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.

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.

Congress returned from August recess to an overflowing fall agenda. However, Majority Leader Schumer has not mentioned a permitting reform bill in his legislative priority list. Moreover, Sen. Manchin has backed David Rosner to fill the vacant seat on the Federal Energy Regulatory Commission (FERC). On the local level, Gov. Kathy Hochul (D-NY) announced the operation of New York’s first state-owned utility-scale energy storage system in North Country. Finally, the United Nations issued its first report card on the 2015 Paris Agreement and found that countries have only made limited progress in reducing the effects of global warming.

After catastrophic flooding in Vermont, scientists are warning that severe floods will become more common in light of the climate crisis. In Congress, House Republicans proposed deep cuts for the Department of the Interior and the Environmental Protection Agency and a bipartisan group of lawmakers relaunched the Climate Solutions Caucus. National Security Advisor Jake Sullivan argued that China should be pressured further on climate issues as Special Envoy on Climate John Kerry’s trip to China concludes tomorrow.

Majority Leader Chuck Schumer (D-NY) announced the Senate’s plans to tackle permitting reform prior to the August recess. Last week, the Biden administration approved what would be the largest offshore wind project in the United States. This comes as nationwide carbon emissions reportedly fell for the first time under President Biden. In California, traditional energy companies are lobbying against proposed emissions disclosure requirements. Finally, heat records around the world were broken earlier this month and Special Envoy for Climate John Kerry is planning a visit to China.