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Energy & Sustainability Litigation Updates — November 2022

Regulatory Developments. During the past month, there have been two notable developments in connection with the SEC’s proposed climate disclosures rule — “The Enhancement and Standardization of Climate-Related Disclosures for...more

Biden Administration Proposes That Federal Contractors Must Disclose GHG Emissions

Last Thursday, the Biden Administration proposed that all federal contractors (except those receiving less than $7.5 million annually in contracts) be required to, among other things, disclose their GHG emissions....more

SEC is Rumored to Be Dropping Scope 3 GHG Emissions Disclosures from Final Climate Disclosure Rule

It has been publicly reported that the SEC is considering dropping “Scope 3” GHG emissions from the mandatory climate disclosures that were proposed last March. Such a development--a major change to the key policy initiative...more

NY Times Reports on Coordinated Effort by Republican Officeholders to Penalize Companies' Efforts to Reduce GHG Emissions

The New York Times has reported that the State Financial Officers Association has "push[ed] Republican state treasurers, who are mostly elected officials and who are responsible for managing their state's finances, to use...more

Implications of West Virginia v. EPA on Proposed SEC Climate Rules

The Supreme Court, in West Virginia v. EPA, effectively limited the ability of the EPA to issue significant regulations designed to address climate change absent further Congressional action. And any Congressional...more

Political Criticism by Congressional Republicans of SEC Proposal on Mandatory Climate Disclosures

The SEC has received two comment letters from members of Congress--one from the House of Representatives and one from the Senate--criticizing its proposal for mandatory climate disclosures....more

SEC Chairman Gensler Defends Proposed Climate Disclosures

SEC Chairman Gensler delivered a set of prepared remarks at the Ceres Investor Briefing on April 12, 2022, in which he defended the SEC's newly proposed rule concerning climate disclosures. As expected, Chairman...more

SEC's Proposed Climate Disclosures Receive Support from Bank of America

According to Paul Donofrio, the head of sustainability at Bank of America, the SEC's proposal for climate disclosures is "constructive and headed in the right direction." Donofrio voiced further support for the SEC's...more

Senator Manchin Criticizes Proposed SEC Climate Disclosures

Senator Joe Manchin (D-WV) has issued a public letter criticizing the SEC's recent proposal for mandatory climate disclosures. Specifically, Manchin questions the need for such a rule based on the fact that a majority of...more

SEC Issues Proposed Regulation on Mandatory Climate Disclosures

On March 21, 2022, the SEC finally issued a proposed rule on mandatory climate disclosures. This proposed rule has been expected for some time--it was widely anticipated to be a centerpiece of the Biden Administration's...more

Red States Move to Penalize Companies That Consider Climate Change When Making Investments

A number of conservative-leaning states, particularly those with a significant fossil fuel industry (e.g., Texas, West Virginia), have begun implementing polices and enacting laws that penalize companies which "pull away from...more

State Street CEO Announces Expectation that Companies Will Issue Climate Disclosures Aligned With TCFD

Last week, the CEO of State Street Global Advisors--one of the largest investment managers--issued a letter to corporate boards of directors announcing a series of priorities with respect to the companies in which it invests....more

Supreme Court May Limit EPA's Power to Regulate Carbon Emissions

The Supreme Court recently agreed to hear an appeal of the D.C. Circuit's decision to strike down Trump-era restrictions--which were quite weak--on coal-burning power plants. The Court's ruling here may limit the ability of...more

Climate Change and the Federal Reserve

There are many aspects to the changing regulatory landscape as the U.S. government (and other authorities) increase their focus on climate change and adopt policies and regulations designed to presumably steer the private...more

IPCC Sixth Assessment Report Emphasizes Dangers of Climate Change

On August 9, 2021, the IPCC released its Sixth Assessment Report (https://www.ipcc.ch/report/ar6/wg1/#SPM), which emphasized the dangers of climate change, and that many of the risks associated with climate change are now...more

Climate Change Litigation: Taxation as Alternative?

Over the past several years, a number of municipalities and other public sector actors have launched a series of lawsuits against the fossil fuel industry, seeking to hold individual companies liable for damages (or expected...more

SEC Chairman Gensler Offers Guidance On Potential Climate Risk Disclosures

In a speech yesterday in a webinar hosted by the Principles for Responsible Investment, SEC Chairman Gensler offered additional clarity on his thoughts concerning mandatory disclosures about climate risk. First,...more

Latest EU Efforts on Climate Change Demonstrate Broader Risks to Business

Today, the EU released a plan to combat climate change through reducing emissions. Significantly, key elements of this plan include increasing the costs on businesses whose activities contribute to climate change, even when...more

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