ASTM International has issued its new Standard Guide for Financial Disclosures Attributed to Climate Change (ASTM E2718-10). This Standard is intended for voluntary use by reporting entities who disclose financial impacts related to climate change.
The National Oceanic and Atmospheric Administration (NOAA) is proposing to form a new Climate Service to improve its ability to respond to requests for climate data, according to this NOAA news release. "Unifying NOAA’s climate capabilities under a single climate office will integrate the agency’s climate science and services and make them more accessible to NOAA partners and other users."
On January 27, 2010, the Securities and Exchange Commission voted to provide public companies with interpretive guidance on disclosure requirements related to business or legal developments on climate change. According to the SEC’s press release, the interpretive guidance is intended to assist companies with disclosures of climate change impacts under the SEC's existing disclosure regulations.
The interpretive guidance highlights four areas as examples of when climate change disclosures may be triggered:
• Impact of Legislation and Regulation
• Impact of International Accords
• Indirect Consequences of Regulation or Business Trends
• Physical Limitations of Climate Change
The SEC expects to post a copy of the interpretive guidance on its website when is it available.
New York Attorney General Andrew Cuomo has entered into another settlement requiring a company to include information on climate change risks in its annual financial reports. On November 19, 2009, the Attorney General announced a settlement with AES Corporation. Under the settlement, AES is required to disclose “timely and relevant information to investors about financial risks associated with the production of global warming pollution.” This is the third agreement the New York Attorney General has entered related to climate change financial disclosures. Under these agreements, the companies are required to disclose material risks associated with climate change in their annual Form 10K disclosure to the SEC.
More information on the settlement can be found here.
The Senate Committee on Environment and Public Works heard testimony yesterday from U.S. EPA Administrator Lisa P. Jackson and others on the Clean Energy Jobs and American Power Act.
The Denver Post is reporting on anticipated efforts of the natural gas industry to impact climate legislation in the Senate. The take away from the Sierra Club, which lobbied heavily in the House, on the industry's absence from House negotiations: "[I]f you aren't at the table, you're on the menu."
The Hill is reporting on a new study commissioned by the National Association of Manufacturers and the American Council for Capital Formation, which finds that the Waxman-Markey climate legislation passed earlier this year by the House could cost the country 2 million jobs by 2030. A copy of the controversial study can be found here.
The NYT has an interesting article on addressing global warming through geoengineering, i.e., through the use of technology. At the same time, it rightly cautions us against unintended consequences.
The Energy Information Administration (EIA) has published an analysis of the Waxman-Markey climate legislation recently passed in the House. It focuses on the impacts of the legislation's energy and environmental policy proposals on consumer energy choices and the implications for the economy. While not comprehensive, it does reach some interesting conclusions. For example: "ACESA [i.e., the Waxman-Markey bill] increases the cost of using energy, which reduces real economic output, reduces purchasing power, and lowers aggregate demand for goods and services."
A copy of the full report can be found here.
The NYT is reporting that the House passed the Waxman-Markey climate bill with a vote of 219-212. The take away: "The legislation, which passed despite deep divisions among Democrats, could lead to profound changes in many sectors of the economy, including electric power generation, agriculture, manufacturing and construction." Now we wait to see what the Senate will do.
The Hill is reporting that the Waxman-Markey climate bill may make it to the House floor by the end of this week. It is still unclear whether the legislation has enough votes to pass, however.
This article from The Hill reports that more and more Democrats are poised to vote against the Waxman-Markey climate legislation now being pushed by Speaker Pelosi. A possible alternative being discussed - the Senate bill being put together by Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-N.M.).
The Houston Chronicle is reporting that compromises made to get approval of the Waxman-Markey climate change legislation may partly defeat the purpose of having a cap-and-trade program according to a study done by Point Carbon, a Norway-based news and analysis service covering electricity and natural gas markets. The reason - leveling the playing field between natural gas and coal reduces the financial incentive favoring lower-emitting fuels like natural gas.
The NYT is reporting that the Waxman-Markey climate legislation has been approved by the House Energy and Commerce Committee, largely along party lines. Representative Rogers of Michigan said, “This is the biggest energy tax in the history of the United States." Stay tuned.
Oil refiners are predicting higher gasoline prices as a result of the Waxman-Markey proposed climate legislation, according to this article in the WSJ. That's because the legislation allocates only 2% of the emissions allowances to the industry, requiring refiners to buy the rest of their needed allotment at auction or in the open market.
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The Washington Post is reporting that President Obama and Vice President Biden are pressing House Democrats to take action on the American Clean Energy and Security Act of 2009 issued for comment last month by Henry A. Waxman (D Ca.), Chairman of the Energy and Commerce Committee, and Edward J. Markey (D. Mass.), Chairman of the Energy and Environment Subcommittee. Much of the concern appears to be that this initiative stands in the way of health care legislation that the Administration wants to move forward.
Henry A. Waxman (D Ca.), Chairman of the Energy and Commerce Committee, and Edward J. Markey (D. Mass.), Chairman of the Energy and Environment Subcommittee, released a discussion draft of The American Clean Energy and Security Act of 2009. Among other things, the Act seeks to encourage the development of renewable energy sources and carbon capture and storage technologies. Both a copy of the draft and a summary can be found here.
Uncertainty remains regarding how quickly the new administration will move on energy-related issues, according to this article in the Columbus Dispatch. President-elect Obama has stated that his first priority would be an economic recovery program, but advisers said that the real issue was whether the new Administration could tackle health care, climate change and energy independence at the same time, or would the new initiatives need to be staggered.
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