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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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  • 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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  • 13
  • December
  • 2016


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Two New Class Action Complaints Against Exxon Allege Climate Fraud

In November, two class action complaints were filed against Exxon Mobil — Ramirez v. Exxon in the Northern District of Texas and Fentress v. Exxon in the Southern District of Texas. Ramirez is a purported class action for purchasers of Exxon common stock, while Fentress alleges class action claims under Employee Retirement Income Security Act (“ERISA”) on behalf of current and former Exxon employees who participated in an employee stock option plan during the class period. Both of these cases rest upon a very similar set of factual allegations, and are significant as the potential beginning of a new type of climate change litigation.

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Ninth Circuit lends biomass a Helping Hand

On September 2, 2015, the Court of Appeals for the Ninth Circuit handed down its opinion in a consolidated case - Helping Hand Tools v. U.S. Environmental Protection Agency (available here). In it, the court held that EPA did not act arbitrarily or capriciously in granting a Prevention of Significant Deterioration (“PSD”) permit under the Clean Air Act to Sierra Pacific Industries, Inc. Both Helping Hand Tools and the Center for Biological Diversity had petitioned the court to review the permit and the court consolidated their petitions. The decision is clearly a win for EPA and Sierra Pacific. Since EPA’s exemption for biomass PSD permitting expired in 2014, biomass facilities have been subject to PSD permitting for greenhouse gases, but the manner in which they would be treated has remained an open question. The Ninth Circuit’s opinion applies established precedent regarding the PSD permitting program to a biomass facility, establishing that biomass facilities cannot be compelled to consider other forms of generation in the best available control technology analysis. The opinion is also noteworthy because the court granted deference to EPA’s Bioenergy BACT Guidance.

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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