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After much anticipation, on March 6, 2024, the Securities and Exchange Commission (“SEC” or the “Commission”) released its Final Rule—The Enhancement and Standardization of Climate-Related Disclosures for Investors—mandating climate-related disclosures by public companies.
Following a nearly two-year wait, the Securities and Exchange Commission (“SEC” or “Commission”) released its Final Rule—The Enhancement and Standardization of Climate-Related Disclosures for Investors—on March 6, 2024.
On January 30, 2024, the U.S. Chamber of Commerce and five co-plaintiffs representing a coalition of business groups filed a lawsuit against the state of California seeking to block the state’s new landmark climate disclosure laws.
The California Air Resources Board (“CARB”) reviews the state’s Low Carbon Fuel Standard (“LCFS”) program every five years as part of the broader scoping plan required under the California Global Warming Solutions Act.
The 2023 United Nations Climate Change Conference (“COP28”) reached a significant development in international climate policy, ending with the “first Global Stocktake” calling for a “transition away from fossil fuels in energy systems.”
The 28th Conference of the Parties (or “COP28”) to the UN Framework Convention on Climate Change (“UNFCCC”) at Expo City in Dubai has ended with an agreement described by COP28 president Dr Sultan Ahmed Al Jaber as “historic” and hailed by UNFCCC Executive Secretary Simon Stiell as “the beginning of the end” for fossil fuels.
On November 17, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations [REG-132569-17] regarding the definition of “energy property” and related rules applicable to the energy credit (the “Proposed Regulations”) available under section 48 of the Internal Revenue Code of 1986, as amended (the “Code”).
Chris Taufatofua, Partner; Lauren Davies, Partner; and Steven Wilson, Senior Associate will be attending COP28.
Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter.