Last week, the European Commission launched a public consultation on the possible adoption of a new EU Carbon Border Adjustment Mechanism (“CBAM”). This consultation is yet another of the initiatives that the Commission is taking to roll out its ambitious European Green Deal (for a recent overview webinar see here). Manufacturers in virtually all industrial … Continue Reading
The Federal Energy Regulatory Commission (FERC) has scheduled a conference on September 30, 2020 regarding carbon pricing in organized wholesale electricity markets. According to the conference notice, the purpose is to discuss “considerations related to state adoption of mechanisms to price carbon dioxide emissions…in regions with FERC-jurisdictional organized wholesale electricity markets.” This conference should be … Continue Reading
With the assistance of Covington, Unilever submitted the attached paper to the European Commission and a number of National Competition Authorities. It suggests a possible framework for the application of EU competition law to sustainability collaborations between competitors. The paper is available here.… Continue Reading
On May 21, in an open virtual meeting the SEC’s 23-member Investor Advisory Committee debated and endorsed the Investor as Owner Subcommittee’s long-awaited recommendations that the Commission begin in earnest an effort to update the reporting requirements of Issuers to include material, decision-useful, environmental, social and governance (ESG) factors. That same day, BlackRock shareholders debated … Continue Reading
A diverse group of stakeholders filed a request with the Federal Energy Regulatory Commission (FERC) to convene a public conference to discuss integrating carbon pricing into U.S. organized regional wholesale electricity energy markets. The group says it is not asking FERC to direct carbon pricing but instead to gather a wide range of stakeholders to … Continue Reading
Next week – April 22, 2020 – brings the 50th anniversary of the inaugural Earth Day, a public awakening inspired and promoted by Wisconsin U.S. Senator Gaylord Nelson that prompted over 20 million Americans (at that time 10% of the national population) to participate in events and activities around the country to demonstrate for government … Continue Reading
Last week, the European Commission took a major step to implement the climate aspects of its European Green Deal. It presented a proposal for a European Climate Law and two consultations on its announced Climate Pact and Carbon Border Adjustment Mechanism (“CBAM”).… Continue Reading
On December 20, 2019, the Supreme Court of the Netherlands confirmed the judgements of a District Court and an Appeal Court requiring the Dutch Government to achieve a reduction of greenhouse gas (“GHG”) emissions of 25% by 2020 compared to 1990, instead of the 20% reduction that the government had envisioned since 2011. The case … Continue Reading
In a project that the World Bank hopes will be a catalyst for implementing its climate change strategy in low and middle-income countries, Eskom, South Africa’s 100% state-owned electricity utility, will launch a tender for a 1.4 gigawatt-hours battery energy storage system (“BESS”). The tender will likely be issued in the first or second quarter … Continue Reading
On March 12, 2019, the U.S. Court of Appeals for the Federal Circuit (“Federal Circuit”) affirmed the U.S. Department of Commerce’s (“Commerce”) determination that solar panels assembled in China from non-Chinese cells were subject to antidumping (AD) and countervailing duties (CVD). See Canadian Solar, Inc. v. United States. In doing so, the Federal Circuit found … Continue Reading
As more companies recognize the value of enhanced sustainability reporting and publicize the positive environmental features of their products and services, they should also be attentive to greater public scrutiny of “green” claims. Companies that engage in greenwashing – asserting exaggerated, misstated, or immaterial environmental claims – are increasingly exposed to reputational damage and legal … Continue Reading
A bill that would set California on a trajectory toward carbon-free emissions from its electric power sector cleared a major hurdle with its passage through the California State Legislature. SB 100 (De León), The 100 Percent Clean Energy Act of 2018, sets a state policy that eligible renewable energy and zero-carbon resources supply 100 percent … Continue Reading
On 4 April 2018, Covington’s client Building Energy, a multinational company operating in the renewable energy industry, signed a power purchase agreement (PPA) with the South African state owned utility Eskom Holdings SOC Ltd (Eskom) to build, own and operate a 147 MW wind plant in Roggeveld (on the border of the Western and Northern … 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
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
Energy storage has frequently been cited as the critical missing link in an electric infrastructure designed to maximize the benefits of cheap, renewable energy. Because energy from the sun and the wind is inherently intermittent, it has not been able to satisfy a round-the-clock need for electricity. And in many places we’ve built more renewable … Continue Reading
California continues to cement its position as a global leader in renewable energy policy and climate change reform. This session, California State Senate President, Kevin de León, authored Senate Bill 100 (S.B. 100), which would require California utilities to procure 100 percent of their energy from renewable sources by 2045. S.B. 100 has been approved … 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
On April 26, 2017, the U.S.-based solar manufacturer Suniva, Inc. filed a petition for global safeguards with the U.S. International Trade Commission (“ITC”). In particular, Suniva requests the imposition of tariffs on solar cells and the establishment of a minimum price for solar modules imported into the United States. The petition was filed under Section … Continue Reading
A recently-published NAFTA arbitration award in Windstream Energy LLC v. Government of Canada illustrates the perils of investing in clean energy projects in jurisdictions with ever evolving regulatory and policy frameworks. The case is also a good reminder of the importance of investing in foreign jurisdictions through vehicles incorporated in countries that have adequate investment-protection … 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
A recent New York Times article reported on an early-stage, solar energy microgrid being formed in Brooklyn, called the Brooklyn Microgrid, that relies on blockchain technology, the innovative database technology used by cryptocurrencies like Bitcoin that promises to transform industries as diverse as financial services, health care, retail, and manufacturing. The blockchain-based microgrid enables neighboring … Continue Reading
As expected, with the inauguration of President Trump all Obama Administration content on the White House website has been replaced with content of the new Administration. The new content includes “An America First Energy Plan”, the entire focus of which is national security and job creation benefits of the Administration’s “embrace” and promotion of greater … Continue Reading
