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In a potentially significant development that may impact the economics of aviation, the California Air Resources Board (“CARB”) is proposing a policy, as we previewed in January 2024, to update the state’s Low Carbon Fuel Standard (“LCFS”) program, whereby CARB would eliminate the existing exemption for intrastate fossil jet fuel from LCFS regulations beginning in 2028.
V&E ESG Update
In a significant legal maneuver with potentially far-reaching implications, California Attorney General Rob Bonta filed an amended complaint on June 10, 2024, to California’s high-profile lawsuit targeting five of the world’s largest oil companies: BP, Chevron, Exxon Mobil, Phillips 66, Shell, as well as the American Petroleum Institute (“API”).
V&E ESG Update
After much anticipation, on March 6, 2024, the Securities and Exchange Commission (“SEC” or the “Commission”) released its Final Rule—The Enhancement and Standardization of Climate-Related Disclosures for Investors—mandating climate-related disclosures by public companies.
Following a nearly two-year wait, the Securities and Exchange Commission (“SEC” or “Commission”) released its Final Rule—The Enhancement and Standardization of Climate-Related Disclosures for Investors—on March 6, 2024.
V&E SEC Update | Originally Published March 7, 2024
ExxonMobil (“Exxon”) filed a complaint in the U.S. District Court for the Northern District of Texas on Sunday, January 21, 2024, seeking a declaratory judgment to exclude a shareholder proposal from its proxy statement pursuant to Rule 14a-8 of the Securities Exchange Act of 1934 (“Rule 14a-8”) and not present the proposal for a vote at its 2024 annual shareholder meeting.
V&E SEC Update | Originally Published January 22, 2024
On January 30, 2024, the U.S. Chamber of Commerce and five co-plaintiffs representing a coalition of business groups filed a lawsuit against the state of California seeking to block the state’s new landmark climate disclosure laws.
V&E SEC Update
Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter.
As part of its Federal Sustainability Plan, the Biden administration has issued a proposed rule that would revise the Federal Acquisition Regulation (“FAR”) to incentivize federal government buyers to prioritize the acquisition of sustainable products and services.
V&E Environmental and Government Contracts Update
Welcome to Vinson & Elkins’ Securities and ESG Updates.
V&E Securities & ESG Update
In the aftermath of the recent U.S. Supreme Court decision striking down the race-conscious admissions systems of two universities in a six-to-three decision (the “SFFA Decision”), commentators are asking about the impact of the ruling on corporate employment decisions; diversity, equity and inclusion (DEI) programs; and environmental, social and governance (ESG) efforts.