Growing Green Jobs
Check out our recent client alert on President-elect Obama's selection of California congresswoman Hilda Solis as Labor Secretary, which we believe highlights the significance the incoming administration is placing on clean renewable energy and the contributing role of green jobs. Also highlighted in our client alert is the efforts of several states, including Minnesota, California and Oregon, to promote green jobs. In Minnesota, Governor Tim Pawlenty recently announced a "Green Jobs Investment Initiative" that includes several proposals for the 2009 Minnesota Legislature, including a Green JOBZ Program, Job Growth and Small Business Investment Tax Credits, and Biomethane and Solar Power Conservation Credits. Stay tuned!
Portland Businesses Are Seeing Green
Portland continues to expand its reputation as a beacon for green business. Today’s Wall Street Journal features an article on how sustainable development and renewable energy businesses are giving a much-needed boost to Portland’s commercial real estate market. There is much excitement surrounding Denmark-based Vestas Wind Systems’ recent announcement that it will be building a new North American headquarters in Portland. The article also highlights German solar energy manufacturer, SolarWorld, and Spanish renewable energy developer, Iberdrola Renovables, both of which have opened large offices in the greater Portland area.
Not only are green businesses flocking to Portland, but existing Portland businesses are also embarking on environmentally friendly real estate development. Stoel Rives recently announced plans to move into a platinum-LEED certified building in the largest downtown office move in Portland history. The firm will be relocating to Park Avenue West, a building that will feature an abundance of daylight, energy efficient lighting and light controls, efficient water usage, and various other elements of a platinum-LEED designation. For more information on Stoel Rives’ relocation to greener office pastures, click here.
ASTM Proposes Corporate Climate Change Disclosure Standard
ASTM International (formerly the American Society for Testing and Materials) recently published a proposed voluntary standard entitled “Financial Disclosures Attributed to Climate Change,” intended to provide guidance on when public company disclosure of climate change matters is required. While the standard itself isn’t available via the Internet, a summary is available from the Brattle Group, which helped craft the standard, and we have a copy of the ASTM proposal if you’re interested. There have been numerous discussions on the proposal over the last year (see, for example, Global Reporting Initiative and Carbon Disclosure Project materials), including last year’s detailed petition to the SEC by a coalition of environmental groups and investment funds. It remains to be seen to what extent companies will modify their disclosures if the proposal is adopted as written. Generally speaking, public disclosure is backward looking and conservative, and therefore currently includes only those items that are substantive and measurable, such as lawsuits, new environmental regulation, and capital expenditures. That being said, environmental groups, both on the disclosure front and the proxy proposals front, and the New York Attorney General, continue to voice their thoughts on this concept.
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DOE Issues Draft Report on Environmental Effects of Marine and Hydrokinetic Energy Projects
The Department of Energy’s Draft Report to Congress on the Environmental Effects of Marine and Hydrokinetic Energy Projects is now available for public comment. The report, prepared pursuant to the Energy Independence and Security Act of 2007 (“EISA”), describes (1) the potential environmental impacts of marine and hydrokinetic energy technologies; (2) options to mitigate and prevent adverse environmental impacts; (3) the role of monitoring and adaptive management; and (4) the key elements of an adaptive management program. Comments are due on December 9, 2008.
The EISA report describes the various conceptual designs for generating electricity from ocean waves, river and tidal currents, and ocean thermal energy conversion, and identifies several “common elements” among the technologies that it asserts could yield adverse environmental effects. The report’s analyses are based largely on predictive studies or environmental assessments that have not yet been verified. As a result, the EISA report is not a definitive assessment of known environmental impacts, but rather an effort to highlight potential areas of concern for further monitoring and testing.
The EISA report also lists several strategies for mitigating and preventing risks of potential environmental impacts associated with marine and hydrokinetic energy projects. Advocating that more research and testing is needed, it stresses the importance of using post-installation environmental monitoring and adaptive management to confirm the extent of anticipated impacts and determine appropriate methods to avoid, minimize, or mitigate for any unacceptable adverse effects.
