Wolters Kluwer: Sustainability & ESG Law

SEC monitoring impact of Milton and Helene The Commission is tracking developments related to Milton while continuing the monitor the impact of Helene. The SEC is monitoring the impact of Hurricane Milton on investors and the capital markets. While no relief tailored to recent storms has been issued at this time, the staff will be evaluating the possibility of granting relief from filing deadlines and other regulatory requirements for those affected. Entities and investment professionals affected by either Milton or Helene are encouraged to reach out to Commission staff with questions or concerns. The press release includes a directory of offices prepared to handle inquiries related to the storms. In particular, contact information is given for the Division of Examinations at the SEC's Miami and Atlanta Regional Offices. Collectively, these offices cover: Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, and Tennessee, plus Puerto Rico, and the U.S. Virgin Islands. The SEC’s Divisions of Corporation Finance, Investment Management, and Trading and Markets, and the Office of Municipal Securities, are also available to take inquiries. This story can be read in its entirety on the Wolters Kluwer Vital Law site at https://lnkd.in/g3m5uGtm. As reported by Rodney Tonkovic. #SEC #HurricaneMilton #HurricaneHelene #ExtremeWeatherEvents #RegulatoryRequirements

AFREF memo puts premium on planning for climate-related financial risks The group recommends that banking regulators provide clear guidance about their expectations for how banks should build climate-related risk mitigation into their business practices that complies with fair lending rules and other laws and regulations. Looking to start a “dialogue” between regulated financial institutions and U.S, banking regulators about how to address the “serious threat to consumers, communities, banks, and the financial system” posed by climate-related financial risks, the Americans for Financial Reform Education Fund (AFREF) has released a memorandum laying out its views and recommendations related to new regulations, guidance, and legislation the U.S. Treasury Department, U.S. banking regulators, and lawmakers have already taken in response those risks. You can access the entire article at https://lnkd.in/gBjdhda6. As reported by Jeff Williams. #ClimateRisks #ClimateMitigationStrategies #FairLendingPractices #AFREF #FRB #OCC

DOE provides $1.5 billion in improve electric grid reliability and meet rapidly growing demands   A Department of Energy study found that the U.S. will need to approximately double to triple its 2020 transmission capacity by 2050 in order to meet expected growth in electricity demand. The DOE will be providing $1.5 billion funding for four transmission projects that are aimed at improving grid reliability and resilience, relieving costly transmission congestion, and opening access to affordable energy across the nation, noted an agency press release. Project objectives. The funding for the selected projects was authorized under the Bipartisan Infrastructure Law and will be administered through DOE’s Grid Deployment Office (GDO). The projects, which come under the Transmission Facilitation Program, will enable nearly 1,000 miles of new transmission development and 7,100 megawatts of new electrical capacity throughout Louisiana, Maine, Mississippi, New Mexico, Oklahoma, and Texas, according to the DOE. These investments “will improve critical interregional grid connections, bring diverse clean energy resources to more customers, bolster resilience to extreme weather, and deliver hundreds of millions of dollars in direct and indirect community benefits,” said the agency. You can access the entire article at https://lnkd.in/gui4F9kQ. As reported by Brad Rosen.   #DOE #ElectricGrid #TransmissionCapacity #ERCOT #CleanEnergy #Sustainability 

  U.S. regulators file parallel fraud charges against carbon credit project developer CFTC, SEC, and DOJ charge CQC Impact Investors LLC executives with a massive, multiyear carbon credit market fraud scheme. The CFTC has filed a complaint in the U.S. District Court for the Southern District of New York against Kenneth Newcombe, the former chief executive officer and majority shareholder of CQC Impact Investors LLC (CQC), a Washington, D.C.-based carbon credit project developer, and Jason Steele, CQC’s former chief operating officer, charging the executives with committing fraud and filing inaccurate reports related to voluntary carbon credits ( CFTC v. Kenneth Newcombe, Case 1:24-cv-07477 (S.D.N.Y. Oct. 2, 2024); In the Matter of Jason Steele, CFTC Docket No. 24-36 (Sept. 30, 2024); In the Matter of CQC Impact Investors LLC, CFTC Docket No. 24-37 (Sept. 30, 2024)). The CFTC also filed charges against the company, CQC, which is among the largest voluntary carbon credit (VCC) project developers in the world. CQC falsely reported higher levels of use and efficiency to the Carbon Credit Registry and others related to its Cookstove and LED Projects, the filling charged, with millions more VCCs issued for these projects, and listed on the public registry, than were warranted. This story can be read in its entirety (no paywall) on the Wolters Kluwer Vital Law site (no paywall) at https://lnkd.in/gnFTnnFG. As reported by Suzanne Cosgrove.   #VoluntaryCarbonCredity #DOJ #CFTC #SEC #Fraud #Enforcement #Cookstoves

Republican lawmakers urge Biden administration to push back against EU’s CSDDD The lawmakers said the directive is an affront to U.S. sovereignty that could impact the competitiveness of American companies. Senate Banking, Housing, and Urban Affairs Committee ranking member Tim Scott (R-S.C.) joined committee member Sen. Bill Hagerty (R-Tenn.), as well as Rep. Andy Barr (R-Ky.) and more than 60 other Republican members of the House and Senate, in sending a letter to U.S. Treasury Department Secretary Janet Yellen and other Biden administration officials to “strongly encourage” her and colleagues at relevant government to “actively and publicly” engage with counterparts in the European Union to delay the implementation of the Corporate Sustainability Due Diligence Directive (CSDDD) and work to either repeal or “substantially modify” the directive. You can access the entire article at Wolter Kluwer's Vital Law site at https://lnkd.in/gxRn6mBj. As reported by Jeff Williams. #EU #CSDDD #ClimatePolicies #MultinationalCorporations #AntiESG #SupplyChains #EnvironmentalStandards 

Biden Administration commits $2.8B to boost clean nuclear power generation, The Department of Energy and U.S. Department of Agriculture (USDA) have committed more than $2.8 billion in their efforts to support reliable, affordable, and clean nuclear power in the Midwest, according to a DOE press release. The DOE, through its Loan Programs Office (LPO), has closed a loan guarantee of up to $1.52 billion under the Inflation Reduction Act’s Energy Infrastructure Reinvestment (EIR) program with Holtec Palisades to support the financing, restoration, and resumption of service of an 800 megawatt nuclear generating station in Covert Township, Michigan. For its part, the USDA will be providing more than $1.3 billion in Empowering Rural America (New ERA) program grants for two rural electric cooperatives, Wolverine Power Cooperative and Hoosier Energy, which will reduce the cost for its members for nuclear power acquired from Holtec Palisades and other clean energy sources. You can access the entire article (no paywall)  at https://lnkd.in/grJkWFvB. As reported by Brad Rosen Rosen. #DOE #USDA #CleanEnergy #NuclearPower #IRA 

Deputy Treasury Secretary Wally Adeyemo addresses challenges looming over voluntary carbon markets The deputy secretary expressed hope that the Principles for Responsible Participation in Voluntary Carbon Markets, recently launched by Treasury and partner agencies, will bring the U.S. closer to achieving well-functioning, high-integrity voluntary carbon markets. In recent remarks before the Integrity Council for the Voluntary Carbon Market (IC-VCM), and the Voluntary Carbon Markets Integrity Initiative, Deputy Treasury Secretary Wally Adeyemo conceded that today’s voluntary carbon markets (VCMs) are faced with significant challenges that are holding back their growth. Notwithstanding, Adeyemo opined that “VCMs have the potential to create both economic and climate opportunities by channeling private capital to high-impact and cost-effective climate projects across technologies, ecosystems, and geographies. But today’s markets face significant challenges that are holding back their growth.” You can access the entire article at https://lnkd.in/gdVJwNYu. As reported by Brad Rosen.   #TreasuryDepartment #VoluntaryCarbonMarkets #CarbonCredits #CleanEnergy #Sustainability

Waters reintroduces ‘inclusive lending’ bill in House The legislation is intended to support minority depository institutions, community development financial institutions, and minority lending institutions to promote communities of color through inclusive lending. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, has reintroduced H.R. 9767, the “Promoting and Advancing Communities of Color Through Inclusive Lending Act.” The legislation, H.R. 9767—the “Promoting and Advancing Communities of Color Through Inclusive Lending Act”—would institute reforms to provide support for minority depository institutions (MDIs), community development financial institutions (CDFIs), and minority lending institutions to promote and advance communities of color through inclusive lending. You can access the entire article at https://lnkd.in/gRY8HSzq. As reported by  Colleen M. Svelnis. #CommunityDevelopment #EqualCreditOpportunity #MinorityDepositoryInstitutions #InclusiveLending  

Biden tallies his climate accomplishments at Climate Week event in NYC The President described the administration’s climate policy agenda, which has revolved around economic growth, job creation, and environmental justice. President Biden plugged his administration’s climate and clean energy advances in a speech before the Bloomberg Global Business Forum in New York City as part of Climate Week. In his remarks, the President touted the Inflation Reduction Act, which he called “the most significant climate law ever passed in the history of the world.” That legislation provided more than $369 billion in an attempt to address the climate crisis and jump start a clean energy economy. The President also noted that in just under four years, the economy had created nearly 16 million jobs—the most ever in a single presidential term. He proclaimed, “In just two years since the Inflation Reduction Act, we’ve created more than 330,000 clean energy jobs.” You can access the entire article at https://lnkd.in/gaxjity9. As reported by Brad Rosen. #IRA #ClimateWeek #WhiteHouse #ClimatePolicyAgenda #CleanEnergy

Senators urge FHFA to implement stronger energy efficiency standards A group of U.S. senators, led by Chris Van Hollen (D-Md.) and Jeanne Shaheen (D-N.H.), is urging the Federal Housing Finance Agency to implement stronger energy efficiency standards for new homes financed through government-backed loans. In a letter to FHFA Director Sandra Thompson, the legislators emphasized the need for a minimum energy efficiency standard for mortgages backed by Fannie Mae, Freddie Mac, and Ginnie Mae. The senators highlighted that, despite previous indications from Thompson that a decision would be made by summer, no action has been taken. They requested an updated timeline for a decision and swift action to adopt these standards. The legislators—which also include Sens. Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.)—wrote that a minimum energy efficiency standard for Enterprise-backed mortgages on new homes “would save homeowners and renters money and make the housing market more consistent and stable.” The senators noted that updated codes help save lives by protecting families from “the impacts of extreme weather events.” You can access the entire article at https://lnkd.in/gyk5xfYA. As reported by Colleen Svelnis. #EnergyEfficiencyStandards #FHFA #ExtremeWeatherEvents