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Climate Change Hero

Climate Change Blog

State Street Issues New Recommendations for Enhanced Climate-Related Disclosures

On August 14, 2017, State Street Global Advisors, the world’s third largest asset manager, holding over $2.4 trillion in assets under management, issued new climate change disclosure guidance targeting U.S. and international public companies primarily in the oil and gas, utilities and mining sectors. This new guidance, entitled Perspectives on Effective Climate Change Disclosure, identifies “best practices” in climate-related disclosure and prescribes detailed disclosure methods in areas it deems pertinent to investors for evaluating whether “a company’s assets and long-term business strategy are resilient to the impacts of climate change.” In particular, State Street’s guidance emphasizes disclosure of climate change scenario planning and its impact on long-term strategy, which will carry significant business and strategic implications for U.S. public companies in these targeted sectors. 

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Court Limits EPA’s RFS Waiver Authority

In a unanimous ruling on July 28, 2017, the U.S. Court of Appeals for the D.C. Circuit rejected the U.S. Environmental Protection Agency’s (EPA) attempt to lower total renewable fuels targets in the agency’s 2014-2016 Renewable Fuel Standard (RFS) rule promulgated under the federal Clean Air Act (CAA). The decision follows challenges brought by numerous parties affected by the 2014-2016 RFS targets, including groups representing refiners, importers, and producers of renewable fuels. Americans for Clean Energy, et al. v. EPA, et al. explored several areas of EPA’s authority related to the RFS, but one key area impacted by the Court’s ruling is EPA’s general authority to waive total renewable fuels production targets.

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  • 07
  • August
  • 2017

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D.C. Circuit Strikes Down EPA Stay on Key Parts of Quad OA — the 2016 Methane NSPS Rule for the Oil and Gas Industry

On July 2, 2017, in Clean Air Council, et al. v. E. Scott Pruitt, No. 17-1145, the D.C. Circuit vacated EPA’s 90-day stay of EPA’s 2016 final rule entitled “Oil and Natural Gas Sector: Emission Standards for New, Reconstructed, and Modified Sources,” which EPA codified as Subpart OOOOa to 40 CFR Part 60 or “Quad Oa.” Quad Oa overhauled new source performance standards (“NSPS”) for the oil and natural gas sector. A deeper analysis of Quad Oa can be found here. As noted below, Quad Oa is now in effect unless EPA successfully finalizes a proposed rule that would stay for two years parts of Quad Oa. Quad Oa carries certain monitoring and reporting deadlines that will need to be complied with, unless EPA successfully extends those deadlines.

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  • 28
  • June
  • 2017

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Environmental Groups Move to Revive NEPA Lawsuit Over Federal Coal Leasing Program

Environmental groups are seeking to revive a climate change lawsuit regarding the federal coal leasing program, which allows companies to lease federal lands to mine coal. The coal leasing program manages leases on approximately 570 million acres of federal land, and produces approximately 40% of domestically sourced coal. Over 30% of energy generated in the United States comes from coal.

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  • 19
  • June
  • 2017

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EPA Proposes 2-Year Stay on Key Parts of Quad Oa — the 2016 Methane NSPS Rule for the Oil and Gas Industry

On June 16, 2017, the United States Environmental Protection Agency (EPA) published a proposed rule that would stay for two years parts of EPA’s June 3, 2016 final rule entitled “Oil and Natural Gas Sector: Emission Standards for New, Reconstructed, and Modified Sources,” which amended and established updated new source performance standards (NSPS) for the oil and natural gas sector. This final rule was codified in EPA’s NSPS regulations as Subpart OOOOa to 40 CFR Part 60 or “Quad Oa.” Detailed information about Quad Oa can be found here.

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  • 15
  • June
  • 2017

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The Ascendance of 2° Celsius Proposals in ESG Activism

The 2017 proxy season will be remembered as the first proxy season to see “2° Celsius” shareholder proposals succeed at annual meetings of U.S. public companies. Environmental shareholder proposals have quietly garnered increasing support in annual meetings of public companies in recent years, but the 2° Celsius proposal has enjoyed greater and more vocal support than others. Shareholder voting data from the 2016 proxy season pointed to the possibility that 2017 could be the first year that these proposals would receive more than 50% of shareholder votes at annual meetings. As of mid-June 2017, three 2° Celsius proposals have passed the 50% vote threshold at annual meetings. Below we summarize the groundwork laid for this type of proposal by the 2015 Paris Agreement and international meetings before it, and we present voting data from annual meetings of 2016 and 2017 to show the increasing popularity of these proposals.

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Contributors

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

Tyler E. Robinson

Tyler E. Robinson Senior Associate

Theresa Romanosky

Theresa Romanosky Associate

Brandon M. Tuck

Brandon M. Tuck Senior Associate