On June 14, 2023, the IRS released proposed and temporary regulations and additional guidance describing rules for eligible taxpayers to benefit from clean energy projects through selling any of the 11 eligible U.S. federal income tax credits to an unrelated taxpayer in exchange for cash. The proposed and temporary regulations were published to the Federal
By David S. Wilson and Joshua A. Rodine
Seyfarth Synopsis: The California Supreme Court unanimously held that while claims brought by an employee’s spouse for COVID injury are not barred by the Workers’ Compensation Act’s (WCA) exclusivity provision, policy considerations cautioned against imposing a tort duty to the members of an employee’s household. Kuciemba v.
On June 14, 2023, the IRS released proposed and temporary regulations and additional guidance describing rules for applicable taxpayers to benefit from clean energy projects through electing to receive direct payment for the amount of the 12 applicable U.S. federal income tax credits. The proposed and temporary regulations were published to the Federal Register on
In June 2023, federal agencies released their “Spring 2023” Regulatory Agendas that provide an outlook for numerous upcoming regulatory actions on chemicals which could have significant implications for the regulated community. Hunton Andrews Kurth LLP’s regulatory team have provided analyses of these upcoming regulatory actions:
NA100 aims to propel corporate action on natural capital through investor engagement similar to the work of initiatives like Climate Action 100+.
On June 26, 2023, the Secretariat and Launching Investor Group behind Nature Action 100 (NA100) announced a set of focus areas and priority sectors for engagement with companies on biodiversity and broader nature-related matters (hereinafter, natural capital). Natural capital has rapidly climbed the list of environmental, social, and governance (ESG) priorities for many investors and regulators, with a series of initiatives being set up to parallel influential regimes on climate.
This post provides an overview of NA100 and its priorities, along with initial guidance for companies looking to integrate natural capital considerations into their ESG programs.
In June we reported that California Governor Gavin Newsom’s infrastructure permitting and CEQA reform legislation package was mostly dead, with the Legislature finding it too complex for last-minute consideration. But there’s a big difference between mostly dead and all dead. Legislators and the Governor subsequently reached a tentative agreement to allow a pared-down version
On July 10, 2023, California Governor Gavin Newsom signed into law a suite of bills intended to facilitate the permitting and approval processes for clean energy and other infrastructure projects in California.
Enactment of these measures in conjunction with the state’s budget bill marked the culmination of negotiations between the governor and state legislators that began on May 19, 2023, when the governor’s office announced a number of legislative proposals to streamline approval and permitting processes for clean infrastructure projects in California. On the same day, Governor Newsom issued Executive Order N-8-23, creating an Infrastructure Strike Team to work across state agencies to maximize federal and state funding opportunities for California innovation and infrastructure projects. The governor’s legislative proposals and executive order reflect the administration’s commitment to infrastructure development in California.
On 11 July 2023, the European Securities and Markets Authority (ESMA) published a public statement on sustainability disclosure in prospectuses, available here: ESMA32-1399193447-441 Statement on sustainability disclosure in prospectuses (europa.eu).
The statement is addressed to the National Competent Authorities (NCAs) to promote coordinated action regarding sustainability-related disclosure included in prospectuses under current legislation. While the statement is addressed to NCAs, ESMA have said that its contents should be taken into account by issuers and advisers when drawing up a Prospectus Regulation (PR) compliant prospectus that contains sustainability-related disclosure.
Whilst there is little in the way of deviation from best practice here, the statement reflects the enhanced focus of ESMA and NCAs on ESG disclosure and is likely to result in additional commentary from NCAs during the prospectus approval process.
A summary of some of the key takeaways is included below.
As economies pivot away from reliance on petroleum, the use of hydrogen is increasingly considered as a key component in a portfolio of alternative fuels and developing technologies to reduce greenhouse gas emissions. This is the first of a multi-part blog series on federal and state legislation being considered to stimulate “energy transition.” This blog
A Texas state district court in Hale County, Texas recently issued a verdict under Texas state law and determined that wind rights are a severable property interest in the surface estate and therefore, a trespass claim can be brought in violation of these rights. The judge granted the plaintiff’s motion for partial summary judgment but