Stroock Client Memo
“A Guide to Greenhouse Gas Regulation – September 2007 Update”
August traditionally is a month for vacationing. Not surprisingly, then, the amount of significant greenhouse gas (“GHG”) regulatory activity was relatively sparse. Prior to recessing for most of August, at the federal level, members of Congress unveiled a new carbon tax fuel bill, another comprehensive emissions reduction and cap-and-trade measure, and approved funding for several programs designed to combat global warming. While California continued its market leadership role, at the state level, Kentucky also joined the global warming crusade, when its governor signed a comprehensive alternative energy tax incentive program. Finally, a handful of Western States and Canadian provinces banded together as the Western Climate Initiative Partnership and established new emissions reduction goals. Rounding out the regional initiatives, the Chicago Climate Exchange launched a new futures contract to enable North American market participants to hedge risks from the price swings of carbon emissions projects in the developing world. This latest Stroock Greenhouse Gas Regulation Update discusses developments through the end of August.