After nearly a decade of work, on September 19, 2019, the California Air Resources Board (CARB) endorsed its much anticipated Tropical Forest Standard (TFS). The TFS is a first-of-its-kind framework for assessing jurisdiction-scale offset credit programs that reduce emissions from tropical deforestation and degradation. It is widely expected to serve as a replicable model for … Continue Reading
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
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 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
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
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
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
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 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
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
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
Last week, our colleague Cándido García Molyneux, in our Brussels office, published an article on Law360 discussing the Paris Climate Accord and the impact this agreement will have on the climate change and energy policies of the European Union. The article can be read here.… Continue Reading
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
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
