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Archives: Climate Change

SEC Alleges BNY Mellon made ESG Misstatements and Omissions

The Securities and Exchange Commission charged BNY Mellon Investment Adviser, Inc. with misstatements and omissions about ESG considerations for certain mutual funds that it managed. To settle the charges, on May 23, 2022, BNY Mellon Investment Adviser agreed to pay a $1.5 million penalty. The SEC’s order finds that, from July 2018 to September 2021, BNY … Continue Reading

Glossary of Greenhouse Gas Terms

By Stuart Kaplow on June 5, 2022 Posted in Climate Change, GHG, greenhouse gas

With proposed federal regulation of greenhouse gas emissions by the Securities and Exchange Commission requiring GHG disclosure and new state statutes, including a new Maryland law that requires not only disclosure, but also a mandated reduction in GHG emissions, a greater appreciation of the subject of GHG appears in order. This short glossary is an … Continue Reading

A Quick Science Refresher on Greenhouse Gas

By Stuart Kaplow on May 1, 2022 Posted in Climate Change, Federal, GHG, State

With the federal government and state of Maryland each having announced within days of each other, the mandated disclosure of greenhouse gas (GHG) emissions, we have received, maybe not surprising, many calls in the last two weeks inquiring “what are GHGs?” and “what are Scope 3 GHG emissions (.. which are proposed to be a … Continue Reading

The UK Sets the Scene for Mandatory ESG Laws in the Western World

By Stuart Kaplow on February 13, 2022 Posted in Climate Change, Codes and Regulations, ESG

As we in the U.S. await action by the federal government on mandatory ESG laws, the United Kingdom has become the first European Union country to enact mandatory ESG disclosure laws. These new reporting requirements are of import beyond the shores of Great Britain in that they portend what government mandates are to come across … Continue Reading

ESG is an Opportunity for Commercial Landlords

By Stuart Kaplow on February 6, 2022 Posted in Climate Change, ESG, Green Building, Green Globes, LEED

At first blush the California Climate Corporate Accountability Act requires only a small number of the nation’s biggest corporations generating more than $1 Billion in annual revenue to report their greenhouse gas emissions, but a thoughtful consideration makes clear that if enacted SB 260 will require carbon reporting by thousands if not tens of thousands … Continue Reading

Department of Labor Proposes to Remove Barriers to Considering ESG in Plan Management

By Stuart Kaplow on November 1, 2021 Posted in Climate Change, Codes and Regulations, ESG

ESG has become such a large component of my law practice that I am now collaborating with a fabulous group attorneys in ESG Legal Solutions, LLC, a new non-law consulting firm. Nancy Hudes and I are now publishing a new blog at www.ESGLegalSolutions.com (.. yes, this blog will continue). This post originally appeared in that blog. If … Continue Reading

Supreme Court to Hear Climate Change Regulation Case

By Stuart Kaplow on October 30, 2021 Posted in Climate Change, Codes and Regulations, ESG, Paris Accord

IPCC Fanning the Flames of ESG

By Stuart Kaplow on August 15, 2021 Posted in Climate Change, Environmental, ESG, GRESB, Sustainability

Maryland to Commit to World Economic Forum’s One Trillion Trees Initiative Tree Planting

By Stuart Kaplow on May 23, 2021 Posted in Climate Change, Codes and Regulations, Environmental

The Maryland legislature has enacted and the Governor is expected to sign legislation that will take effect on June 1, 2021 establishing aggressive state tree planting goals and a host of other initiatives rooted in trees, all in an effort to respond to climate change. While other significant climate change legislation failed to pass in … Continue Reading

Green Buildings are Subsidizing Conventional Buildings Stymying Climate Progress

By Stuart Kaplow on April 4, 2021 Posted in Climate Change, Green Building, LEED

Green building bonds, which are higher rated and could provide cheaper capital for green building projects, can correct the current market that prices mortgages, green building or nongreen, the same, stimulating the economy and repairing the planet. The financial value of green buildings is well documented, from commanding higher rents, greater occupancy rates, and increased … Continue Reading

SEC to Update Required Climate Related Disclosures

By Stuart Kaplow on February 28, 2021 Posted in Climate Change, ESG, Federal

On February 24, acting chair of the U.S. Securities and Exchange Commission Allison Herren Lee, offered insight into the future direction of mandatory climate change disclosures and new ESG regulation, when she directed the Division of Corporation Finance to enhance its focus on climate related disclosure in public company filings. The Commission provided guidance in … Continue Reading

Companies are Preparing for ESG Disclosure Rules

By Stuart Kaplow on January 24, 2021 Posted in Climate Change, Codes and Regulations

Public companies in the U.S. find themselves at a dynamic time of emergent environmental, social and governance (“ESG”) disclosures. New appointees in the Biden Administration, from the SEC and the Labor Department to the top White House economic advisor, all signal mandatory ESG disclosures. The idea of ESG began in 2004 with a United Nations … Continue Reading

Carbon Tax Proposed in Portland will be First in the Nation

By Stuart Kaplow on December 6, 2020 Posted in Climate Change, Green Globes, LEED, Local Government

The City of Portland is proposing a carbon tax that would be the first of its kind anywhere in the country. Given the increased emphasis on climate change by the incoming Biden Administration the proposed ordinance should be on your required reading list. Carbon dioxide and other greenhouse gas emissions are changing the climate. Energy … Continue Reading

Supreme Court to decide Climate Change Case

By Stuart Kaplow on October 11, 2020 Posted in Climate Change, Environmental

While this week the confirmation of Judge Amy Coney Barrett begins in earnest before the Senate Judiciary Committee, last week the U.S. Supreme Court granted BP’s petition for a writ of certiorari in BP P.L.C. v. Mayor and City Council of Baltimore, a much watched climate change case. In 2017, a number of state and … Continue Reading

SEC Alters Environmental Disclosure Requirements for First Time in 30 Years But

By Stuart Kaplow on September 20, 2020 Posted in Climate Change, Federal

A final rule the U.S. Securities and Exchange Commission adopted on August 26, 2020 and effective 30 days after publication in the Federal Register may be more significant for what is not in the rule. The rule is silent on ESG disclosures, including nary a mention of climate risk, but as described below the results … Continue Reading

EPA Proposes First Greenhouse Gas Emissions Limits for Aircraft

By Stuart Kaplow on July 26, 2020 Posted in Climate Change, Environmental, Federal

Last Wednesday the Environmental Protection Agency proposed greenhouse gas emissions standards for airplanes used in commercial aviation and large business jets. “This standard is the first time the U.S. has ever proposed regulating greenhouse gas emissions from aircraft,” according to EPA Administrator Andrew Wheeler. And as much as I have railed against more and regressive environmental … Continue Reading

One Trillion Trees

By Stuart Kaplow on February 16, 2020 Posted in Climate Change, Environmental

The One Trillion Trees Initiative was launched at the World Economic Forum last month. When President Trump announced that the United States would join the tree planting initiative on January 21 in Davos among more than 3,000 world government, business, and NGO leaders, more than half of whom joined the commitment, it garnered little reaction … Continue Reading

Low Carbon Concrete for the First Time Required by Law

By Stuart Kaplow on February 2, 2020 Posted in Climate Change, Green Building, Local Government

The negative environmental impact of concrete, the most common man made substance on Earth, has not been meaningfully responded to in 2020. Cement use in concrete is the largest single material source of greenhouse gas emissions in building. Concrete is the largest single material source of embodied emissions in buildings, and makes for more than … Continue Reading

Mission Critical at the Department of Defense now includes Climate

By Stuart Kaplow on August 19, 2018 Posted in Climate Change, Environmental, Federal

On August 13 the President signed the John S. McCain National Defense Authorization Act for Fiscal Year 2019. The $716 billion H.R. 5515, authorizes appropriations for the Department of Defense for procurement of everything from aircraft, missiles, ammunition, shipbuilding and space defense to military installation construction; and is arguably the most significant environmental legislation enacted … Continue Reading

SEC Assessment of Climate Change Risks Still Mandated

By Stuart Kaplow on August 12, 2018 Posted in Climate Change, Federal

While I was on the Baltoro glacier making my way down from K2 in Pakistan earlier this month the Securities and Exchange Commission informed Exxon Mobil Corp. that it closed its investigation into whether the company had misled investors about the risks that climate change posed to its business. The ending of the probe that … Continue Reading

LEED Commercial Interiors can Save the Planet

By Stuart Kaplow on September 17, 2017 Posted in Climate Change, Green Building, LEED

By Katie Stanford and Stuart Kaplow LEED Commercial Interiors projects present the best single opportunity for greening buildings. The proof is in the numbers. There are more than 5.6 million existing commercial buildings in the United States today. And despite the wildly successful U.S. Green Building Council’s LEED (the ubiquitous acronym for Leadership in Energy … Continue Reading

The Opportunity for ENERGY STAR

By Stuart Kaplow on March 19, 2017 Posted in Climate Change, Environmental, Federal, Green Building

While much of the media hyperbole has focused on the Trump Administration’s 2018 Budget request of $5.7 Billion for the Environmental Protection Agency, a reduction of $2.6 billion, or 31%, from the 2017 level of funding, little attention has been paid to specific priorities including the resultant opportunities for green building. One of the key … Continue Reading

Legislature Overrides Veto of Renewable Energy Portfolio Standard Increase

By Stuart Kaplow on February 12, 2017 Posted in Climate Change, Energy, State

On February 2, 2017, the Maryland Senate and House of Delegates voted to override the veto of an increase the State’s Renewable Energy Portfolio Standard, as enacted in the 2016 Maryland General Assembly session. Last May, Maryland Governor Lawrence J. Hogan, Jr., vetoed House Bill 1106, that was characterized as a “sunshine tax” to be … Continue Reading

Defamation Case over Global Warming Claim set for Trial

By Stuart Kaplow on February 5, 2017 Posted in Climate Change, Environmental

Michael E. Mann is a well-known climate scientist whose research in studying the “paleoclimate,” or ancient climate, has featured prominently in the politically charged debate about climate change. Dr. Mann filed an action for defamation and intentional infliction of emotional distress on October 22, 2012 against Competitive Enterprise Institute (CEI), Rand Simberg, National Review, Inc. … Continue Reading