On June 1st, 2017, President Trump announced that the United States would withdraw from the landmark Paris climate accord, sparking serious concern about the future of global efforts to mitigate climate change. In response, cities, states, and corporations across the United States are collaborating to submit a plan to the United Nations ensuring that the U.S. fulfills its emissions targets under the Paris accord – with or without support from the United States federal government.
The Massachusetts Senate Committee on Global Warming and Climate Change is hosting hearings across the Commonwealth to gather input on clean energy and climate change. Launched by Senate President Pro Tempore Marc R. Pacheco (D-Taunton), the “MA Clean Energy Future Tour” began its nine-stop tour on May 8 and will end on June 26 in Boston. To learn more about this tour, read on!
A new trend is emerging among the country’s most influential fossil fuel investors: a demand for climate change accountability and progress towards a low-carbon economy. On May 31, 2017, a vote among Exxon Mobil’s shareholders approved a resolution mandating that the company begin offering detailed reports analyzing the impact of compliance with climate change policy on its core business. With this resolution, Exxon’s major shareholders are pushing directly against company leadership, which has historically resisted such disclosure.
From April 26th-28th, San Francisco hosted the 2017 Ceres Conference. Ceres is a non-profit organization advocating for sustainability leadership. The annual conference brings together more than 600 investor and company leaders and advocates who are catalyzing the biggest breakthroughs on sustainability.
This year’s jam-packed agenda spanned a variety of topics surrounding the energy industry, but two key themes emerged: (1) that there is a growing need for standardized data to measure the impact of investments made in energy, and (2) that sustainable energy is playing an increasingly central role in the investment decisions for stakeholders across sectors and across the political landscape – in other words, the push for clean energy isn’t going anywhere. Continue Reading Recap: The 2017 Ceres Conference on Sustainability
This month’s Washington Update provides insight into a number of energy-related developments at the federal level, including President Trump’s recently proposed budget for Fiscal Year 2018, the Senate’s failed efforts to turn back the Obama administration’s methane rule, and several pieces of legislation related to energy efficiency.
The U.S. IPO market began 2017 with a solid start, with 25 IPOs raising nearly $10 billion in the first quarter and another 31 IPOs in the second quarter through May 15. We have a number of U.S. and non-U.S. clients moving ahead on U.S. IPO plans in 2017. Will the IPO market in the United States experience a renaissance? While IPOs in the U.S. fell off the map after a slowdown in 2015, the market looks to be bouncing back. For more information, read Mintz Levin’s Securities Matters blog post, which provides a detailed look at recent U.S. IPO market trends.
Senate Finance Committee Ranking Member Ron Wyden (D-OR) recently introduced the “Clean Energy for America Act,” which aims to create a new technology neutral system for federal tax credits for clean energy, clean fuel, and energy efficiency projects. The bill would offer performance-based tax incentives for efficient homes and office buildings, and would significantly reduce carbon pollution over the next decade. Senator Wyden, also a member of the Energy & Natural Resources Committee, received support from 21 Democrat co-sponsors, including Senate Minority Leader Chuck Schumer (D-NY) and Energy and Natural Resources Committee Ranking Member Maria Cantwell (D-WA). To learn more about the Clean Energy for America Act, read on!
One of President Trump’s early campaign promises was to dismantle the 2015 Clean Water Rule, the Obama administration’s regulation asserting federal power over navigable bodies of water and aiming to replace polluting coal-fired power plants with clean energy facilities. Now, thanks to a district court ruling in D.C., Trump may be one step closer to actualizing that promise. To learn more about this ruling and its impact, read on!
The Baker-Polito Administration recently announced a set of six new programs seeking to increase affordable access to clean energy and energy efficiency programs in the Commonwealth. These new programs build upon the efforts of the Affordable Access to Clean and Efficient Energy Working Group, which just released its Final Report, and mark the final component of the Administration’s $15 million Affordable Access to Clean and Efficient Energy (AACEE) Initiative. To learn more about these new programs, read on!
Tom Burton, Member of the firm’s Corporate & Securities Section and Founder and Chair of the firm’s Energy Technology Practice, will publish bi-weekly installments providing key takeaways from the four sections of AEE’s webinar including: Industry Growth; Advanced Energy Jobs; Growth Trends; and Policy. This is the fifth and final installment of the series. Click to read Part 1, Part 2, Part 3, and Part 4.
The final AEE webinar topic highlighted the important role policy plays in driving the advanced energy market. Panelist Malcolm Woolf noted that President Trump’s recent Executive Order overturning the Clean Power Plan conveys how policy can affect the market. While market forces are on the side of advanced energy, there are several policy levers that AEE believes will be significant drivers to future growth. These include:
- opening wholesale markets to the energy industry;
- meeting corporate demand for advanced energy;
- continued evolution of the utility business model;
- bipartisan opportunities at the state level.
To listen to the full webinar, click here.