Counsel to Counsel - May 2008 - (Page 22)

regulatory trends WARMIng WARnIng Develop Your Climate Change Strategy Now By Steven Andersen reducing their energy use and greenhouse gas emissions. Of course, a lot of companies have done nothing at all. If you have not done it yet, now is the time to abandon the piecemeal approach of the past and start to think systematically about your company’s climate change profile. 2007 was a dramatic year for the environment. Arctic sea ice retreated at a record rate, opening the fabled Northwest Passage over Canada and providing a graphic example of climate change. The U.S. Supreme Court issued a landmark decision that classified greenhouse gases as pollutants under the Clean Air Act, subject to EPA regulation. Al Gore’s documentary on global warming won an Oscar and Gore himself shared a Nobel Prize with the U.N.’s Intergovernmental Panel on Climate Change. It may go down as the year global warming finally embedded itself in the American consciousness, not as a possibility, but as a reality. As a result, climate issues are becoming a defining context for social, economic, political and regulatory issues, all of which will impact how business is done. “This is such a new area that in-house counsel can be of tremendous value to their companies, merely by staying on top of the issues,” says Gabrielle Sigel, co-chair of the Climate and Clean Technology Law practice at Jenner & Block. Carbon Inventory “Anybody who uses energy has to think about the potential impact of climate change regulation,” says Sigel. “Most businesses in some form will soon have to comply with state or federal emissions standards for greenhouse gases. Utilities are under new proposed regulation for their emissions, and that will have a roll-down effect on anybody who uses their power.” Rob Colvin/Stock Illustration Source/Getty Images “The legal department can act as a very good filter,” she adds. “Sure, people hear a lot about climate change. They may talk about it at a cocktail party, but they need someone who has done the hard work and can point to the key issues a company has to deal with, and who can say: ‘Here is an opportunity for us.’” Some companies have developed programs for evaluating and inventorying their carbon emissions. Others have gone beyond that initial stage and have already started The most important thing for companies to do is conduct a transparent and welldocumented inventory of their greenhouse gas emissions. It’s essential that in-house counsel are involved, not just to ensure emissions compliance, but also to advise on the legal aspects of tax credits and even for carbon trading and other offsets. Having legal counsel involved in the decision of what is counted is also important for privilege purposes. 22 LexisNexis® Martindale-Hubbell®

Table of Contents Feed for the Digital Edition of Counsel to Counsel - May 2008

Counsel to Counsel - May 2008 Contents Harassment Policies NEC Corporation of America and Duane Morris LLP Lost or Stolen Data: Minimizing Fallout On-Boarding the Board Drafting Fair, Efficient and Enforceable Arbitration Agreements Responding to Counterfeit Products Crafting an English-Only Workplace Policy Distressed Debt: New Players, Global Sophistication Make Restructuring More Complex IP Confidential: Plan Ahead, Act Fast to Protect Your Trade Secrets Adverse Changes: Think Ahead in a Strained M&A Market Optimizing Web 2.0 Technology: Expanding Your Professional Network Union Pacific Railroad Company and Patton Boggs LLP Warming Warning: Develop Your Climate Change Strategy Now Risk Sharing: Expect New Obstacles and Expenses in Syndicated Loans E-Discovery in Action Diversification at the Gate Energy

Counsel to Counsel - May 2008

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