The SEC’s Final Climate Disclosure Rule: Pathways for Improving the Floor
Climate Law Blog
by Chloe Field and Cynthia Hanawalt
1w ago
In the March 6th vote to approve the SEC’s final climate disclosure rule, the Commissioners split along party lines, with the rule passing by a 3-2 vote. It received a scathing review from Commissioners Peirce and Uyeda, both of whom suggested that the SEC should have re-proposed a new rule, and a tepid reception from Commissioner Crenshaw, who pointed out that this watered-down version of the proposed rule is little more than “floor,” or lowest acceptable baseline, for climate-related financial risk disclosure. This post addresses both aspects of SEC’s rulemaking process: should the rule have ..read more
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State “Climate Superfund” Bills: What You Need to Know
Climate Law Blog
by Martin Lockman and Emma Shumway
2w ago
In the first months of 2024, legislators in four states—Maryland, Massachusetts, New York, and Vermont—have pushed for legislation that would collectively require large fossil fuel producers and refiners to pay for hundreds of billions of dollars of state-level climate adaptation infrastructure. E&E News reports that similar legislation may soon be introduced in California and Minnesota. These state-level “Climate Superfund” bills are modeled on the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), commonly known as Superfund, which imposes liability o ..read more
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The SEC’s Final Climate Disclosure Rule: Key Requirements, and the Materiality Threshold
Climate Law Blog
by Chloe Field and Cynthia Hanawalt
2w ago
Nearly two years and 24,000 public comments after its proposal, the Securities and Exchange Commission (SEC) released its final climate disclosure rule last week, formally titled “The Enhancement and Standardization of Climate-Related Disclosures for Investors.” The rule expands public companies’ disclosure requirements to include certain greenhouse gas (GHG) emissions data and information regarding climate-related financial risks. Advocates, critics, and journalists have written extensively about the final rule, its legitimacy, and its importance. This post is the first in a series of three t ..read more
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Inflation Reduction Act: Final Elective Pay Rules & Takeaways for Cities
Climate Law Blog
by Amy Turner
3w ago
Yesterday, March 5, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations for their elective pay program, which allows many non-taxpayers, including local governments and their agencies and instrumentalities, to recoup the value of certain climate and clean energy tax credits as cash payments. Treasury and the IRS also released proposed regulations pertaining to partnerships and other forms of joint ownership for elective pay purposes. This blog post reviews developments in both the final and proposed regulations that are particu ..read more
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IECC Appeals Could Undermine Electrification Requirements in New Construction
Climate Law Blog
by Daniel J. Metzger
3w ago
Photo by Gary Cole on Unsplash Building codes have a major influence on how local governments respond to climate change. They prescribe enforceable requirements for the materials that buildings are made of, for how living and working spaces are designed, and critically, for what kinds of environmental possibilities new buildings must be prepared to accommodate. For example, a new edition of the International Energy Conservation Code (IECC), a model building code currently under development, would require a range of measures aimed at ensuring new buildings can accommodate on-site solar PV, prov ..read more
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Smith v Fonterra: A Common Law Climate Litigation Breakthrough
Climate Law Blog
by Sam Bookman
1M ago
Litigation against major corporate greenhouse gas (GHG) emitters has proven extremely tough. Even as successful cases against governments have blossomed, private suits face significant barriers. A civil law breakthrough came in 2021, with the ruling of a Dutch court against Shell. In Smith v Fonterra, decided by New Zealand’s Supreme Court this week, we have perhaps the biggest common law breakthrough. Michael Smith brought tort claims against New Zealand’s seven largest GHG emitters, which are collectively responsible for one-third of all New Zealand GHG emissions. He argued the defendants ..read more
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Federal Court Limits State Authority to Deny Interstate Transmission Projects
Climate Law Blog
by Jacob Elkin
2M ago
The Fifth National Climate Assessment recently concluded that, to meet national and international climate targets, United States net greenhouse gas emissions will need to decline by over 6% per year and reach net zero by roughly 2050. In order to achieve this target, the United States will need to greatly expand electricity generation while decarbonizing electricity resources. In other words, the United States will need to build significant amounts of renewable energy infrastructure. Credit: Rodion Kutsaiev (unsplash) Because renewable energy resources like high-quality wind and solar energy a ..read more
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DOE Proposes to Expand the Fast-Track Lane for Certain Clean Energy Projects–But Excludes Wind
Climate Law Blog
by Jacob Elkin
3M ago
On November 16, 2023, the Department of Energy (DOE) published a proposed rule to expedite the environmental review process for certain renewable energy infrastructure projects through the use of categorical exclusions. DOE’s proposal would apply to: (1) installing, operating, modifying, or decommissioning solar photovoltaic (PV) systems on buildings or other structures or within previously disturbed or developed areas; (2) upgrading, rebuilding, or relocating power lines within existing rights of way or on previously disturbed or developed lands; and (3) constructing, operating, upgrading, or ..read more
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Observations from COP28 on the Loss and Damage Fund
Climate Law Blog
by Emma Shumway
3M ago
Negotiations at the 28th meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai, UAE, wrapped up early last week. Much has been written about the “UAE Consensus” that was adopted on the final day of COP28 and met with mixed reviews. There was, however, an important decision reached on day one of the two-week meeting regarding operationalization of the Loss and Damage Fund. While the decision represents an important–and long overdue–step forward, there remains much work to be done. While there is no formal UN definition of loss and ..read more
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A Comparative Analysis of the SEC’s Climate Disclosure Proposal
Climate Law Blog
by Charlie Assereto and Cynthia Hanawalt
3M ago
This piece previously appeared in the CLS Blue Sky Blog. In the global effort to protect the earth’s climate, the pace of regulation is rivaled only by the speed of technological innovation. What seemed improbable just a few years ago – requiring large companies to measure and report annual greenhouse gas emissions generated by their operations and “value chains”– is becoming reality in several countries. While the SEC’s climate disclosure rules are pending, and will probably face litigation when final, regulations from other agencies and jurisdictions are likely to affect U.S. companies soon ..read more
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