On July 14, 2021, the European Commission adopted a package of proposals including a proposal for a Carbon Border Adjustment Mechanism (CBAM). The CBAM proposal is a
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Center for Resource Solutions Confirms Greenberg Traurig as First Major Law Firm Certified by its Green-e® Energy Program
The non-profit Center for Resource Solutions (CRS) confirmed that Greenberg Traurig is the first major law firm to be certified through its Green-e® Energy program. In addition, CRS has certified
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Summary of Guidance on Section 45Q Carbon Tax Credits Under 2020 Notice and Revenue Procedure
On Feb. 19, 2020, the IRS released Notice 2020-12 and Revenue Procedure 2020-12 (together, the “Carbon Guidance”) which provide highly anticipated clarity on the Internal Revenue Code Section 45Q credit
IRS Takes First Steps to Implement Carbon Capture Tax Credit
On Feb. 19, 2020, the Internal Revenue Service released partial guidance on the implementation of section 45Q tax credits related to the capture and sequestration of carbon dioxide. The section 45Q tax credit was updated on Feb. 9, 2018, as part of the Bipartisan Budget Act (Pub. L. 115-123) to increase the amount of the tax credit per ton and to broaden the applicability to include “qualified carbon oxide.” The new IRS guidance is designed to assist in implementing the modified law.
The 2018 law removed the volume cap applicable to the tax credit, expanded the definition to include not just carbon dioxide but other carbon oxides such as methane, and raised the amount of the tax credit per ton. Carbon oxides captured and used for enhanced oil recovery can now receive a tax credit of up to $35 per ton, while carbon oxides deposited in secure geological storage can receive a tax credit of up to $50 per ton.
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In Minnesota, More Little Red Corvettes May Soon be Electric
On Sept. 25, Minnesota Gov. Tim Walz asked the Minnesota Pollution Control Agency (MPCA) to initiate the process to establish a Clean Cars Minnesota Rule, which would set both a low-emission vehicle (LEV) standard and a zero-emission vehicle (ZEV) standard. Next month, the MPCA will begin its rulemaking process, with a goal of adopting a final rule by December 2020. If implemented, Minnesota would join 14 states with an LEV standard, 11 of which also have a ZEV standard.
The Minnesota plan is modeled after California LEV and ZEV standards. California has a nearly 50-year-old waiver under the Clean Air Act permitting the state to set stricter emission standards. After indications that the federal government would publish a rule revoking the waiver, California, joined by 22 other states, including Minnesota, and the District of Columbia filed a lawsuit seeking to enforce states’ rights to set emission standards more stringent than those imposed by the federal government. The lawsuit presents novel questions under the Clean Air Act including whether a waiver can be revoked, and if so, under what circumstances. Any final rule in Minnesota will be contingent on states retaining the right to adopt more restrictive measures, including through the operative waiver under Sections 209(b) and 177 of the Clean Air Act.
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An uncertain path to a cleaner future: Zero carbon electricity legislation in New York and California
With the recent passage of New York’s Climate Leadership and Community Protection Act, which calls for a carbon free electricity market by 2040, New York became the sixth state
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Mexico’s National Registry for Greenhouse Gases and Compound Emissions
Mexico’s General Climate Change Law (Ley General de Cambio Climático) published in the Federal Official Gazette (Diario Oficial de la Federación “DOF”) on June 6, 2012, and
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EPA Releases its Proposed Rule to Cut Carbon Emissions at Existing Power Plants
On June 2, 2014, the U.S. Environmental Protection Agency (“EPA”) published a draft rule that is intended to cut carbon emissions from existing power plants. EPA hopes to accomplish this
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