Environment, Land & Resources

US Government Announces New Hydrogen Demand-Side Initiative

Posted in Air Quality and Climate Change, Power, Oil, Gas and Minerals

The US Department of Energy has committed $1 billion to support clean hydrogen offtakers to kickstart the hydrogen economy.

By Joshua T. Bledsoe and Kevin A. Homrighausen

On July 5, 2023, the US Department of Energy (DOE) released a Notice of Intent (NOI) to invest up to $1 billion in a mechanism to develop reliable demand for hydrogen at DOE-funded Regional Clean Hydrogen Hubs (H2Hubs). DOE hopes this mechanism will help a diverse range of entities leverage the full potential of clean hydrogen and facilitate the use of clean hydrogen across a variety of economic sectors.

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TCFD Transfers Climate Monitoring Activities to IFRS Foundation

Posted in Environmental Regulation

Following the publication of the ISSB Standards, the IFRS Foundation will take over monitoring of companies’ climate progress from 2024.

By Paul A. Davies, Michael D. Green, and James Bee

On 10 July 2023, the International Sustainability Standards Board (ISSB) and Financial Stability Board (FSB) announced that the IFRS Foundation (the organisation that founded the ISSB) would take over the monitoring of the progress on companies’ climate-related disclosures relating to the Task Force on Climate-related Financial Disclosures (TCFD). This announcement follows the ISSB’s publication of its inaugural sustainability standards IFRS S1 and IFRS S2.

The transfer in monitoring activities marks the latest development in the ISSB’s ambition to consolidate the sustainability reporting landscape internationally, with the TCFD joining other standards (such as the SASB Standards) in the list of frameworks that were previously independently managed but are now under the consolidated auspices of the ISSB.

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