Speaking Sustainability

Key topics in Akin’s July 2024 Sustainability/ESG Policy and Regulatory Update include:

Key topics in Akin’s June 2024 Sustainability/ESG Policy and Regulatory Update include:

Key topics in Akin’s April 2024 Sustainability/ESG Policy and Regulatory Update include:

The Department of the Treasury published new guidance on securing bonus tax credits within the Inflation Reduction Act (P.L. 117-169; IRA) for offshore wind projects. Before the Virginia legislative session expired, lawmakers passed numerous bipartisan environmental bills. Governor Glenn Younkin (R-VA) must decide on the bills’ fate by April 8, 2024. Finally, the United Nations (U.N.) announced that it plans to finalize stricter greenhouse gas emissions penalties for the international shipping sector by 2027.

Energy Secretary Jennifer Granholm publicly announced that the Department of Energy (DOE) liquified natural gas (LNG) pause will conclude within the next year. On the state level, 24 attorneys general are arguing against the Environmental Protection Agency’s (EPA) new rule to limit methane emissions associated with the oil & gas industry. Finally, at a recent International Maritime Organization (IMO) meeting, 47 countries stood in support of monetary penalties related to the international shipping sector’s greenhouse gas emissions.

Note: Subsequent to publishing our client alert, at least four lawsuits have been filed in federal courts challenging the SEC’s final climate risk disclosure rule. On Friday, March 15th, a three-judge panel for the U.S. Court of Appeals for the Fifth Circuit granted a motion for an administrative order temporarily staying the effectiveness of the agency’s final rule. As predicted in our alert, litigation over the final rule is expected to be lengthy and it is impossible to know when such litigation will be concluded. 

Democratic lawmakers, including Sen. Ed Markey (D-MA), drafted a letter to the Treasury Department, urging officials to issue guidance on the Inflation Reduction Act’s (P.L. 117-169; IRA) offshore wind tax credits. Meanwhile, Washington state’s cap-and-invest program held a carbon auction and uncertainty around the program lowered the price of carbon allowances. Finally, the European Environment Agency (EEA) cautioned that the bloc is unprepared for the impacts of climate change regardless of whether the Paris Agreement’s green targets are achieved.

We are excited to announce the launch of Akin’s Sustainability/Environmental, Social and Governance (ESG) Policy and Regulatory Update, our inaugural Speaking Sustainability newsletter. This policy and regulatory update provides a summary of key ESG topics and regulatory developments.