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In this program, we will focus on SEC developments affecting, and practical aspects of preparing for, public companies’ annual meetings and annual reports.

Welcome to Vinson & Elkins’ Securities and ESG Updates.

Vinson & Elkins attorneys discussed how to obtain and defend key air quality permits for power plants.

On August 14, 2024, the United States Court of Appeals for the District of Columbia Circuit (“D.C. Circuit”) released a redacted copy of its opinion in Sinclair Wyoming Refining Co. LLC v. EPA,¹ in which the D.C. Circuit upended the U.S. Environmental Protection Agency’s (“EPA” or the “Agency”) overly restrictive treatment of the Renewable Fuel Standard (“RFS”) program’s small refinery exemption (“SRE”) and mostly vacated a series of denials issued by EPA in 2022 to companies petitioning for the SRE.

In a unanimous opinion, a panel of judges from the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit”) vacated four key aspects from a 2022 rulemaking by the Pipeline and Hazardous Materials Safety Administration (“PHMSA”) because PHMSA failed to comply with its own requirements for rulemakings.

In a potentially significant development that may impact the economics of aviation, the California Air Resources Board (“CARB”) is proposing a policy, as we previewed in January 2024, to update the state’s Low Carbon Fuel Standard (“LCFS”) program, whereby CARB would eliminate the existing exemption for intrastate fossil jet fuel from LCFS regulations beginning in 2028.

In a significant legal maneuver with potentially far-reaching implications, California Attorney General Rob Bonta filed an amended complaint on June 10, 2024, to California’s high-profile lawsuit targeting five of the world’s largest oil companies: BP, Chevron, Exxon Mobil, Phillips 66, Shell, as well as the American Petroleum Institute (“API”).

On May 20, 2024, the U.S. Fish and Wildlife Service (FWS) issued a final rule listing the dunes sagebrush lizard (“DSL”) as endangered under the Endangered Species Act (“ESA”).

On May 1, 2024, the Council on Environmental Quality (“CEQ”) published the final version of Phase 2 of its National Environmental Policy Act (“NEPA”) rulemaking (“Phase 2 Rule”).

On May 14, 2024, the U.S. Environmental Protection Agency (“EPA”) published the final version of its revisions to the Greenhouse Gas Reporting Program (“GHGRP”) regulations for the oil and gas sector, often referred to as “Subpart W.”

The U.S. Environmental Protection Agency (EPA) has finalized a host of new requirements for fossil-fueled power plants, including new source performance standards (“NSPS”) for new and modified coal- and gas-fired plants and emission guidelines for existing coal-fired plants.

The United States electric grid is becoming increasingly stressed as the nation navigates the energy transition and demand for electricity rises.