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“AI and sustainability - cure or curse?”
While AI can help resolve data issues in sustainable investing, it can create problems such as information breaches and inherent bias in data.
Global | Publication | August 2015
On 16 July 2015, the UK Government published the Draft Regulations, which define the areas that are to be protected from hydraulic fracturing (commonly referred to as fracking). The Draft Regulations were put before Parliament prior to 31 July 2015 and are expected to come into force in the Autumn 2015. The Draft Regulations will clarify the requirements that must be satisfied before fracking can take place onshore.
There are a number of consents that must be obtained before onshore fracking is allowed to occur. These include:
This update deals with new requirements that must be satisfied before a well consent can be granted by the Secretary of State. For a more in-depth discussion of how fracking is regulated in the UK, please refer to a copy of the Shale Gas Handbook (a quick-reference guide for companies involved in the exploitation of unconventional gas resources).
An absolute prohibition on fracking at a depth of less than 1,000 metres beneath the surface is expected to be imposed later this year. In addition, the Secretary of State will need to be satisfied of a number of stringent requirements before fracking can occur at a depth below 1,000 metres beneath the surface (section 4A and 4B of the Petroleum Act 1998 as amended). In particular, the Secretary of State will need to be satisfied that:
A “protected groundwater source area” is defined in the Draft Regulations as any land at a depth of less than 1,200 metres beneath a relevant surface area. A relevant surface area means any land at the surface that is either:
The explanatory memorandum to the Draft Regulations states that the above definition is intended to align with the concept of a “Source Protection Zone 1”, i.e. a groundwater area that is protected under the Environmental Permitting (England and Wales) Regulations 2010 due to its particularly sensitive nature.
“Other protected areas” are defined in the Draft Regulations to include areas of land at a depth of less than 1,200 metres beneath:
Interestingly, the definition of “other protected areas” has not been extended to include Sites of Special Scientific Interest (SSSIs).
The DECC has also announced that it will shortly provide information as to how it will ensure that the above safeguards are enforced in a way that “does not impact on conventional drilling operations”.
This means fracking of shale or strata encased in shale which is carried out in connection with the use of the relevant well to search or bore for petroleum and involves (or is expected to involve) the injection of more than 1,000 cubic metres or more than 10,000 cubic metres of fluid in total.
Section 4B of the Petroleum Act 1998 requires the Secretary of State to make regulations specifying which areas are “protected groundwater source areas” and which areas are “other protected areas”.
See note 2 above.
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While AI can help resolve data issues in sustainable investing, it can create problems such as information breaches and inherent bias in data.
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In this edition of Regulation Around the World we review recent steps that financial services regulatory authorities have taken as regards investment research.
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n a long-running dispute, taking in no less than three arbitrations spanning 26 years cumulatively (involving allegations of state interference in the arbitral process), the Court has provided useful guidance on the ss.67 and 68 challenges, particularly in the context of investor-state claims.
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