On December 1, the Department of Energy (DOE) and the Department of the Treasury (Treasury) published highly-anticipated proposed rules that will significantly impact China’s and other covered nations’ roles in the battery supply chain for electric vehicles (EVs) sold to U.S. consumers. The proposed DOE Interpretive Rules and proposed Treasury Regulations interpret the term “foreign
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COP28 Day 2–3 Recap: The World Climate Action Summit and Expanding Commitments to Climate Financing
What You Need to Know.
- After the opening day, action at COP28 shifted to the World Climate Action Summit (WCAS), where world leaders convened to deliver national statements and carry out initial negotiations on the Global Stocktake and expanding climate financing. Concurrently, business leaders and philanthropists gathered at the Business and Philanthropy Climate Forum to
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COP28 Day 1 Recap: A Call for Action and Historic Decision on Loss and Damage Funding
What You Need to Know.
- After a year of preparation and months of anticipation, the twenty-eighth annual United Nations Conference of Parties to the United Nations Framework Convention on Climate Change (COP28) opened in Dubai on November 30, 2023. Live and recorded coverage of the plenary sessions can be found on the UNFCCC COP28 website
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Department of the Treasury and IRS propose new guidance for the Section 48 Investment Tax Credit
Last week, the U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released a notice of proposed rulemaking (NPRM) that modifies the regulations applicable to the Energy Credit under Section 48 of the Internal Revenue Code (Code). The NPRM also withdraws and repurposes portions of an August proposal on the rules governing the…
Calculating and Reporting Greenhouse Gas Emissions: A Primer on the GHG Protocol
Laws and regulations that require companies, both private and public, to disclose their greenhouse gas (GHG) emissions continue to expand in the European Union and in the United States. Under the EU Corporate Sustainability Reporting Directive (CSRD), beginning in 2025, EU-based public companies and large EU-based private companies will be required to report all material…
USDA Releases Carbon Markets Assessment, Setting Stage for Technical Assistance Program
As directed by the Consolidated Appropriations Act of 2023 (CAA) that was signed into law by President Biden on December 29, 2022, on October 23, the U.S. Department of Agriculture (USDA) released the report on its general assessment of the state of the U.S. compliance and voluntary carbon markets for the agricultural and forestry sectors.…
Key Takeaways from EPA’s EPCRA PFAS Rule
On October 20, 2023, EPA released a final rule under the Emergency Planning and Community Right to Know Act (“EPCRA”) relating to per- and polyfluoroalkyl substances (“PFAS”). The Rule makes important revisions to EPA’s Toxic Release Inventory (“TRI”) program relating to 189 specified PFAS. …
Commerce Final Rule Heightens Uncertainty as to How Treasury Will Interpret “Foreign Entity of Concern” for EV Credits Under Section 30D of the Inflation Reduction Act
On September 22, the Commerce Department published a final rule implementing the national security-related restrictions and obligations on recipients of incentive funds under the CHIPS and Science Act of 2022 (the “CHIPS Act”). The final rule clarifies in some respects, and substantially expands in other respects, the definition of “foreign entity of concern” that appeared…
Law Enacted by California Legislature Would Require Companies to Disclose Key Details About Voluntary Carbon Offsets and Claims Made in Reliance Upon Them
On September 13, 2023, the California Legislature passed Assembly Bill 1305 (AB 1305), which imposes wide-ranging disclosure requirements on (1) entities that market or sell voluntary carbon offsets and (2) entities that purchase and rely on these offsets to advertise their climate goals. The bill has been enrolled and is currently on Governor Newsom’s desk.…
Key Takeaways from EPA’s PFAS Reporting Rule
On September 28, 2023, EPA released a final rule under the Toxic Substances Control Act (“TCSA”) mandating reporting relating to past manufacturing of per- and polyfluoroalkyl substances (“PFAS”). Below are key takeaways companies that may be subject to these reporting requirements should keep in mind.…