by Elsa Wenzel (GreenBiz) ... The business of sustainability continues to evolve rapidly. Here are the most important changes to expect in the coming year.
Below are some defining moments that will drive change in the business of sustainability in the coming year.
Carbon
Expected U.S. SEC climate-related disclosures in April will require companies to report their GHG emissions.
The U.S. Office of Fossil Energy and Carbon Management, part of the Department of Energy, announces winners in February of its carbon dioxide removal purchase pilot prize and will publish details for corporate sustainability teams' own carbon removal due-diligence processes.
New guidance from the Science Based Targets initiative on the use of environmental attribute certificates, including carbon credits, in decarbonization goals should come out by summer.
By the end of 2024, companies subject to California’s new Climate Corporate Data Accountability Act (SB253) will need to establish processes for auditing their 2025 emissions ahead of 2026 reporting.
Finance and ESG
A new proposal may emerge in the spring from the U.S. Securities and Exchange Commission (SEC), after it again delayed its climate change disclosure rulemaking.
Changes to the EU’s Sustainable Finance Disclosure Regulation (SFDR) 2.0 are likely following a September 2023 review.
Sometime in 2024, the U.S. Federal Trade Commission's updated Green Guides are expected to update what "greenwashing" means in business and marketing.
Nature and biodiversity
...
Food and agriculture
The EU CSRD goes into effect as 2024 begins, influencing supply chain impact disclosure and bringing new evidence of deforestation.
Supply chains risk disruptions if the U.S. Farm Bill continues to stall in Washington in 2024.
Watch for the next steps from the hundreds of nations that signed sustainable food declarations at COP28.
Transport
The U.S. Departments’ of Treasury and Energy rules go into effect, barring vehicles with battery components from a "foreign entity of concern" from consumer tax credits.
The IRS expands its EV tax benefit by letting consumers choose between claiming a credit on their tax returns or using the credit to lower a car’s purchase price.
The ReFuelEU aviation initiative goes into effect Jan. 1 to advance sustainable aviation fuels (SAF) in the European Union. It also requires aircraft operators and EU airports to work towards emission reductions and to ensure a level playing field for airlines and airports.
In January, the EU extends its cap-and-trade Emissions Trading System (EU ETS) to regulate CO2 from large ships of any flag entering its ports.
The U.S. Department of Energy will release an updated Greenhouse Gases, Regulated Emissions, and Energy Use in Transportation (GREET) model by March 1.
Circular economy
...
Energy
At COP28, the U.S. announced new rules to cut methane emissions in oil and gas production, likely to change the energy cost equation. Watch for progress from 150 countries pledging two years ago to cut methane by 30 percent by 2030.
The Biden administration will be giving out $7 billion for its Regional Clean Hydrogen Hubs (H2Hubs).
2024 will be a watershed year for microgrids moment: Interconnection backlogs are creating a new value-add for microgrids, especially as the macrogrid can’t keep up with electricity demand.
Buildings
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Excerpt from Brownfield Ag News: Republican Congressman Zach Nunn of Iowa says his priorities remain the same. “The ability to innovate and secure our farmland from bad actors, including making sure that China cannot buy U.S. farmland anywhere in the United States,” he said. “We’ve also got a provision in here to help conserve farmland and natural resources for food resilience and increased biofuel products.”
The current extension of the 2018 farm bill expires at the end of September. READ MORE
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