VOLUME 9 | AUGUST 2024
CARBON QUARTERLY
ISSUE HIGHLIGHTS
• CARBON SPOTLIGHT
EPA Defends New Power Plant Rules
- page 3
• CARBON POLICY
Climate Amnesia: Florida Zigs While Maine
and Oregon Zag on Offshore Wind
- page 4
• CARBON TRADING
Rebuilding Trust in Voluntary
Carbon Markets
- page 8
According to Climate
Policy Initiative, the
world needs over US$10
trillion of climate-related
investment each year
from 2031 to 2050 to
limit global warming.
- page 8
Carbon Quarterly − Vol 9 August 2024 K&L Gates | 2
What’s Inside
Carbon Spotlight .......................................................................................................................3
EPA Defends New Power Plant Rules ........................................................................................................................................... 3
Carbon Policy ...........................................................................................................................4
Transmission Revamp: FERC Adopts New Rule Requiring Regional Plans to Ease Interconnection Bottlenecks and
Accommodate New Renewable Resources ................................................................................................................................... 4
DOE Announces Preliminary Designations for National Interest Electric Transmission Corridors ......................................................4
Climate Amnesia: Florida Zigs While Maine and Oregon Zag on Offshore Wind ............................................................................... 4
G7 to Phase Out Coal by Mid-2030s ............................................................................................................................................. 5
Graphite Temporarily Exempted From Domestic Supply Requirements for EV Tax Credit ................................................................. 5
Biden Administration Finalizes Reform to Simplify and Modernize Federal Review Process Under the
National Environmental Policy Act ................................................................................................................................................ 5
BLM Signals Federal Land Is Open for Renewables ....................................................................................................................... 5
Carbon Litigation .....................................................................................................................6
Exxon Mobil Loses Lawsuit Against Activist Shareholders but Retains Board Seats ......................................................................... 6
On the Horizon: Court Rules Against Chevron Deference in Major Hit to US Federal Agency Rulemaking Power .............................. 6
States Challenge Department of the Interior Rule on Methane Waste ............................................................................................. 6
Carbon Trading and Investment ...............................................................................................7
Transportation and Transfers: The US Department of Treasury and IRS Release New Guidance and
Regulations on Sustainable Aviation Fuels and Transfers of Renewable Energy Project Tax Credits Under
the Inflation Reduction Act ........................................................................................................................................................... 7
Greek Recap: Commodities Futures Trading Commission Chairman Rostin Benham Addresses the
CFTC’s Role in Climate-Related Markets at the Hellenic Republic Capital Market Commission Conference ...................................... 7
Rebuilding Trust in Voluntary Carbon Markets ...............................................................................................................................8
Community Benefits Agreement Attempts to Fill Regulatory Gaps on CO2 Pipeline Safety................................................................ 8
Alliance to Advance Climate-Smart Agriculture Begins Its US$80 Million Pilot Program in Arkansas, Minnestoa,
North Dakota, and Virginia ........................................................................................................................................................... 9
Dairy Farmers of America Becomes First Purchaser of Carbon Credits From Athian’s Livestock-Focused
Carbon Marketplace..................................................................................................................................................................... 9
Decrease in Demand in Future Carbon Allowances in Washington State's Carbon Market as Uncertainty
Looms Regarding Repeal Effort for Climate Commitment Act ......................................................................................................... 9
Authors ................................................................................................................................... 11
Endnotes ................................................................................................................................. 12
No matter your views on climate change policy, there is no avoiding an increasing focus
on carbon regulation, resiliency planning, and energy efficiency at nearly every level of
government and business. Changes in carbon—and, more broadly, greenhouse gas—policies
have the potential to broadly impact our lives and livelihoods.
Covering developments in carbon policy, law, and innovation, Carbon Quarterly is produced
by our Carbon Industry group—a collaboration of our lawyers in the Asset Management and
Investment Funds; Corporate; Energy, Infrastructure, and Resources; Real Estate; and Policy
and Regulatory practices.
