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Litigation
On April 9, the DC Circuit upheld the EPA’s 2022 decision to waive
federal preemption with respect to two California regulations under
the Clean Air Act. The regulations at issue were (i) a standard
limiting greenhouse gas emissions and (ii) a requirement that a
certain percentage of new vehicles manufactured in the state each
year be zero‑emissions vehicles.
Seventeen Republican-led states and trade associations
challenged the EPA’s decision on the grounds that the agency
was not authorized to grant California the waiver, exceeded its
statutory authority, and violated a constitutional requirement that
the federal government treat states equally in terms of their
sovereign authority.
The Circuit Court’s decision will likely be appealed to the
US Supreme Court.
Regulation
In the face of legal challenges, the US Securities and Exchange
Commission (SEC) paused implementation of its recently finalized
climate disclosure rules. The rules will be stayed until the Eighth Circuit – which
was randomly selected to hear the consolidated set of
petitions– issues a ruling. The SEC stated that it “will
continue vigorously defending the Final Rules’ validity in
court and looks forward to expeditious resolution of the
litigation.”
Policy
On April 4, the Biden administration announced $20 billion, part of the EPA’s
Greenhouse Gas Reduction Fund, to fund climate and clean energy
projects. Over 70% of the awards are directed to low income and
disadvantaged communities.
Litigation
Proceedings began in Shell’s appeal of a 2021 Dutch court decision. The landmark ruling ordered Shell to
reduce its CO2 emissions by the end of 2030 compared to its
emissions in 2019 and aimed to align the company with the Paris
Agreement goals. The ruling included both Shell’s own emissions
and so-called Scope 3 emissions produced by consumers using its
products. While Shell as reaffirmed its commitment to reach net
zero by 2050, it argues that the decision has no legal basis.
Statement
“The energy transition is not proceeding in a straight
line. As I’ve written many times before, it’s moving in
different ways and at different paces in different parts of the
world. At BlackRock, our job is to help our clients navigate the
big shifts in the energy market no matter where they
are.”
BlackRock CEO Larry Fink’s anual letter to
investor, March 26, 2024
BlackRock’s CEO Larry Fink’s annual letter to investors highlights the investment
giants continued belief in the importance of the global transition
to low-carbon energy, despite growing controversy in the US
regarding this shift.
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