A new “Clean Hydrogen Bill” (SB 1075, Skinner) has been introduced in the California Legislature as a means of achieving the State’s goals for reducing greenhouse gas emissions and mitigating climate change. If passed, this bill would significantly increase the emphasis on “green hydrogen” as an alternative fuel in California’s economy, opening up material business … Continue Reading
The European Banking Authority (“EBA”) recently published final rules for lenders on how they must publish data on environmental, social and governance (“ESG”) risks, and how these risks may affect their balance sheets. The watchdog hopes that the proposed rules will help to “address shortcomings of institutions’ current ESG disclosures at EU level by setting … Continue Reading
On November 4, 2021, the Army Corps of Engineers (ACOE) announced that it is pausing all requests for coverage under 12 nationwide permits (NWPs) issued earlier this year, including widely used permits for utility and oil and gas projects, among others. The announcement followed a California district court’s decision vacating the Section 401 Water Quality … Continue Reading
Prior to COP26, we published an article that identified several issues being discussed at COP26 that could be of critical importance to business. During COP26, we followed the developments of these issues in a special Viewpoints series. And now that COP26 is concluded, people are asking: What impact did it have? Where does the world … Continue Reading
As with any multinational showcase meeting, delegates at each COP (and especially its host) want the meeting to be seen as a success. As the 26th COP approaches, it is in some ways salutary to look back at previous COPs and identify those outcomes which made them a hallmark meeting and the failures which made others … Continue Reading
In an article by Casey J. Snyder, Associate at Reed Smith, published by the American Bar Association, we highlighted key U.S. climate litigation trends from 2015-2020. This timeframe showed a general increase in overall climate litigation and an emphasis in state courts to advance novel climate litigation theories, among other trends. New litigation in the United … Continue Reading
The first installment of the UN’s Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report (AR6), which will be completed in 2022, was released on August 9, 2021. As it has in the run up to previous important Conferences of the Parties (COPs) under the UNFCCC, the IPCC released an updated report in the middle … Continue Reading
A number of signs point to the fact that public companies should expect increased scrutiny on whether their environmental-related ESG offerings, practices and controls are consistent with their disclosures, claims and marketing material. SIGN #1: The Securities and Exchange Commission (SEC or Commission) announced that New Jersey Attorney General Gurbir Grewal will become the next … Continue Reading
As we reported, the California Legislature passed SB 1014 – the Clean Miles Standard and Incentive Program (the “Clean Miles Program”) – to reduce greenhouse gas emissions from “rideshare” vehicles. This led to the creation of the Clean Miles Standard regulation, which the California Air Resources Board (“CARB”) fully adopted in May 2021 after receiving stakeholder … Continue Reading
Many public companies are keeping a close watch on potential GHG regulations because the shape of these regulations can significantly affect their regulatory and reporting obligations and thus affect their ESG obligations. There is a significant difference between two recent proposals on that front. CARBON TAX: The concept of a carbon tax is simple: fossil … Continue Reading
The past few weeks saw a number of developments in relation to the UK Emissions Trading Scheme (UK ETS), which came into force on 1 January 2021. This short blogpost summarises the key aspects of what is changing. Consultation on compensation to energy intensive industries for UK ETS is now open The UK ETS poses … Continue Reading
In a previous post, we reported on the Climate Risk Disclosure Act of 2021 (the “Act’) being placed on list of all bills reported from committee and eligible for House floor action, some sweeping changes required by that Act, and the Act’s uncertain future in the Senate. This Part II focuses on the effect of … Continue Reading
On July 13, 2021, the Pennsylvania Environmental Quality Board approved a rulemaking to establish a program to limit the CO2 emissions from fossil fuel-fired electric generating units (EGU) located in the Commonwealth. The stated purpose of the final-form rulemaking is “to reduce anthropogenic emissions of CO2, a greenhouse gas (GHG) and major contributor to climate … Continue Reading
Using his Presidential platform, Joe Biden announced his Build Back Better Plan, “a national effort aimed at creating the jobs we need to build a modern, sustainable infrastructure now and deliver an equitable clean energy future.” As part of this plan, Biden intends to make a $2 trillion accelerated investment to set the United States … Continue Reading
An example of a new trend towards recognizing “Environmental, Social and Governance” (“ESG”) impacts from business operations is the recently introduced Climate Risk Disclosure Act of 2021 (“the Act”). As currently drafted, the Act would require significant new public disclosures from publicly traded companies regarding financial risks to their operations and profitability from climate change … Continue Reading
On Friday, June 25, 2021, the U.S. Supreme Court reversed a Tenth Circuit Court decision that had vacated an Environmental Protection Agency (“EPA”) exemption relieving small refineries from the fuel blending requirements of the Renewable Fuel Program (“RFP”), codified by 42 U.S.C. § 7545(o). The decision represents a huge victory for small refineries. In an … Continue Reading
On Earth Day, April 22, 2021, President Biden announced that the U.S. will aim to cut carbon emissions in half by the year 2030 compared to 2005 levels. This is significantly higher even than goals established by President Obama during his tenure. The virtual Leaders Summit on Climate where the announcement was made took place … Continue Reading
As we reported last year, the California Air Resources Board (“CARB”) adopted the Advanced Clean Trucks regulation to support its efforts to reduce air pollutants and meet state climate change targets. The regulation has a one-time reporting requirement for large entities that operate or dispatch vehicles in California with a manufacturer’s gross vehicle weight rating … Continue Reading
In our “What to expect in 2021” blog, one cross-sectoral EU initiative we flagged was forthcoming Commission proposals for far-reaching new EU-wide Sustainable Corporate Governance requirements. Here are some more details of what that might entail. Background Recent studies have suggested that companies performing well on ESG factors outperform their peers and that those with … Continue Reading
On January 19, 2021, in a 2-1 decision, the D.C. Circuit Court vacated the Trump administration’s 2019 Affordable Clean Energy (ACE) Rule and remanded it to the U.S. Environmental Protection Agency (EPA). The decision offers a strong statement about EPA’s breadth of authority to regulate greenhouse gases (GHGs) under the Clean Air Act (CAA) and, … Continue Reading
California has joined dozens of nations in a global pact to preserve biodiversity and prevent species loss by pledging to conserve 30 percent of the state’s land and coastal water by 2030 (“30 by 30”). Governor Gavin Newsom signed the executive order earlier this month, which also directs the state to streamline approval of land restoration … Continue Reading
