Global Climate Legislation Roundup - September 11-15

California's bidirectional EV charging bill; US SEC disbands ESG task force; Italy wants nuclear power; California supports renewable hydrogen production;

In this newsletter

• Climate Disclosures

• Carbon Taxes

• Energy

• Hydrogen and Synthetic Fuels

• More Government Announcements

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Climate Disclosures

• The US Securities and Exchange Commission has disbanded its Enforcement Division’s Climate and ESG Task Force, as per an agency spokesperson. The Task Force was announced in 2021, and was responsible for identifying “any material gaps or misstatements in issuers’ disclosure of climate risks under existing rules”. Bloomberg Law

• California (USA) has amended its bill on corporate climate disclosure. Scope 3 reporting will now be required from 2027 (instead of 2026), emissions disclosures can be consolidated at the parent company level, and fees for filing annual climate disclosures has been removed. The bill has been passed by both houses and requires approval by the Governor, before being enacted into law. Calmatters - SB 219 | Cooley

Carbon Taxes and Carbon Markets

• British Columbia (Canada) Premier David Eby, a strong defender of the carbon tax in Canada, has announced BC may remove the carbon tax if the federal mandate is lifted. CBC

• Morocco has introduced the 2025 Finance Bill, which includes a proposal for carbon tax. fesnews | Morocco World News

• The Colombia government has proposed hiking the carbon tax - levied on import, production and sale of fossil fuels - from $6.15 per tonne of CO₂ currently to $17.86 per tonne. America economia

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Energy

1. The UK has decided to establish a National Energy System Operator (NESO) with licenses for both - electricity and gas system operation, effective October 1 2024. The NESO will serve as the Independent System Operator and Planner, and will be wholly under public ownership.

   NESO will take a cross-sector approach to planning the country’s energy system in the best interests of the British public - looking across electricity, gas and hydrogen, as well as renewable generation, storage and other emerging technologies like carbon capture usage and storage. GOV.UK

   Press Release | Decision Notice (PDF)

2. On July 29, the UK government announced an increase in the Energy (Oil & Gas) Profits Levy to 38% from 35%, effective November 1 2024. Two oil & gas producers, Serica and Enquest, with planned investments in the North Sea have indicated they may halt investment due to the tax rate hikes. OGV Energy | GOV.UK

3. Germany's Economy Minister has proposed a reform of the national electricity market that will include a flat fee for capacity provided by generators, rather than the current market-price based model. EurActiv | Options Paper PDF (in German)

4. Tamil Nadu (India) has issued a policy to repower or refurbish old wind turbines that have completed 20 years of operation. Mercom India

5. The US has finalised modified tariffs and exclusions on a variety of products and equipment from China, including 25% on batteries and steel, and 100% on electric vehicles. Proposed exclusions for solar module manufacturing machinery. Canada is also considering a surtax on batteries and critical minerals from China. Solar Power World | pv magazine

6. Indonesia may subsidize low-sulfur diesel, specifically for the middle class, to reduce air pollution. Antara News

7. Italy has appointed a special team to draft laws for allowing nuclear power in the country by 2025. Euronews

8. California (USA) has passed the SB 59 bill that allows the state’s Public Utility Commission to require that ‘any weight class of battery electric vehicle’ is capable of bidirectional charging. The bill has been passed by both houses, and awaits the governor’s approval. Calmatters - SB59

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Hydrogen and Synthetic Fuels

• Australia has published its National Hydrogen Strategy 2024, with 5-yearly production milestones, a Hydrogen Production Tax Incentive of AUD$2 per kilogram, priority funding from the Future Made in Australia Innovation Fund, ‘concessional finance through government special investment vehicles’, and streamlined approvals for hydrogen projects.

  Australia will target producing at least 15 million tonnes of hydrogen annually, with a stretch potential of 30 million tonnes annually, by 2050.

  National Hydrogen Strategy 2024 (PDF)

• California (USA) has passed SB 1420 that will allow hydrogen production projects, that do not use fossil fuel as a feedstock, to be eligible for expedited regulatory approval. Calmatters

• Scotland has announced GBP 7 million funding pool to support development stage costs of green hydrogen projects of capacity 5-400MW, and for hydrogen supply chain and storage solutions. Govt Press Release

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More Government Announcements

• New Zealand has released a draft list of 35 critical minerals for consultation. Sand is also included! Press Release | New Zealand draft Minerals Strategy (published May 2024)

• The European Commission may consider a market-based system to help the agriculture sector grow while conserving biodiversity and lands, as per a speech by President Von der Leyen. Speech Transcript | Euronews

• Brazil plans to establish a nation-wide Climate Authority. Govt Announcement

• Vietnam is, once again, considering developing nuclear power plants. The government has asked the Ministry of Industry and Trade to review the National Power Development Plan Implementation Plan up to 2030 and study nuclear power in other countries. VNExpress

You can find all previous posts of this newsletter here.

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