions of the planet itself. On the other hand, capital markets regulation has been seen as a potential mechanism to generate information about companies’ initiatives to deal with the effects of climate change and to mitigate such consequences. Through the methodology of a single case study, this article analyzes the first action of this nature brought before the American judiciary, known as the ExxonMobil case. The aim of the article is to extract lessons, considering the Brazilian reality, which contextualize and indicate sensitive points of capital markets regulation and litigation initiatives to achieve climate goals. From the analysis of the case, three lessons are suggested. The first is the existence of space to question the accuracy of information on climate issues disclosed by companies. The second is that institutional design and probative issues are matters that are significant in the effectiveness of climate litigation. Finally, the third lesson relates to the indication of the limits of capital markets regulation on information disclosure, as a mechanism to question companies’ actions in the face of climate change.
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