Archives: Climate Change

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Rising from the Ashes: How PG&E’s Bankruptcy Threatens the Energy Sector and California’s Progress on Climate Change

With potential liabilities in excess of $30 billion stemming from a series of deadly wildfires that ignited across Northern California in 2017 and 2018, Pacific Gas and Electric Company and its holding company PG&E Corp. (PG&E) filed for Chapter 11 relief in the United States Bankruptcy Court for the Northern District of California on Tuesday. … Continue Reading

Northeast States to Tackle Transportation GHG Emissions

Nine Northeast and Mid-Atlantic states and the District of Columbia announced this week a new regional initiative to cap and reduce greenhouse gas pollution from the transportation sector.  Much remains to be decided before the program takes effect, however. Connecticut, Delaware, Maryland, Massachusetts, New Jersey, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington D.C.[1] aim to … Continue Reading

COP 24 Round-Up Part Two: Looking Ahead from Katowice

COP 24 negotiations culminated in the 2018 “Paris Rulebook” (“Rulebook”) but fell short of resolving all issues implementing the 2015 Paris Agreement (“Agreement”).  In 2019 and subsequent years, we expect dynamic debates between negotiators on at least five key issues: How to implement voluntary market mechanisms under Article 6 of the Agreement, How to increase … Continue Reading

COP 24 Round-Up Part One: The Paris Rulebook

On December 15, 2018, climate negotiators in Katowice, Poland reached agreement on a “Paris Rulebook” (“Rulebook”) which will implement the Paris Agreement (“Agreement”).  Reactions to the ambitiousness of the Rulebook have been mixed.  Although negotiators found some common ground on specific reporting and transparency rules, they could not reach consensus on implementing more ambitious voluntary … Continue Reading

EPA and CARB Begin Reexamining Heavy-Duty Vehicle Regulations

On November 13, 2018, the U.S. Environmental Protection Agency (EPA) launched its Cleaner Trucks Initiative (CTI), which will decrease nitrogen oxide (NOx) emissions by updating the existing NOx standard for heavy-duty trucks. EPA’s announcement comes just as the California Air Resources Board (CARB) updated its Heavy-Duty On-board Diagnostic (HD OBD) requirements and prepares to implement … Continue Reading

Governor Jerry Brown signs SB 100 and Executive Order to achieve carbon neutrality by 2045

On Monday, September 10, 2018, two days before kicking-off the Global Climate Action Summit he is co-hosting in San Francisco, California Governor Jerry Brown signed SB 100 (De León), The 100 Percent Clean Energy Act of 2018, which sets a state policy that eligible renewable energy and zero-carbon resources supply 100 percent (%) of all … Continue Reading

Covington CleanEquity Conversations: Will Market Driven Innovation Alone Save Us from Climate Change?

On March 8-9, 2018, a bespoke group of approximately 200 leading entrepreneurs, investors and advisors focused on deploying and commercializing cutting edge technologies gathered in Monte Carlo from across the globe for the 11th annual CleanEquity® Monaco Conference.  Complementing other plenary sessions and emerging company presentations, the conference initiated a new feature — Covington CleanEquity … Continue Reading

Covington Hosts 14th Annual Environmental Transactional Roundtable

Covington hosted the 14th Annual Environmental Transactional Roundtable on May 18, 2018. More than 70 attorneys attended, including from multiple countries outside the U.S., representing 31 law firms and organizations. The event was a great success, and featured panel discussions that sparked lively discussion among participants. The three panels covered product stewardship issues, environmental issues … Continue Reading

Another Large Equity Fund Sharpens its Focus on Climate Risk Disclosures

Today The Vanguard Group, the Nation’s second largest fund group with over $4 trillion in assets under management, issued three publications — a press release, an open letter by Vanguard’s CEO, and its 2017 Investment Stewardship Annual Report  — highlighting Vanguard’s evolving view that responsible disclosure and management of climate risk is an essential governance … Continue Reading

Large Equity Funds Are Demanding Greater Boardroom Attention to Sustainability and Climate Risks

While the direction of Trump Administration policymaking on climate risk appears to deny concern, the largest U.S. public equity funds are sharpening their focus and concern about this subject. Last week BlackRock, the Nation’s largest funds group with $5.1 trillion in assets under management, updated its investment stewardship guidance and highlighted climate risk management as … Continue Reading

A Renewed Focus on Climate Change This Week in New York

Regardless of your perspective on the subject, expect significantly increasing media and public attention around climate change and greenhouse gas emissions this week. The Secretary General of the United Nations, Ban Ki-moon, is convening a Climate Summit on Tuesday in conjunction with the meeting of the UN General Assembly in New York.  More than 120 world … Continue Reading

U.S. Supreme Court Explores the “Glorious Mess” — Can the Clean Air Act Provide a Comprehensive and Orderly Solution to Climate Change?

Yesterday the Supreme Court of the United States again delved into the world of climate change and greenhouse gas regulation, hearing oral argument in Utility Air Regulatory Group v. EPA.  It is perhaps fitting that the Court’s consideration happened on the very same day that Congressman John Dingell announced that he would be retiring after … Continue Reading
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