United States

Treasury and IRS Release New Guidance on Electric Vehicle Tax Credits

On March 31, 2023, the U.S. Department of the Treasury (Treasury) and U.S. Internal Revenue Service (IRS) released proposed regulations on the new critical mineral and battery-sourcing requirements in the tax credit for new clean vehicles under Section 30D of the Internal Revenue Code (the Code). The new regulations provide multi-step processes for qualified manufacturers of new electric vehicles to certify compliance with the critical mineral and battery component requirements in Section 30D of the Code. Each process requires manufacturers to identify their procurement chain, the incremental value of critical minerals and battery components and, for purposes of the battery component requirement, what percentage of that value is derived from U.S.-sourced components or, for purposes of the critical minerals requirement, what percentage of the minerals are extracted or processed in the U.S. or a country with which the U.S. has a free trade or targeted critical minerals agreement. The proposed guidance, which builds on a White Paper that Treasury released late last year, is crucial for helping vehicle manufacturers and companies throughout the electric vehicle battery supply chain ensure that their vehicles will qualify for the full $7,500 per vehicle tax credit.

The proposed guidance comes amid negotiations between the U.S. and its international partners regarding “targeted critical minerals agreements,” which ensure that critical minerals mined or processed outside the U.S. are treated as satisfying the requirements of Section 30D of the Code. The U.S. and Japan announced a critical minerals agreement on March 28, 2023, and the U.S. and European Union (EU) remain in negotiations over a critical minerals agreement, which were announced on March 10, 2023.

IRS Releases New Guidance on Energy Community Bonus Credits

On April 4, 2023, the IRS released Notice 2023-29, which provides guidance on the implementation of the energy community bonus credit under Section 45 and Section 48 of the Code. The energy community bonus credit provides a 10 percent increased credit amount for a qualified facility or project that is located in or placed in service within a designed energy community. Broadly speaking, the Code provides three categories of qualifying energy communities: 1) brownfield sites; 2) census tracts with closed coal mines or coal-fired electric plants; and 3) certain “metropolitan statistical areas” and “non-metropolitan statistical areas” with higher employment tied to the fossil industry or a substantial portion of local tax revenues related to such industry. Notice 2023-29 provides clarity as to the appropriate data sources that taxpayers should use to determine whether potential project sites fall within energy community areas, and it also provides initial lists of qualifying areas for the categories and an interactive map to identify such areas. Notice 2023-29 sets out a safe harbor for projects that begin construction in a qualifying energy community, which provides that if a project is located in an energy community on the date that construction begins, that location will, in the case of production tax credit projects, be deemed an energy community for the entire 10-year credit period and, in the case of investment tax credit projects, be deemed an energy community on the date the project is placed in service. Notice 2023-29 provides that proposed regulations will follow, which will be effective for tax years beginning after April 4, 2023.

Please see our client alert for additional information related to the IRS guidance on energy community bonus credits.

EPA Announces Final Good Neighbor Plan

On March 15, 2023, the U.S. Environmental Protection Agency (EPA) announced its final Good Neighbor Plan (the Plan) to reduce nitrogen oxide (NOx) pollution from power plants and industrial facilities. The Plan implements a revised Cross-State Air Pollution Rule ozone season trading program and, beginning in 2026, the EPA will set industry-specific NOx emissions control requirements—for industries such as pipeline transportation and glass product manufacturing—that will apply in 20 states. The Plan will reduce the emissions budget for power plants in 2027 by 50 percent from the 2021 ozone season NOx emissions levels.

Applications Open for DOT EV Charging Grants

The U.S. Department of Transportation (DOT) announced that applications opened on March 14, 2023, for DOT’s new Charging and Fueling Infrastructure (CFI) Discretionary Grant Program, which will provide $2.5 billion to cities, counties, local government, Tribes, and other applicants to fund electric vehicle (EV) and alternative-fueling infrastructure. EV charging stations built under the CFI program must follow guidelines set forth in the National Electric Vehicle Infrastructure Formula Program minimum standards published on February 28, 2023.

Biden Administration Announces $6 Billion for Industrial Decarbonization Projects

President Biden’s administration announced $6 billion in funding for the Industrial Demonstrations Program to accelerate decarbonization in energy-intensive industries, such as cement and concrete manufacturing. The funding, which draws from the Infrastructure Investment and Jobs Act and Inflation Reduction Act, will be awarded through various offices at the U.S. Department of Energy (DOE), including the Office of Clean Energy Demonstrations, and offers award recipients a 50percent cost share for commercial scale decarbonization projects.

Federal Energy Regulatory Commission to Explore Software Improvements for Nation’s Power Markets and Grid

The Federal Energy Regulatory Commission (FERC) announced a technical conference (conference), scheduled for June 27-29, 2023, to explore software solutions that can improve the efficiency of the power system and the real-time and day-ahead electricity markets. FERC’s staff is convening a panel of experts, including software developers, electric power system operators, and professionals from government, research centers, and academia, to speak at the conference. The conference will cover a range of topics, including: power market software that can shorten day-ahead and real-time market solve times; software related to implementing grid-enhancing technologies; the use of probabilistic models in power system planning and operations; and software that can be used to improve modeling of storage resources, hybrid resources, and aggregations of distributed energy resources. The  conference is open to the public, both in-person and virtually, but all attendees must register by June 2, 2023.

FERC Authorizes Transmission Rate Incentives for Greenlink Nevada Transmission Project

On March 22, 2023, FERC authorized the use of three transmission rate incentives for NV Energy’s proposed $2.5 billion Greenlink Nevada Transmission project, which will create two long-distance 525 kilovolt transmission lines through Nevada. The incentives are intended to help reduce risk and regulatory uncertainty for investments in the Greenlink project by increasing the likelihood that the project’s costs will be recovered through transmission rates and will receive favorable ratemaking treatment. The Greenlink project’s goals include transmitting renewable energy generation to load, improving Nevada’s grid reliability, and reducing transmission congestion. The Greenlink project previously received approval from the Nevada Public Utilities Commission in 2022, and its first transmission line is expected to enter service in 2026, followed by a second line in 2028.

FERC Continues to Erode Market Barriers for Aggregations of Distributed Energy Resources

On March 1, 2023, FERC issued an order addressing ISO New England Inc.’s (ISO-NE) proposed market design changes to comply with FERC Order No. 2222, the landmark order on market participation models for distributed energy resource aggregations (DERAs). FERC accepted some aspects of ISO-NE’s proposal, but notably rejected other aspects of the proposal that would have limited the market participation of distributed energy resources (DERs) that are located behind a retail delivery point. In particular, FERC took issue with ISO-NE’s proposed limitations on DERAs ability to use sub-metered data (i.e., device-level data generated behind the utility’s retail meter) for behind-the-meter DERs. The issue of sub-metering has been a controversial topic in the implementation of Order No. 2222 for several reasons, including that it arguably weakens utilities’ traditional role in generating the consumer energy data used in wholesale and retail electricity markets. Exactly how ISO-NE will address this issue going forward remains to be seen, as FERC directed ISO-NE to submit further compliance filings proposing solutions to this and other shortcomings in its proposed market rules.

New Jersey Initiates Third Application Process for Offshore Wind Leases

The New Jersey Board of Public Utilities (New Jersey BPU) announced that it is accepting applications for the state’s third solicitation for offshore wind capacity. Through the third solicitation, the New Jersey BPU anticipates awarding Offshore Wind Renewable Energy Certificates to support the construction and interconnection of up to 4 gigawatts (GW) of new wind capacity, in support of New Jersey Governor Phil Murphy’s goal of 11 GW of offshore wind energy in New Jersey by 2040. The application closes at 5:00 p.m. ET on June 23, 2023.

EPA Proposes New Emissions Rules for Vehicles

On April 12, 2023, the EPA announced the proposed Multi-Pollutant Emissions Standards for Model Year 2027 and Later Light-Duty and Medium-Duty Vehicles (the MPE Standards) and the Greenhouse Gas Emissions Standards for Heavy-Duty Vehicles – Phase 3 (the GHGE Standards). The MPE Standards propose stricter standards on light- and medium-duty vehicles’ criteria pollutant and greenhouse gas emissions. The MPE Standards would phase in over model years (MY) 2027 through 2032. The EPA projects that, depending on which compliance pathways manufacturers implement to meet the new MPE Standards, EVs could account for 67 percent of new light-duty and 46 percent of new medium-duty vehicle sales in MY2032. The EPA is hosting a public hearing on the proposed MPE Standards on May 9 and 10, 2023, with an additional day added as necessary. The pre-registration information for the hearing can be found here.

The GHGE Standards would impose stricter carbon dioxide emissions standards on heavy-duty vehicles than those currently in place under the Phase 2 rule as well as additional standards that would become effective in MY2028. The public hearing on the GHGE Standards is scheduled for May 2 and 3, 2023, with an additional day added as needed. Pre-registration information on the hearing can be found here.

Europe

EU Proposes Anti-Greenwashing Rules

On March 22, 2023, the European Commission adopted a proposal for a Directive covering greenwashing and misleading environmental claims in a business to consumer context. The proposal requires companies to substantiate claims they make about environmental aspects or performance of their products and organizations using robust, science-based, and verifiable methods. Failure to do so could result in fines of up to 4 percent of the company’s annual revenue in the EU country (or countries) concerned, amongst other sanctions. The proposal is subject to the approval of the EU’s co-legislators, the European Parliament, and the Council.

Swedish Fund Selection Agency Finalizing Fund Selection Criteria

Sweden’s Fund Selection Agency is in the process of reviewing questions and comments on the agency’s draft procurement requirements. The draft procurement requirements will implement Sweden’s new investment framework, passed into law in June 2022, for allocating 1 trillion Swedish Krona (approximately $90 billion) in pension savings. The draft procurement requirements include a requirement that all fund managers “shall have signed and be subject to the UN Principles for Responsible Investment (PRI), or be subject to the signing of PRI principles.”

United Kingdom

Pensions Regulator Focusing on Climate and ESG Noncompliance

The United Kingdom’s (U.K.) Pensions Regulator, a public body under the Department for Work and Pensions, announced a new campaign to assess whether trustees are properly discharging their ESG and climate change reporting duties. Trustees of schemes with more than 100 members that fail to disclose in a statement of investment principles (SIP) how they consider material ESG and climate change factors in their investing, along with an implementation statement outlining how the principles in the SIP are being enacted, may be fined up to £50,000. 

U.K. Publishes Updated Green Finance Strategy

On March 30, 2023, as part of its so-called “green day,” the U.K. government published its green finance strategy, setting out the proposed framework for the U.K. to become the world’s first “Net Zero Aligned Financial Centre.” Most notably, the strategy underlines the government’s intention to develop a U.K. Green Taxonomy and to conduct a review of the U.K.’s nonfinancial reporting rules, including assessing thresholds and whether to incorporate mandatory reporting into U.K. company law. The government also published a consultation on a regime for ESG ratings providers, which is open until June 30, 2023. The rating proposals are intended to provide greater transparency on how providers interact with rated entities, including potential conflicts of interests.

Canada

Government of Canada Releases 2023 Budget

On March 28, 2023, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Government of Canada’s budget for 2023. Chapter 3 of the budget includes many sustainability-related proposals, including a Clean Technology Manufacturing Tax Credit to support investments in new machinery and equipment used to manufacture or process clean technologies, a Clean Hydrogen Investment Tax Credit, and additional funding for Canada’s Strategic Innovation Fund to support the development and application of clean technologies in Canada.

Standards and Frameworks

COSO Publishes Internal Controls over Sustainability Reporting Report

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) published a report outlining a new framework for internal control over sustainability reporting (ICSR). The report applies the principles from their revised 2013 Internal Control—Integrated Framework (the 2013 Principles) to sustainability. These principles are: 1) control risk environment; 2) risk assessment; 3) control activities; 4) information and communication; and 5) monitoring activities. COSO noted that it believes that applying the 2013 Principles to sustainability reporting “will greatly enhance the overall effectiveness, efficiency, and accuracy of the underlying processes and internal controls as well as the accuracy of this reporting.”

Larry Fink Addresses Key Stakeholder Issues in 2023 Letter to Investors

BlackRock, Inc. (BlackRock) published the annual letter from its Chair and Chief Executive Officer, Larry Fink, on March 15, 2023. The letter addresses many topics, and notably mentions the “energy transition” and “transition finance” 24 times. Mr. Fink wrote that, “[o]ver the long run, investors also need to consider how the energy transition, among other factors, will impact the economy, asset prices, and investment practice.” He noted that BlackRock has “clients who want to invest in ways that seeks to align with a particular transition path or to accelerate that transition,” which is “why BlackRock has been so vocal in recent years in advocating for disclosures” about the energy transition and using “data and analytics to help [BlackRock’s] clients understand how the energy transition is evolving ….” And Mr. Fink still believes “that the next 1,000 unicorns … will be startups that help the world decarbonize and make the energy transition affordable for all consumers,” which means that “[s]ome of the most attractive investment opportunities in the years ahead will be in the transition finance space.”

BlackRock Releases Investor Stewardship Policies

BlackRock released its 2023 Investment Stewardship Policies, which focus on: 1) Board quality and effectiveness; 2) Strategy, purpose and financial resilience; 3) Incentives aligned with value creation; 4) Climate and natural capital; and 5) Company impacts on people. Notably, the Investment Stewardship Policies now highlight the Taskforce on Nature-related Financial Disclosures, also known as the TNFD, as a useful guide help to companies enhance their nature-related disclosures and suggest that companies disclose climate and sustainability related data in advance of their annual meeting to give shareholders the opportunity to examine such data.

BlackRock Halves Eviction Time Applicable to Certain European ESG ETFs

Starting December 1, 2022, but first reported in March 2023, BlackRock implemented a fast-track eviction rule at 35 of its European-listed ESG exchange-traded funds (ETFs). The new rule removes a company from a covered ETF after 45 days, instead of the previous period of 90 days, if such company receives an MSCI ESG Controversies score of 0 (on a scale of 0-9) or if MSCI deems a company to be in violation of the United Nations Global Compact.

ISS Publishes Board Aligned Voting Guidelines

On March 15, 2023, Institutional Shareholder Services (ISS) published its Global Board Aligned US Voting Guidelines and Global Board Aligned International Voting Guidelines. Notably, ISS generally treats Say on Climate proposals from management differently than Say on Climate proposals from shareholders. Say on Climate proposals vary in their exact language, but they generally allow shareholders to vote on a company’s climate strategy. If a Say on Climate proposal is brought by management, ISS will generally recommend voting with the board’s recommendation. In contrast, if a Say on Climate proposal is brought by shareholders, then ISS will generally recommend voting against the proposal.

ISS Publishes 2022 Proxy Season Review

On March 28, 2023, ISS published a report, 2022 Review: United States – Environmental & Social Issues In Proxy Voting, which discussed trends and developments in Environmental and Social (E&S)-related proposals during the 2022 proxy season. Some takeaways included:

1. A record number of E&S-related proposals were filed (607 proposals) and went to a vote in 2022 (321 proposals);
2. There were a similar number of majority-supported E&S proposals in 2022 as in 2021, but the overall level of support declined from 30.7 percent in 2021 to 26.3 percent in 2022;
3. Climate-related proposals were the most frequently filed type of E&S shareholder proposals (127 proposals), and received the most majority support among E&S proposal types (11 proposals), although their average level of support dropped compared to 2021;
4. Filings of proposals requesting third party racial equity or civil rights audits surged and several received majority support; and
5. Interest in corporate political spending transparency remained strong.

Please note that the full report is only available to subscribers.

Glass Lewis Publishes Say on Climate Blog Post for Proxy Season

On March 30, 2023, Glass, Lewis & Co. (Glass Lewis) published a blog post, What to Watch for this Proxy Season: Say on Climate, which discusses the increasing scrutiny of Say on Climate proposals by investors globally, and especially in the U.S., where “momentum around this issue has essentially ceased[.]” While Glass Lewis expresses certain concerns with respect to Say on Climate votes, it states that when reviewing these proposals, it will “take a case-by-case approach so that companies are analysed in the context of their unique operations and climate risk profiles.” Moreover, Glass Lewis will “look to companies to provide shareholders with context as to how they view the roles of the board and shareholders in executing their strategies and to provide disclosure concerning how they intend to interpret the vote results.”

MSCI Reevaluates Funds’ ESG Ratings

On March 24, 2023, MSCI announced that it will change the way it determines ESG Quality Scores for investment funds. MSCI’s new methodology will score funds based on a simple weighted average of the ESG scores for a fund’s underlying holdings, and MSCI will no longer apply adjustment factors. The net effect of MSCI’s changes means that “approximately 31,000 funds in [MSCI’s] universe will see one-time downgrades” in their ESG scores.

Woodside Shareholders Advocate Against the Reelection of Certain Directors

In anticipation of Woodside Energy Group Ltd.'s (Woodside) shareholder meeting on April 28, 2023, some of Woodside’s shareholders have filed statements with Woodside opposing the reelection of three of Woodside’s directors on the ground that Woodside failed to respond to investor concerns, raised at both the company’s 2020 annual general meeting (AGM) and its 2022 AGM, about the threat posed by climate change.

Morgan Stanley Commits to Strengthen Deforestation Policies

Morgan Stanley shareholder Green Century Funds withdrew a shareholder proposal it submitted for Morgan Stanley’s 2023 annual meeting of shareholders after Morgan Stanley agreed to enhance its current standards for palm oil and forestry clients and to create new written standards for soy and beef clients operating in regions with high deforestation risk. Morgan Stanley will adopt “No Deforestation, No Peat, No Exploitation” policies, require Forest Stewardship Council certification for timber clients, and implement enhanced review of certain clients’ no-deforestation policies.

Fund Managers Increasingly Link ESG to Financial Incentives

In March 2023, ShareAction published an assessment of the responsible investment governance and stewardship practices of 77 of the world’s largest asset managers, who collectively hold over $77 trillion in assets under management. The assessment includes 22 findings, categorized by: 1) Voting; 2) Engagement; 3) Disclosure to clients on environmental and social impacts; 4) Membership of associations; 5) Responsible investment oversight and expertise; 6) Remuneration and sustainability-linked key performance indicators (KPIs); and 7) Diversity and inclusion. One of the more significant findings from the assessment is that 83 percent of the asset managers in the sample reported linking financial incentives for certain employees to responsible investment key performance indicators, compared to only 7 percent in 2020.

State Street Publishes Proxy Voting Guidelines

In March 2023, State Street Global Advisors, a division of State Street Corporation (State Street), published its proxy voting guidelines including its Global Proxy Voting and Engagement Principles, its Proxy Voting and Engagement Guidelines for North America, and its Engagement Guidelines for Environmental and Social Factors (the E&S Guidelines). The E&S Guidelines cover State Street’s views on a range ESG topics, including climate change, diversity, equity and inclusion, civil rights, pay equity, human rights, human capital management, environmental impact, deforestation-intensive companies, and concealment clauses.

As part of its acquisition of Credit Suisse Group AG (Credit Suisse), UBS Group AG (UBS) will acquire Credit Suisse’s emissions. Since the announcement of the Paris Agreement at the end of 2015, Credit Suisse has made $21.7 billion of loans to fossil-fuel companies, compared to $6.4 billion by UBS over the same period. UBS’s Scope 1 and Scope 2 emissions in 2022 totaled 12,400 metric tons of CO2 equivalent while Credit Suisse’s Scope 1 and Scope 2 emissions in 2022 totaled 19,971 metric tons of CO2 equivalent. Some of the disparity is because Credit Suisse is larger than UBS. However, the “energy-supply banking ratio,” or the ratio between the dollars invested in low-carbon energy versus fossil fuels (ESBR), helps provide a normalized picture of the banks’ activities. In 2021, the global banking sector had an ESBR of 0.8:1, the European banking sector had an ESBR of 2.6:1, Credit Suisse had an ESBR of 1:1 and UBS had an ESBR of 5.4:1.

DOL Announces New Plans to Combat Child Exploitation

On February 27, 2023, the U.S. Department of Labor (DOL) and U.S. Department of Health and Human Services (HHS) announced their plans to establish a DOL-led interagency task force to address violations of child labor law. In the last fiscal year, DOL investigated 835 companies that violated child labor laws and reported a 69 percent increase in the illegal employment of children since 2018. In addition to the new task force, DOL and HHS also announced several steps they plan to take to combat the growth of child exploitation, including: using data-driven analysis by DOL’s Wage and Hour Division to determine where child labor violations are most likely to occur; applying additional scrutiny to companies that do business with employers that violate child labor laws; mandating HHS follow-up calls with children who report safety concerns to the Office of Refugee Resettlement National Call Center; and calling on Congress to increase the maximum civil money penalty from $15,138 per child.

Preliminary Injunction Denied for ConocoPhillips Arctic Drilling Project

U.S. District Court Judge Sharon Gleason denied motions, filed by the Center for Biological Diversity, the Sovereign Inupiat For a Living Arctic, and others, for a preliminary injunction that would have enjoined ConocoPhillips Alaska, Inc. (ConocoPhillips) from undertaking construction activities pursuant to its Willow Master Development Plan (the Willow Project) in the National Petroleum Reserve in Alaska. The motions for a preliminary injunction were filed after the U.S. Department of Interior signed a Record of Decision on March 12, 2023, approving the Willow Project.

House Republicans Introduce Energy Package

On March 14, 2023, House Republicans introduced the nearly 200-page Lower Energy Costs Act. The bill aims to, among other things, limit environmental review for infrastructure projects and increase fossil fuel production. On March 27, 2023, the White House released a statement outlining President Biden’s intent to veto the bill should it reach his desk in its current form. The bill passed the House in a 225 to 204 vote on March 30, 2023.

Bipartisan Agriculture Bill Introduced in the Senate

Senators Michael Bennett (D-Colo.) and Roger Marshall (R-Kan.) introduced the Advancing Cutting Edge Agriculture Act (the Act) in the Senate. If enacted, the Act would increase funding for agricultural technology research and development projects at the U.S. Department of Agriculture and increase funding available for projects that address a variety of agricultural topics, including the ability of agricultural lands to sequester greenhouse gases.

President Biden Vetoes First Bill

On March 20, 2023, President Biden vetoed his first bill since taking office. The bill would have overturned a DOL rule that allows money managers to consider “all relevant factors that might impact a prospective investment,” such as ESG factors, when managing retirement savings.

Clean Energy and Climate Solutions Federal Funding Database

Wilson Sonsini is pleased to share our latest update to the Clean Energy and Climate Solutions Federal Funding Database. The database now has interactive functionality, including multi-award type or technology filtering and search capability. The database now features new notices of intent (NOIs) and requests for information (RFIs) for a variety of funding opportunities.

Wilson Sonsini Adds Nicholas Gladd to Energy and Climate Solutions Practice

On March 29, 2023, Wilson Sonsini announced that Nicholas (Nic) Gladd has joined the energy and climate solutions (ECS) practice as senior counsel. Nic represents independent power companies, project developers, and industry coalitions on electric power transmission, interconnection, and wholesale market access and compensation matters before FERC and appellate courts. Prior to entering private practice, he spent more than six years at FERC, holding a series of senior-level positions.

Wilson Sonsini Advises SOLARCYCLE on Infrastructure Financing

On March 15, 2023, SOLARCYCLE, a tech-driven recycling company focused on producing sustainable materials at scale for the solar industry, announced that it has raised $30 million in Series A funding, consisting of both company equity and infrastructure financing. This latest round brings the company’s total funding to $37 million, since its inception a year ago. Wilson Sonsini Goodrich & Rosati advised SOLARCYCLE on the infrastructure financing.

The Wilson Sonsini team that advised SOLARCYCLE on the transaction includes Scott Zimmermann, Matt Bogdan, Barath Chari, and TJ Tingjie Li. Please see our client highlight for additional information.

Wilson Sonsini Advises Keyframe Capital on $110 Million Virtual Power Plant Agreement and Financing with Logical Buildings

On March 28, 2023, Logical Buildings, a leading provider of decarbonization technology and ESG solutions for the built world, announced it has closed a $110 million virtual power plant (VPP) project facility with Keyframe Capital. Wilson Sonsini Goodrich & Rosati advised Keyframe Capital on the VPP project facility and financing for this agreement with Logical Buildings.

The Wilson Sonsini team that advised Keyframe Capital on these transactions was led by Scott Zimmermann, Claire Christensen, and Matt Bogdan. Please see our client highlight for additional information.

Wilson Sonsini Advises Plastic Fischer on ESG Initiatives

Wilson Sonsini advises Plastic Fischer on ESG matters, ranging from compliance with the EU Taxonomy Regulation (a framework of classification for ESG activities) to contract review and antitrust guidance. Plastic Fischer is a German-based social enterprise that collects plastic waste in rivers to prevent ocean plastic, currently focusing on India and Indonesia. It carries out end-to-end operations, financed per kilogram of river plastic collected, processed and third-party verified. Plastic Fischer partners with a variety of companies, including Allianz, Becker, and Knipex. To finance its operations, Plastic Fischer created “Plastic Credits,” i.e., which represents the end-to-end work of collecting and processing one metric ton of River Plastic. Through that model, organizations can finance the verified social and environmental impact that is created by Plastic Fischer and help stop the plastic pollution of the oceans.

The Wilson Sonsini team advising on these initiatives includes Jindrich Kloub and Laurine Daïnesi Signoret.

Wilson Sonsini Advises Finpublica on Formation, Tax-Exempt Application, Financing, Employment, Intellectual Property, and Privacy, Among Other Matters

Finpublica is a non-profit focused convening finance executives interested in exploring environmental, social, and governance issues and implementing such initiatives inside their organization and across the sector more broadly. The organization also curates free and easily accessible educational resources, research, and tools—anyone can quickly get up to speed on key ESG issues.

Wilson Sonsini Celebrates Earth Day by Promoting Sustainable Living

As part of Wison Sonsini’s efforts to improve firm sustainability, Wilson Sonsini celebrated Earth Day 2023 with a firmwide sustainability challenge and a virtual presentation on sustainable living. The challenge, which concludes on April 21, requires Wilson Sonsini employees to complete daily eco-friendly tasks. The presentation was given by environmental entrepreneur and author Aaron William Perry and covered practical daily actions that Wilson Sonsini employees can implement to live more sustainably.