The economic and regulatory impacts of policies designed to address climate change are among the most significant challenges facing the global business community in the 21st century.
Climate change regulation impacts virtually every significant economic activity in some form or another, exposing energy producing or energy intensive industries to substantial new risks, while at the same time creating new business opportunities. With our longstanding reputation and broad experience in climate change, and our unparalleled global reach, Jones Day is uniquely positioned to help our clients meet these challenges and capitalize on these opportunities.
On the Leading Edge of Change
"A pioneer in the climate change field, the [Jones Day] team has extensive experience and provides excellent advice on emissions rights-related cases." (Chambers Europe 2009)
In 2001, Jones Day became one of the first law firms to establish a global, multidisciplinary team of attorneys dedicated to counseling clients on climate change issues. We have been at the forefront in devising programs under the EU Emissions Trading Scheme, and the UK Emissions Trading Scheme, as well as under recently enacted U.S. initiatives such as California's landmark greenhouse gas legislation (AB 32) and the Regional Greenhouse Gas Initiative in the Northeastern and Mid-Atlantic United States. During this period, clients have also sought our advice in evaluating numerous emissions reduction projects being developed in Europe, Latin America, and Asia under the Clean Development Mechanism ("CDM") established under the Kyoto Protocol. Our extensive work on these projects and other mechanisms to regulate greenhouse gas emissions has given us, and our clients, valuable insights in structuring the complex trading transactions in existing and emerging markets.
A Global, Multidisciplinary Approach
Because the legal and business implications of climate change regulation are as diverse as our client base, Jones Day has developed a deep, multidisciplinary team of attorneys to help clients around the world anticipate, shape, and respond to emerging climate change initiatives. Understanding how these initiatives will impact a client's business requires specialized legal analysis in a variety of areas. We draw upon attorneys in our Environmental, Health & Safety, Energy, Mergers & Acquisitions, Project Finance, Capital Markets, Tax, Real Estate, Construction, Intellectual Property, and Trial practices, and with other required competencies for each engagement. Our "One Firm" approach to delivering the full range of legal services has never been more valuable than in helping our clients manage the myriad effects of climate change regulation.
Emissions Reductions and Trading
The landscape for investments in a low-carbon economy is global and multi-faceted. Investment options will likely increase in the years ahead as more countries, including the United States, move to establish carbon reduction schemes. Our recent experience includes advising clients on the implementation of CDMs under the Kyoto Protocol, the trading and sale of Certified Emission Rights ("CERs"), and the sale of credits under the U.K. Emissions Trading Scheme ("UK-ETS"). We also have advised clients with respect to SOx and NOx trading schemes in the U.S., and assisted with the negotiation of a reforestation agreement to create greenhouse gas emission reduction credits.
Renewable Energy Projects
Jones Day has long been recognized as having one of the leading global renewable energy practices. We represent lenders, developers, investors and energy purchasers in renewable projects, and have years of experience in the monetization of the tax incentives and environmental attributes these projects generate. Our recent experience includes representing banks and bank syndicates in connection with the financing and development of wind parks and solar energy facilities, as well as advising utilities and energy services providers on their wind and solar energy power projects.
Climate Change Litigation
Chambers USA 2009 cites Jones Day's Climate Change litigation practice as experienced in Clean Air matters, enabling it "to steal a march on its competitors by securing roles in notable climate change cases.”
In the absence of a federal scheme for emission controls of greenhouse gases in the U.S., some states and private parties have filed lawsuits alleging that such emissions are a public nuisance that causes a variety of compensable damages. To date, three such lawsuits have been filed. Jones Day has a lead role in each of these pending cases: State of Connecticut, et al. v. American Electric Power Company, Inc., et al., No. 05-5104-cv (2d Cir.); Ned Comer, et al. v. Murphy Oil USA, et al., No. 1:05-cv-00436 (5th Cir.); and Native Village of Kivalina, et al. v. ExxonMobil Corp., et al., No. 1138 (N.D. Cal.).
More climate change litigation is expected. The United Nations Intergovernmental Panel on Climate Change reports likely will be used by future plaintiffs to bring climate change lawsuits seeking redress for personal injury and property damage. To prevail on such claims, plaintiffs and their scientists must demonstrate not only that the earth has warmed, but also that the climate effects complained of are tied to defendants' activities, as the concept of "specific causation" is well settled. Jones Day's lawyers are at the forefront of the complex scientific and evidentiary issues related to climate change litigation and specific causation.