Stroock's The ESG 411

The growth of building level greenhouse gas emission legislation continues to intensify across the United States. Starting in New York City in 2024, under Local Law 97 (LL 97) - the centerpiece of the City’s Climate Mobilization Act – building owners will be required to furnish a report detailing their property’s annual energy use while facing steep penalties for non-compliance. A flurry of rulemaking activity is expected throughout the remainder of the year to help building owners understand their compliance obligations.

In this edition of The ESG 411, Rusty Pomeroy focuses on the intent of LL 97: is it simply to reduce greenhouse gas emissions (as is expressly stated) or does it aim to electrify all buildings? Are these aligned and what steps would be necessary to accomplish both?

Rusty continues exploring sustainability initiatives and LL97 this Thursday, July 13, at Bisnow’s National Sustainability & ESG Conference in New York City. He will moderate the expert panel, “Compliance with Local Law 97: What to do with Class B & C Buildings,” discussing topics such as:

• the fundamental difference of achieving sustainable metrics with existing buildings vs. ground up construction; and
• enhancing the long-term value of your assets by complying with Local Law 97 and not applying greenwashing tactics.

In this edition of The ESG 411, Rusty Pomeroy raises important questions around the potential implications of a recent ruling on the SEC’s authority to promulgate ESG disclosure rules.

In June, the United States Supreme Court issued its decision in West Virginia v. EPA, limiting the power of the EPA to regulate carbon emissions. The ruling casts an ambiguous shadow not only over the EPA, but any agency engaging in policymaking decisions going forward. Get the 411.

In this edition of The ESG 411, Rusty Pomeroy sets their focus on a proposed rule by SEC released earlier this summer, requiring enhanced ESG disclosure for certain investment advisors and investment companies. Why is the SEC taking this action and what are the implications for asset managers? Get the 411.

In a special Earth Day edition of The ESG 411, Rusty Pomeroy provides a high-level overview of the SEC's 500-page proposed rule governing ESG disclosures and reporting. The proposed rule, released for public comment on March 21, 2022, will likely have to overcome several legal challenges before its final form is put into effect.

On a new episode of The ESG 411, Rusty Pomeroy dives into a discussion about ESG in relation to the investment strategies of sovereign wealth funds and how many funds are increasing their focus on green and sustainable investing.

On this episode of The ESG 411, Rusty Pomeroy kicks off 2022 with a review of the last year in ESG and a discussion of what they expect to come, breaking down the complexities of everything from SEC rulemaking focusing on climate change-related disclosures to the push to electrification in cities like New York.

In Episode Six of The ESG 411, Rusty Pomeroy tackles a recently released sample letter from the SEC detailing how the regulated community may be required to disclose climate change-related matters — including the physical impacts of climate change, relevant new climate change regulations and the indirect effects of climate change on business trends — under the agency’s existing rules.

In Episode Five of The ESG 411, Stroock attorney Rusty Pomeroy is joined by our litigation partner Ellen Murphy, as the group talks about the automotive industry, vehicle emissions, and takeaways from recent legal action against manufacturers who skirted the EPA’s regulations.

In Episode Four of The ESG 411, Stroock attorney Rusty Pomeroy discusses the very practical implications of ESG and focus on the implications at oil & gas giant ExxonMobil.

In Episode Three of The ESG 411, Stroock attorney Rusty Pomeroy focuses in on REITs and provide some thoughts with respect to publicly traded REITs and how they are dealing with all three prongs of ESG.