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Major Investment Manager Makes Climate-Related Disclosure a Priority for 2017-2018

Earlier this month the world’s largest asset manager, BlackRock, Inc., announced five “engagement priorities” for the coming year. Improving climate risk disclosure made BlackRock’s priority list alongside the more traditional areas of focus: governance, corporate strategy, compensation and human capital. BlackRock stated it will “engage companies most exposed to climate risk to understand their views on the TCFD [Task Force on Climate-related Financial Disclosures] recommendations and to encourage them to consider using this reporting framework as it is finalized and subsequently evolves over time.”

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  • 14
  • March
  • 2017

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EPA Withdraws Request for Information About GHG Emissions From the Oil and Gas Industry

On March 2, 2017, EPA announced that it was withdrawing its information collect request (the “ICR”) asking owners and operators in the oil and natural gas industry to provide information on equipment and air emissions at existing oil and gas operations. The withdrawal is effective immediately, meaning owners and operators—including those who have received an extension to their due dates for providing the information—are no longer required to respond to the request. Unlike other actions taken by the prior administration’s EPA, such as final regulations promulgated in compliance with the Administrative Procedure Act (“APA”), the ICR could be withdrawn without notice and comment, because it was not a rule subject to APA procedures.

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  • 09
  • March
  • 2017

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Automakers Request that EPA Withdraw Final Determination Vehicle Emission Standards and Resume Midterm Evaluation

On Tuesday, February 21st, the Alliance of Automobile Manufacturers (“Alliance”), an association representing twelve of the leading manufacturers of cars and light trucks in the United States, formally requested that EPA withdraw the Final Determination on the Appropriateness of the Model Year 2022-2025 Light-Duty Vehicle Greenhouse Gas Emissions Standards under the Midterm Evaluation (“Final Determination”).

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  • 17
  • February
  • 2017

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Beyond Regulations: What Additional Changes to Climate Change Policy Could Happen Under the Trump Administration?

The few public statements from then-candidate Trump regarding climate policy indicated that he will seek to reverse much of his predecessor’s course on laws and policies pursued in the name of preventing climate change, including the Paris Agreement and the Clean Power Plan. The President has also stated that he wants to cut regulations by 75%, and released an Executive Order limiting the creation of new regulations. But even outside of the realm of formal regulations, there are a number of climate-related policies of the previous administration that could be impacted by President Trump’s policy preferences.

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With the Clean Power Plan Under Attack Could a Climate NAAQS be Next?

While on the campaign trail, President Trump made several statements suggesting that he will seek to reverse many of the regulations and guidance documents that constitute President Obama’s Climate Action Plan, including the Clean Power Plan. Recent actions and statements by the Trump Administration have further signaled the potential for a significant reversal of U.S. climate policy. Given that the new Administration is unlikely to pursue further policies aimed at cutting greenhouse gas (GHG) emissions, and may even attempt to roll back some existing regulations, many environmental organizations and think tanks are considering alternative measures to achieve emission reductions.

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  • 17
  • January
  • 2017

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GAO Recommends Incorporating Forward-Looking Climate Information into Design Standards and Building Codes

On January 3, 2017, the U.S. Government Accountability Office (“GAO”) released a report concluding that better coordination among — and the sharing of forward-looking climate information between — federal agencies could result in significant government cost savings. Forward-looking climate information includes weather models constructed using anticipated trends in climate change and other plausible projections of what might happen under a given set of assumptions, such as projected rainfall rates. The GAO observed that, over the last decade, “the federal government has incurred direct costs of over $320 billion due to extreme weather events,” including costs related to repairs of federal infrastructure. These costs may continue to rise as the climate changes, with extreme weather events becoming more frequent. The GAO concluded that — as the owner, operator, and insurer of property vulnerable to climate impacts — the federal government stands to benefit from the incorporation of forward-looking climate information into building codes, standards, and certifications. However, design standards and building codes generally use historical climate observations, and standards-setting organizations have identified various challenges to using forward-looking climate information. The GAO report finds that improving interagency coordination and providing the best available forward-looking climate information to standards-setting entities could help address many of these challenges.

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Margaret E. Peloso

Margaret E. Peloso Counsel

Eric Groten

Eric Groten Partner

George C. Hopkins

George C. Hopkins Partner

Michael B. Wigmore

Michael B. Wigmore Partner

Mattew T. Dobbins

Matthew Dobbins Senior Associate

Yun Ji Senior Associate

Tyler E. Robinson

Tyler E. Robinson Senior Associate

Theresa Romanosky

Theresa Romanosky Associate

Corinne Snow

Corinne Snow Associate

Brandon M. Tuck

Brandon M. Tuck Senior Associate