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29 Colum. J. Envtl. L. 89 (2004)
Climate Change: It's Not Just a Policy Issue for Corporate Counsel - It's a Legal Problem

handle is hein.journals/cjel29 and id is 95 raw text is: Climate Change: It's Not Just a Policy Issue for Corporate Counsel-it's a Legal Problem By J. Kevin Healy and Jeffrey M. Tapick* I. Introduction .............................................................................. 90 II. Regulatory Programs Addressing Climate Change ................. 94 A. International Efforts to Address Climate Change ............ 94 III. Existing Federal and State Regulatory Programs Addressing Clim ate Change ....................................................................... 96 A . Federal Initiatives ........................................................... 96 B. State and Local Initiatives ................................................. 98 IV. Potential Liabilities for Corporations' Failure to Address C lim ate C hange .......................................................................... 101 A. Potential for Litigation Against Major GHG Emitters ....... 101 B. Directors' and Officers' Liability ....................................... 102 C . Shareholder Initiatives ........................................................ 105 D. SEC Disclosure Obligations ............................................... 106 V. Developing a Response to Climate Change ............................... 108 A. Conducting a Company-Specific Climate Change R eview ................................................................................ 108 B . E lem ents of a Plan .............................................................. 109 i. Preparation of an Inventory of Past and Present C arbon Em issions ......................................................... 109 ii. Enrollment in a Registry ............................................... 110 iii. Ongoing Accounting Systems for Carbon .................... 110 iv. Political A ttentiveness .................................................. 111 v. SEC R eporting .............................................................. 112 vi. Public and Private Assistance ....................................... 112 V I. C onclusion ................................................................................. 113 A PPEN D IX ........................................................................................ 114 * J. Kevin Healy is a partner in the New York office of Bryan Cave LLP. Jeffrey M. Tapick is law clerk to the Honorable James A. Parker, U.S. District Court, District of New Mexico.