Monthly Policy Update May 2023
FEATURED OPPORTUNITY
Webinar: Protect Higher Ed’s Freedom to Consider Sustainability Factors in Portfolios
Colleges and universities allocate $650 billion in capital toward endowment assets and $890 billion toward retirement funds. These institutions have the power to adopt investment strategies that create an equitable, low-carbon, and regenerative society and economy. However, over the past year, there has been a concerted effort by political forces attempting to discredit the use of environmental, social, and governance (ESG) information in the investment process.
In this joint webinar, the Intentional Endowments Network and Second Nature will discuss why political attacks against sustainable investing are relevant to higher education, share the current sustainable investing landscape, and invite you to take action to protect higher education’s ability to consider sustainability metrics when investing endowment and retirement funds.
GLOBAL
Rich nations finally on track to meet $100bn climate pledge - 3 years late
Publication Date: May 2, 2023 | Source: Independent - Why This Matters: In 2019, wealthy countries agreed to provide a $100 billion climate finance package to developing countries, a number that falls far short of poorer nations' actual needs but was still largely deemed ambitious as a starting point. However, countries have consistently fallen short of their contributions, and are finally on track to meet their goals three years late.
FEDERAL
EPA rules may push power plants to capture carbon. Is the tech ready?
Publication Date: April 28 2023 | Source: Canary Media - Why This Matters: The Environmental Protection Agency is expected to propose stringent pollution limits that leave operators with just a few ways to comply, one of them being installing large, expensive systems that capture carbon emissions directly from power plants. However, given that carbon-capturing technology has been tried and tested with limited success to date, it remains to be seen if power plants will be able to utilize carbon capture to adhere to pollution limits.
Supreme Court moves put Biden climate agenda at risk
Publication Date: May 2, 2023 | Source: E&E News - Why This Matters: The Supreme Court has signaled it may consider overruling the Chevron deference, which gives agencies leeway to interpret ambiguous laws. Under the Chevron deference, if the EPA issues regulations or guidelines to address climate change that are based on a reasonable interpretation of ambiguous statutory language, then the courts will generally defer to the EPA's interpretation. This means that the EPA's regulations and guidelines are more likely to withstand legal challenges from parties that oppose them. If the Supreme Court broadly overturns Chevron deference, the decision could be catastrophic for
federal efforts to act quickly on climate.
Amid Glimmers of Bipartisan Interest, Advocates Press Congress to Add Nuclear Power to the Climate Equation
Publication Date: April 29, 2023 | Source: Inside Climate News - Why This Matters: High costs and construction delays have impeded the growth of nuclear power. While nuclear power plants currently generate half of the non-fossil-fuel power in the US, growth in the industry has remained stagnant for decades. However, the industry is mustering renewed support from Congressional members on both sides of the aisle, as well as from an increased number of climate advocates.
CALIFORNIA
California adopts first-ever rules to decarbonize freight trains
Publication Date: January 30, 2023 | Source: Canary Media - Why This Matters: Last week, the California Air Resources Board (CARB) adopted first-in-the-nation rules stating that any locomotive built in 2035 or after will have to use “zero-emissions configurations” while operating in California, even if coming from another state. In addition to reducing greenhouse gas emissions, this decarbonization will reduce diesel exhaust, which is one of the most detrimental pollutants to
inhale.
ILLINOIS
Illinois Launches Long-Awaited Job-Training Programs in the Clean Energy and Construction Sectors
Publication Date: April 29, 2023 | Source: Inside Climate News - Why This Matters: Last month, the Illinois Department of Commerce and Economic Opportunity announced $16 million in funds last week toward clean energy workforce development programs and boosting diversity in the industry. Of that, $10 million will go toward the Climate Works Pre-Apprenticeship Program to create centers through which selected job-training providers will recruit, prescreen and train participants free of charge. To date, not a single new climate
job has been created due to the passage of the Climate and Equitable Jobs Act in 2021, so the launch of this program is important.
MASSACHUSETTS
Massachusetts prepares to launch new electric vehicle rebates early this summer
Publication Date: April 26, 2023 | Source: Energy News Network - Why This Matters: While a 2022 climate law expanded electric vehicle incentives and rebates, funding and logistical obstacles have delayed the launch of the new provisions. This summer, the incentives will be implemented: higher incentives for low-income car buyers, create a rebate for the purchase of used electric vehicles, and establish a system for providing rebates at the point of sale, lowering the upfront cost of the vehicle.
MINNESOTA
Minnesota legislation aims to boost speed and scale of green financing
Publication Date: April 24, 2023 | Source: Energy News Network - Why This Matters: A proposal to establish a “green bank” to fill financing gaps for climate and clean energy projects in Minnesota has been rolled into omnibus bills in the state House and Senate. If passed, the Minnesota Climate Innovation Finance Authority would receive $45 million in one-time state money to create a self-sustaining lending institution that would offer businesses and homeowners longer terms and lower interest rates than are currently available
for projects such as solar panels and heat pumps.
Opportunities to Participate
FEDERAL
Defend Environmental Justice Funding
The Lower Energy Costs Acts (H.R. 1 ) sought to repeal many core aspects of the Inflation Reduction Act, including the Greenhouse Gas Reduction Fund and its funding for environmental justice. Ceres, a Second Nature partner, opposed this bill, and is coordinating efforts to support the Inflation Reduction Act, and subsequently protects and empower BIPOC and disadvantaged communities. If your institution is interested in supporting these efforts, reach out to to Ceres' Richard Juang (rjuang@ceres.org) by May 12th.
MICHIGAN
Support Transition to 100% Clean Energy
During the Michigan Health Climate Conference in Detroit last month, Senate Floor Majority Leader Sam Singh (D-East Lansing) announced a new legislative package, called the Clean Energy Future Package, aimed at implementing several key recommendations in the Plan and accelerating MI’s transition to 100% clean energy by 2035. In order to build momentum and support for the Clean Energy Future Package, Ceres invites Michigan colleges and universities to join a letter of support for an accelerated transition to 100% clean energy that prioritizes affordability and equity. If you are interested in signing onto the support letter, reach out to
Ceres' Deana Dennis (ddennis@ceres.org) by May 15th.
NEW JERSEY
Support Transition to 100% Clean Energy
Governor Phil Murphy’s Executive Order 315 set a 100% renewable by 2035 target earlier this year. Codifying this goal into binding legislation is essential to ensure the durability and predictability of increased clean energy deployment in New Jersey. Ceres has drafted a letter urging New Jersey lawmakers to enact legislation to establish a clean energy standard that would ensure this goal is achieved. If you are interested in signing onto the support letter, reach out to Ceres' Sebbi Wu (swu@ceres.org) by May 22nd.
The states and updates included in each Monthly Policy Update are based on what we are recommending for reading for that month, due to what we view as being directly relevant to higher education. From month to month, the states focused on are due to change. Do you have feedback on our Monthly Policy Updates (what you like, what you would like to see improved, etc)? Please email us: policyteam@secondnature.org. Note: Our monthly policy updates, information, and opportunities to participate, are developed with support
from Ceres, which is an organizational partner of Second Nature. Ceres has identified the following states plus Washington, D.C. for primary focus - Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Hampshire, North Carolina, Ohio, Pennsylvania, Virginia, and Washington, D.C. - because of the beneficial legislative climates and real opportunities for policy advancements in these states. Our Policy Updates may, or may not, include these states (and Washington, D.C.).
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