Stroock Special Bulletin
“A Guide To Greenhouse Gas Regulation - Second Edition”
Climate change remains the issue of the day. Every media outlet – from newspapers to trade Magazines, to cable networks – is focused on the use of fossil fuels, the attendant risks to the planet’s ecosystem and to the future of humankind itself, and the “going green” solution to it all. Many sectors of the economy have joined the frenzy in an effort to capitalize on emerging market opportunities. Real estate developers are building “green buildings,” utilities are planting trees with voluntary contributions from their customers, and companies have instituted employee based programs. Meanwhile, investment banks, private equity firms, and venture capitalists are seeking out and financing alternative energy projects.
But Congress still has not yet enacted legislation directly affecting climate change and greenhouse gases. And, for the most part, state laws still lack a consistent approach, whereas regional initiatives are being implemented to fill the void. The net result is that businesses continue to confront the same fundamental question: How to manage risk in an unsettled regulatory environment and an increasingly carbon-constrained world?
Like the first edition of this guide, this second edition attempts to provide businesses with some basic clarity on the various climate change laws and how they may affect their operations with respect to greenhouse gases. It intentionally traverses a lot of territory; yet, it is organized so that, depending on the business, its location, and the reader’s familiarity with the topic, it may be read cover-to-cover or issue-by-issue as the need arises.
The guide again starts with a primer on greenhouse gases and global warming for those new to the subject area, then provides an overview of pending federal legislation and executive actions, state legislation and related state actions, regional initiatives and climate registries. Finally, the guide includes some practical tips for businesses seeking to get ahead of the curve.