ESG — US State-Level Developments for Private Capital and Financial Institutions
Clean Energy Law Report
by Latham & Watkins
6h ago
Private capital providers, investors, asset managers, and financial institutions will likely continue to face a fragmented regulatory landscape on ESG matters. By Betty M. Huber, Matthew Green, Henry Miller, Austin J. Pierce, Catherine G. Willis, and Sam Wong Various US states have taken and continue to take action on ESG investing and other matters, with new variants emerging regularly. Some of the state bills, laws, and actions overlap thematically, and indeed some are based on common model bills. However, there are sufficient differences among them — and the politics and politicians underl ..read more
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Denmark to Allow Stacking of Voluntary Carbon Credits and Nationally Determined Contribution
Clean Energy Law Report
by Latham & Watkins LLP
6h ago
Denmark’s unprecedented carbon removals fund has facilitated the coexistence of corporate and national carbon claims in carbon accounting. By Jean-Philippe Brisson, Paul A. Davies, Lars Kjølbye, John-Patrick Sweny, and Qingyi Pan In the past few years, stakeholders in the carbon market have debated how to integrate the voluntary carbon market (VCM) and the emerging international carbon market governed by the Paris Agreement — Denmark’s recent move to allow stacking of voluntary carbon credits and nationally determined contribution (NDC) offers a promising solution. This approach, already supp ..read more
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German Federal Government Lays Foundation for CCS in Germany
Clean Energy Law Report
by Latham & Watkins
6h ago
The key principles for a Carbon Management Strategy and draft act on the revision of the Carbon Storage Act create new opportunities for investors and project developers. By Tobias Larisch, Alexander “Stefan” Rieger, John-Patrick Sweny, Jean-Philippe Brisson, and Joachim Grittmann The German Federal Government’s Carbon Management Strategy and the revision of the Carbon Storage Act (Kohlendioxid-Speicherungsgesetz, KSpG) aim to remove current obstacles to (i) Carbon Capture and Storage (CCS) and (ii) Carbon Capture and Utilisation (CCU) in Germany and to set guard rails for using these technol ..read more
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US Government Releases High-Integrity Principles for the VCM
Clean Energy Law Report
by Latham & Watkins
6d ago
The joint policy statement and principles provide integrity standards for carbon credits that both the US government and participants in the voluntary carbon market should aim to follow. By Jean-Philippe Brisson, Michael Dreibelbis, Tal Carmeli, and Phil Goldberg On May 28, 2024, the Biden Administration released the Voluntary Carbon Markets Joint Policy Statement and Principles for Responsible Participation in Voluntary Carbon Markets (the VCM Policy). The VCM Policy is co-signed by US Secretary of the Treasury Janet Yellen, US Secretary of Agriculture Tom Vilsack, US Secretary of Energy Jen ..read more
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International Tribunal on the Law of the Sea Issues Landmark Advisory Opinion on Climate Change
Clean Energy Law Report
by Latham & Watkins
3w ago
The Tribunal confirmed that States party to UNCLOS must take measures to prevent marine pollution caused by climate change, on top of their obligations under the Paris Agreement. By Paul A. Davies, Sophie J. Lamb KC, Michael D. Green, and Stephanie Forrest On 9 April 2024, the International Tribunal on the Law of the Sea (ITLOS, or the Tribunal) issued a long-awaited advisory opinion on climate change and international law, concluding that States party to the United Nations Convention on the Law of the Sea (UNCLOS) are subject to specific obligations to prevent, reduce, and control greenhouse ..read more
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EPA Extends CCR Regulations to Previously Exempt CCR Units
Clean Energy Law Report
by Latham & Watkins
3w ago
EPA will regulate legacy CCR surface impoundments and CCR Management Units for the first time. By Stacey L. VanBelleghem, Karl A. Karg, Phil Sandick, Jacqueline Zhang, Bruce Johnson, and Samuel Wallace-Perdomo This post is the second in a series on four key power plant rules that the Environmental Protection Agency recently released. It discusses the rule on requirements governing disposal of coal combustion residuals at inactive power plants. On April 25, 2024, EPA released its Final Rule to extend certain requirements governing the disposal of coal combustion residuals (CCR) in inactiv ..read more
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5 Things to Know About EPA’s Final Power Plant GHG Emissions Rule
Clean Energy Law Report
by Latham & Watkins LLP
1M ago
EPA’s action finalizes aggressive emission reduction targets for certain subcategories of fossil fuel-fired power plants, based on implementation of carbon capture and sequestration. By Stacey L. VanBelleghem, Karl A. Karg, and Phil Sandick On April 25, 2024, the US Environmental Protection Agency (EPA) released its final rule (the Power Plant GHG Rule or the Final Rule) to regulate greenhouse gas (GHG) emissions from electric generating units (EGUs) at power plants under Section 111 of the Clean Air Act (CAA). This significant new regulation was part of a suite of four power sector rules EPA ..read more
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EPA Finalizes Rule Requiring Ethylene Oxide (EtO) and Chloroprene Emissions Cuts at Chemical Plants
Clean Energy Law Report
by Latham & Watkins
2M ago
The rule, covering 218 organic chemical and polymer manufacturing plants, imposes stringent emission limits on six chemicals without exemptions for startup, shutdown, and malfunction. By Karl Karg, Phil Sandick, and Nate Gelfand-Toutant On April 9, 2024, the US Environmental Protection Agency (EPA) issued a final rule amending the Clean Air Act New Source Performance Standards (NSPS) that apply to emissions from the Synthetic Organic Chemical Manufacturing Industry (SOCMI). The rule also finalizes amendments to the National Emission Standards for Hazardous Air Pollutants (NESHAP) that apply t ..read more
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European Court of Human Rights Delivers Three Landmark Rulings on Climate Change
Clean Energy Law Report
by Latham & Watkins
2M ago
For the first time, the Court has confirmed that the adverse impacts of climate change fall within the ambit of human rights protection under the European Convention of Human Rights, obliging States to implement effective mitigation measures. By Paul A. Davies, Sophie J. Lamb KC, Michael D. Green, James Bee, and Stephanie Forrest On 9 April 2024, the European Court of Human Rights delivered three Grand Chamber rulings in climate change-related cases. These three separate judgments are the latest in a number of climate litigation in recent years. While two of the cases were dismissed as inadmi ..read more
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The Case Against the SEC’s Final Climate Rules Begins in Earnest (and What It Means)
Clean Energy Law Report
by Latham & Watkins
2M ago
The Eighth Circuit is poised to determine the fate of the SEC’s final climate regulation, potentially by the end of the year. By Paul A. Davies, Sarah E. Fortt, and Betty M. Huber On March 21, 2024, the US Court of Appeals for the Eighth Circuit was selected as the court that will hear challenges against the Securities and Exchange Commission (SEC or Commission) over its final climate disclosures rules, which were adopted on March 6.[i] On April 4, 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review.[ii] The announcement comes on t ..read more
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