Climate Policy News You Can Use — July 2024

Dear Colleagues,

As you know, the Supreme Court is striking down the Chevron Doctrine which damages a foundational legal principle that has long ensured clean air, clean water, and a safe climate. This will undoubtedly have impacts on climate policy and how it is regulated. See EDF’s statement for more.

In her dissenting opinion, Justice Kagan wrote, “In one fell swoop, the majority today gives itself exclusive power over every open issue — no matter how expertise-driven or policy-laden ….”

This decision is an imperative reminder that our work is never finished and always evolving. Please see below for the latest.

Trade Groups Threatening SEC Climate-Related Disclosure Rules Despite Members’ Support

The Business Roundtable recently filed an amicus brief seeking to vacate the SEC’s climate-related disclosure rule, a move that is in conflict with many of its members’ support of the rule. Meanwhile, companies have continued to demonstrate leadership in supporting regulations that align with their businesses and foster overall economic stability, and companies are increasingly taking a stand in support of such regulations in legal proceedings.

In that vein, it is especially important for companies to speak up now in support of the SEC rule to make clear that trade groups like the Business Roundtable and U.S. Chamber of Commerce are not representing your views.

Take Action:

• Reach out to our team if you are interested in discussing how you can defend the SEC rule in an amicus brief alongside other companies or in making a public statement in support.
• If applicable, emphasize to the Business Roundtable and Chamber of Commerce that you disagree with the position they have taken regarding the SEC rule, and encourage your other trade associations to support the SEC rule.

Go Deeper:

• Check out our team’s SEC Rule Summary – with an overview of the rule requirements; advocacy opportunities; and an appendix with key terms, a comparison of the proposed and final rule, and an overview of different reporting requirements across the globe (SEC, China, EU, California, IFRS/ISSB).
• Check out EDF’s Investor Guide for the SEC Rule.

Support U.S. Oil and Gas Methane Regulations to Slash Emissions and Boost Competitiveness

In the U.S., new rules across several federal agencies including the EPA will work together to reduce methane emissions and waste from the oil & gas sector. By ensuring compliance, companies can mitigate market risk and position themselves favorably amidst growing public, investor, and consumer scrutiny of their environmental performance. For investors, supporting these policies and holding companies accountable can improve transparency, and promote best practices, ultimately safeguarding investment portfolios.

Take Action:

• To fully realize the emissions reduction potential of these rules and send a strong signal to policymakers and global markets that the U.S. can remain competitive in the energy transition, companies should publicly support these regulations, swiftly implement them and urge their industry peers to do the same – Contact Sean Hackett at shackett@edf.org to learn more.

Go Deeper:

• To better understand the requirements and business case for these regulations – as well as opportunities for corporate engagement – check out EDF’s new comprehensive guide to U.S. methane policy.

What’s new with the IRA?

• Thinking through opportunities with the IRA or local projects? Check out the Climate Program Portal’s Project Finance Hub.
• The IRS has issued guidance for the procedures to claim a credit for utilization of carbon oxide.

Keeping up with the Administration

• The U.S. Environmental Protection Agency announced 25 selected applications for over $4.3 billion in grants to implement community-driven solutions to the climate crisis, reduce air pollution, advance environmental justice, and accelerate America’s clean energy transition.

ICYMI – Things We’re Tracking

1. Register for this virtual webinar launching the Business Association Climate Action Guide – a helpful tool in starting your trade association alignment assessment journey.
2. Read up on EDF’s latest report on due diligence questions for the hydrogen sector.
3. A D.C. Circuit panel on Friday unanimously denied an attempt by coal interests, numerous power companies, and Republican State Attorneys General to stay, or immediately block, EPA’s protections limiting climate pollution from power plants.
4. Check out the Net-Zero Action Accelerators’ latest newsletter.

That is all for July. We are going to take a little break and will be back in your inbox in September. Thank you for reading, and if this was forwarded to you, email us to subscribe!

Best,
Daniel Neff on behalf of the Climate Policy Leadership Team