Climate Policy News You Can Use — April 2024
Happy Earth Month! It has been a very busy year for climate policy, and the Administration is finalizing a lot of the important rulemaking we’ve been tracking.
The folks over at have released their latest report tracking the world’s progress to net-zero. Some of the biggest wins include: over the past four years, the global market share for electric vehicles jumped from 3 percent to 18 percent; the costs of solar and wind have dropped dramatically; and venture funding has topped $50B for three years running, up from $17B in 2020.
And the progress will continue! Reach out if you are interested in discussing climate priorities for the rest of the year and what the future of climate policy may look like.
Phase 3 Rules Are Here
The EPA finalized new standards that will slash climate pollution from new heavy-duty vehicles like freight trucks, garbage trucks, and school buses in model years 2027 through 2032. The standards will reduce one billion metric tons of climate pollution by 2055, save an average of $3.5 billion for fleets each year, and provide substantial health benefits. Given that low-income communities and communities of color are more likely to live near heavily trafficked truck routes and breathe more polluted air, actions that reduce traffic pollution are vital to environmental justice efforts. Like the clean car standards announced last month, EPA’s new truck standards are performance-based and technology neutral, an approach that the agency has used for decades. See EDF’s statement for more.
- Take Action:
- Reach out to discover more about the benefits of the program and how to ensure successful implementation.
- Go Deeper
- Check out more EDF analysis and research that shows that the new standards are the next step of the clean transportation future. There, you’ll find more on costs savings, health benefits, pollution reduction, investments, and standards compliance.
- Read EDF’s Blog: How strategic value chain partnerships can create transportation electrification opportunities
New Farm Bill Resource
Interested in nature-based climate solutions and climate-smart agriculture? Check out the new attached backgrounder that provides further insights into what a strong Farm Bill will look like, advocacy opportunities, and more details on what these important programs mean for companies. As you may know, text for a new Farm Bill may be released in the coming weeks.
- Take Action:
- If you are interested in any of the Call to Action advocacy opportunities, please reach out to have a conversation about how your company can play an important part in this advocacy. Or please reach out to discuss nature-based solutions and climate-smart agriculture more broadly.
Don’t Forget About SEC Rules Engagement Opportunities!
We know companies have been hard at work reviewing the SEC’s final rule on climate-related financial disclosure, The Enhancement and Standardization of Climate-Related Disclosures for Investors. In case you missed it, our team put together this fact sheet with helpful tools to understand the rule. If you have questions about the final rule, please contact us and we can coordinate a call with our experts.
- Take Action:
- Prepare to Defend the Rule from a CRA: Members in the House and Senate have introduced a CRA in their respective chambers. It is critical that Members of Congress understand businesses’ interest in keeping the final rule and how it provides more certainty for your climate reporting.
- Consider sharing your perspective with the courts reviewing the rule. Reach out if you want to discuss other opportunities to help defend the rule against challenges in court.
- 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.
What’s new with the IRA?
- Funding from the IRA:
- Funding from the Clean Heavy-Duty Vehicles Program is expected soon. This $1 billion in funding is grant and rebate for fleets to replace high polluting class 6 and 7 vehicles (such as delivery or utility trucks) with zero emission.
- The Administration unveiled $20 billion in awards through the Greenhouse-Grant Reduction Fund to help mobilize private investment towards the expansion of clean energy and helping communities become greener, with some programs having an emphasis on justice, equity, and low-income or disadvantaged communities.
- The Department of Treasury and IRS issued a notice of proposed rulemaking relating to clean hydrogen under Sections 45V and 48(a)(15) in the Inflation Reduction Act. Written comments are due May 13, 2024.
The Latest from Capitol Hill
- The Speakership may be in contention again as the Senate has passed the foreign aid package initiated in the House. Amidst that, there are two Congressional Review Acts to follow. Members in the House and Senate have introduced one for the SEC’s climate disclosure rules which is expected to be considered in the Committee on Financial Services next week, and Republican legislators in both chambers have introduced a CRA to curb the administration’s latest methane rules.
ICYMI – Things We’re Tracking
- EDF Blog: Does Oil & Gas Merger Boom Cast Doubt on Global Clean Energy Transition?
- NZAA Webinar: Project Gigaton: Lessons Learned and the Way Forward
- NZAA Webinar: Global Companies Riding the EU Green Legislation Tidal Wave: An Overview and Insights Ahead of the 2024 European Elections
- Thoughts from Elizabeth Sturcken on SBTi’s recognition of environmental attribute certificates
- Op-Ed: Climate Advocates Must Use the Market
That is all for April, thank you for reading. If this was forwarded to you, email us to subscribe!
Best,
Daniel Neff on behalf of the Climate Policy Leadership Team
