HSBC Holdings PLC, the fourth largest bank by assets in the world, has issued its first green bonds this month. HSBC France raised $500M, offering instruments at an annual coupon rate of 0.625% for a period of five years. Proceeds of the green bond issue will be used to finance renewable energy, energy efficiency, energy conservation, and climate adaptation projects, among others. Green bonds and the financing of climate-related improvement projects have been a key topic during the ongoing COP21 discussions.
HSBC announced its own internal guidelines for green bonds earlier this year. Eligible projects also may include renewables, sustainable waste and water management, sustainable land use and clean buildings and transportation. The issue will prioritize activities in the Middle East and Africa as well as Europe, particularly France. The bank also has announced plans to invest $1B in a green bond portfolio and already has allocated $350M purchasing climate bonds from development banks.
Here is some food for thought as we get ready to gobble down some turkey this Thanksgiving: A new $25 million plant under construction in North Carolina will convert turkey waste into energy. Prestage AgEnergy will use 55,000 tons of turkey litter a year to produce the equivalent of 95 million kilowatt hours of electricity and feed that renewable electricity back to the grid.
North Carolina has a lot of turkey waste on hand – it ranks second in the nation behind Minnesota in turkey production. In light of its prolific turkey farming, in 2007, the state passed an energy policy mandate that requires utilities to use a small amount of poultry waste-generated power. This will not be the first turkey-waste energy plant – Minnesota currently has a 55-megawat power plant designed to burn poultry waste as its primary fuel. However, the new North Carolina plant will reportedly be the first facility designed to run on 100-percent turkey waste.
Local reporting on the Prestage AgEnergy plant can be found here and here.
Thomson Reuters’ Sustainability blog provides a wealth of information and resources on this important topic. I like to review the Editors’ Picks to get see the latest and most interesting sustainability developments.
The American Wind Energy Association (AWEA) announced that seventeen of its members have agreed to voluntary operating restrictions to reduce wind turbine speeds in the fall to minimize the number of bats killed during their migration season. According to the AWEA, the new policy results from more than 10 years of research by the Bats and Wind Energy Cooperative and others. It is anticipated that the changes may reduce adverse impacts to bats from operating wind turbines by as much as 30 percent.
Earlier this week, the U.S. EPA released its “Internal Review of the A
ugust 5, 2015 Gold King Mine Blowout,” which provides the EPA Internal Review Team’s “one week rapid assessment” of the events and potential factors contributing to the Colorado mine adit blowout earlier this month. The Review sets out a series of conclusions and recommendations, many of which lay the foundation for absolving the U.S. EPA of any wrongdoing here while proposing extensive recommendations for the future.
Presidential permits are required for cross-border pipeline projects, and the State Department recently approved transferring ownership of two existing cross-border pipelines.
Cross-border pipelines have been the subject of much controversy, primarily related to the highly-publicized Keystone pipeline. Despite a flurry of legislative activity earlier this year, the fate of the Keystone pipeline that would expand Canadian oil distribution to the U.S. remains uncertain.
The State Department approved the transfer of ownership of the Express Pipeline to Spectra Energy Partners. This pipeline runs from Hardisty, Alberta, Canada to Casper, Wyoming. The permit allows Spectra to connect, operate, and maintain the existing pipeline facilities at the U.S.-Canada border to transport crude oil.
The State Department also approved the transfer of ownership of a pipeline running from El Paso, Texas to the Rio Grand River on the U.S.-Mexico border to Magellan Pipeline Company. The permit allows Magellan to connect, operate, and maintain existing pipeline facilities at the U.S.-Mexico border to transport liquid petroleum products.
In addition to the Keystone pipeline controversy, cross-border pipelines in general are the subject of significant public and regulatory scrutiny. Another recent example is the Alberta Clipper pipeline from Hardisty, Alberta, Canada to Superior, Wisconsin, where the State Department was accused of accelerating pipeline approval from Enbridge Energy—facts now at issue in litigation filed by a coalition of environmental groups opposed to the pipeline.
Last week, on July 15, 2015, the US EPA revised the 1988 underground storage tank (UST) regulation and the 1988 state program approval (SPA) regulation. Some of these changes had their roots in the Energy Policy Act of 2005, which set out additional requirements in states that received federal RCRA Subtitle I money from EPA. Part of the impetus for this regulation was to apply these changes to Indian country and all states. Other changes relate to revising the regulations in light of technological changes and challenges that have surfaced over the years. The effective date of the regulations is October 13, 2015. Some of the key changes are set out below.
A new EPA report, Climate Change in the United States: Benefits of Global Action, estimates the physical and monetary benefits to the U.S. of reducing global greenhouse gas emissions. The report summarizes results from the Climate Change Impacts and Risks Analysis (CIRA) project, a peer-reviewed study comparing impacts in a future with significant global action on climate change to a future in which current greenhouse gas emissions to continue to rise.
The report shows that global action on climate change will significantly benefit Americans by saving lives and avoiding costly damages across the U.S. economy. The report and its finding perhaps foreshadow the U.S. participation in the upcoming United Nations Climate Change Conference to be held in Paris, France later this year, from November 30 through December 11. This will be the 21st yearly session of the Conference of the Parties (COP 21) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and the 11th session of the Meeting of the Parties (CMP 11) to the 1997 Kyoto Protocol. Once again, the conference objective is to achieve a legally binding and universal agreement on climate from all of the nations of the world.
Below is a video developed by EPA discussing the report and its findings.
On June 30th, Jenner & Block will host a special webinar, “Successful Environmental Liability and Risk Deals,” at 12:00 noon. Speakers include Lori Prokes, President, DeNovo, and David Heidlauf, Principal, Ramboll Environ, discussing business, legal, and technical aspects of environmental liability buyout transactions. They also will discuss two case studies for successful projects in WI and NJ, offering practical insights and recent experiences gained from these matters. Partners Lynn Grayson and Steve Armstrong will moderate this webinar.
You are invited to join us for this webinar. More information about the webinar and how you may RSVP is detailed here.
Masses of small red tuna crabs have been washing up along San Diego, California area beaches from Ocean Beach to La Jolla. The species, Pleuroncodes planipes, is unique in that it can live its entire life cycle, from larva to adulthood, in the water column from surface to seafloor. Accordingly, it can be particularly vulnerable to being carried along by winds, tides, and currents.
In honor of the fifth anniversary of our entry into the blogosphere, we are excited to announce a major revamp of the Corporate Environmental Lawyer’s design. In addition to the blog’s sophisticated new look, our readers will enjoy:
Mobile and tablet responsive technology
A trending-categories cloud list
Easy-to-use social sharing buttons
Streamlined navigation menus
Access to all five years of posts
In the five years since our Environmental and Workplace Health & Safety (EHS) practice created the Corporate Environmental Lawyer, we have written more than 500 posts, provided critical updates and insights on issues across the EHS legal sectors, and been ranked among LexisNexis’s top 50 blogs. As we wish to continue to grow the blog and provide our readers with the information they want to know, Corporate Environmental Lawyereditors, Steven M. Siros and Genevieve J. Essig, encourage you to participate by suggesting new topics. We look forward to continuing to provide content covering the issues that are driving changes in environmental law.
President Obama signed the bipartisan Energy Efficiency Improvement Act of 2015 on April 30, 2015 (the “Act”), which encourages energy and water efficiency through a variety of measures. Authored by U.S. Senators Rob Portman, an Ohio Republican, and Jeanne Shaheen, a New Hampshire Democrat, Bill S. 535 was passed by the Senate on March 27, 2015 and by the House on April 21, 2015.
The Act is comprised of three separate sections: the Better Buildings Act of 2015, Grid-Enabled Water Heaters, and Energy Information for Commercial Buildings, and includes, among other things, the following:
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