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The Climate Report | Fourth Quarter 2024
REGULATORY ISSUES & UPDATES
CSRD: The Fun Is in the Transposition
New ESG regulations are expected to have a significant impact on disclosure and governance obligations for EU and non-EU companies alike, including extensive sustainability reporting and due diligence requirements on potentially highly sensitive and detailed ESG matters, including as related to climate risks.
New CO₂ Emission Standards for Cars and Vans in the EU
New emission targets for passenger cars and light commercial vehicles take effect on January 1, 2025, as Europe aims to reduce its greenhouse gas emissions by at least 55% by 2030 and achieve climate neutrality by 2050.
Rescheduling of the EU Deforestation Regulation and New Guidance Documents
The European Commission has proposed an extra 12 months of phasing-in time for the application of the EU Deforestation Regulation, one of the EU's measures to combat climate change.
U.S. EPA's HFC Emissions Reduction and Reclamation Program Finalized
The U.S. Environmental Protection Agency has established a new program to increase oversight of hydrofluorocarbons to reduce leaks from equipment.
LITIGATION ISSUES & UPDATES
The Hague Court of Appeals Overturns Ruling Ordering Shell to Reduce CO₂ Emissions
As discussed in a recent Jones Day Commentary, on November 12, 2024, the Hague Court of Appeals overturned the landmark climate change litigation case that imposed a 45% CO₂ reduction obligation on Shell. The judgment may still be appealed before the Dutch Supreme Court.
UK Coal Mine Planning Consent Quashed
The UK High Court has quashed plans for the UK’s first new deep coal mine in more than 30 years.
Recent D.C. Circuit Decisions Urge FERC to Reconsider Its Analysis of Environmental Impacts for Natural Gas and LNG Projects
In a series of recent orders, the D.C. Circuit has renewed its prodding of the Federal Energy Regulatory Commission to strengthen its environmental reviews of proposed pipeline projects.
An Update on Recent U.S. Mobile Source Air Emissions Regulations and Ongoing Challenges
More stringent regulations on on-road and off-road mobile source emissions have been subject to ongoing litigation, clouding their future.
TRANSACTIONAL ISSUES & UPDATES
Recent Fraud Cases Show Companies Must Be Strategic When Purchasing Carbon Offsets
Recent parallel fraud cases from the SEC, CFTC, and DOJ underscore the need for purchasers to be diligent in evaluating voluntary carbon credits, as fraudulent and ineffective credits can still slip through.
Pumped Storage Hydropower: Powering Southeast Asia's Energy Future
Pumped storage hydropower is emerging as a potentially game-changing solution for Southeast Asian countries to balance energy supply and demand, providing crucial support for grid stability while facilitating the integration of renewables.
LAWYER SPOTLIGHT: Jürgen Beninca
Jürgen counsels European and U.S. corporate clients on antitrust regulatory compliance and represents businesses before cartel authorities, including the German Federal Cartel Office and the European Commission, and before courts in antitrust matters. Though antitrust follow-on litigation cases constitute an important part of his practice, he also assists clients in internal investigations and guides clients through the screening process of foreign direct investments into Germany under Germany's Foreign Trade and Payments Ordinance. Jürgen also advises clients on how to deal with European supply chain regulation, such as the EU Deforestation Regulation, the EU Corporate Sustainability Due Diligence Directive, the EU Forced Labor Regulation, and the German Supply Chain Act. Based in Frankfurt, he was recently named to the 2025 edition of The Best Lawyers in Germany™ for the second consecutive year.
