Category — Renewable Energy

On May 29, 2009, the White House announced that it is revising restrictions placed on lobbyists from communicating with executive branch officials regarding funds under the American Recovery and Reinvestment Act (Recovery Act).  More detailed guidance is forthcoming from the Office of Management and Budget (OMB), but the statement released on Friday makes clear that the absolute ban on lobbyists communicating orally or participating in meetings with executive branch officials has been revised.

President Obama issued a memorandum on March 20, 2009 prohibiting registered lobbyists from having oral communications with government officials about specific Recovery Act projects or applications and requiring that government officials only consider the views of registered lobbyists on such issues if the views were submitted in writing. The memorandum also required that oral discussions of general policy matters regarding the Recovery Act made by registered lobbyists be publicly disclosed. (Please click here to read our alert on the March 20 memorandum.)

Read the full alert here.

On March 19, 2009, the Inspector General for the Department of Energy (DOE), Gregory H. Friedman, testified before Congress regarding the Recovery Act oversight initiatives already underway at the DOE OIG.  The DOE is slated to receive and distribute approximately $40 billion of Recovery Act funds for various science, energy and environmental programs and initiatives.  Additionally, the DOE has been authorized to make or guarantee loans totaling up to $127 billion for innovative technologies as well as auto industry advancements.  IG Friedman described the DOE-OIG’s oversight strategy and numerous specific steps it would entail, including, (1) evaluating the internal control structure for the most significant programs; (2) evaluating the controls established by the primary recipients over the use of funds; (3) examining the use of funds through transaction testing at the recipient or end-user level; (4) providing fraud awareness briefings to DOE officials, contractor officials and fund recipients; (5) enhancing existing relationships with other law enforcement agencies; and (6) expanding its fraud hotline capabilities.  Additionally, Mr. Friedman is among the nine IGs serving on the Recovery Accountability and Transparency Board (RATB), and, thus, DOE-OIG oversight efforts, like those of the other RATB-represented IGs, will be closely coordinated with it.

See testimony here.

This post was contributed by Paul Gutermann and Roseanna Baber Hill , writing at another Akin Gump blog, ClimateIntel.com.

As the G-20 summit in London took center stage in international media this week, one contentious issue relates to the New World Economic Forum’s Task Force on Low-Carbon Economic Prosperity.   The Task Force is calling for internationally-implemented stimulus funds, estimated at US $3 trillion worldwide, to go hand-in-hand with low carbon initiatives.  Policymakers and businesses alike are watching the funding issue closely as the UN conference in Copenhagen approaches, and the race for “green” dollars from economic recovery packages gets more competitive.

The Task Force comprises 52 companies, including blue chip firms, major corporations and non-governmental organizations (NGOs). This week it released a letter addressed to UK’s Prime Minister Gordon Brown, and the other G-20 leaders, with the ultimate hope of influencing world leaders to come to a consensus in Copenhagen.  The Task Force’s letter identifies low carbon investments as the focal point of the stimulus packages.  The letter outlines six areas of concentration: market mechanisms (carbon prices), universal standards and metrics, energy efficiency, incentives for accelerated investment in low-carbon technologies, avoided deforestation and land use change and adaptation.  The letter also states the Task Force will release 10 to 20 policy initiatives or public-private collaborations by autumn 2009.

The Task Force builds upon the foundation set forth at the July 2008 G-8 Hokkaido Toyako Summit, where leaders agreed on the goal to reduce global emissions 50% by 2050, and welcomed and supported the establishment of the Climate Investment Funds administered by the World Bank to support developing countries reduce their emissions, among other decisions.  At the July G-8 summit, 100 business executives submitted “CEO Climate Policy Recommendations to G-8 Leaders,” expressing recommendations similar to those found in the task force’s letter to Prime Minister Brown this week.

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The stimulus package, signed into law on February 17 by President Obama, will have a dramatic impact on businesses and investors, reshaping different sectors of our economy. The Obama administration and Democratic Party-led Congress are poised to implement many additional measures that will influence the investment climate. A panel of Akin Gump lawyers recently participated in a roundtable discussion, addressing the strategies and opportunities these new policy realities present for investors. The discussion covered a wide range of sectors, including—

• transportation and infrastructure
• traditional and alternative energy and the environment
• broadband, FCC and communications
• health care.

The program was co-hosted by Public Strategies, Inc. and moderated by Prakash Mehta.  Akin Gump presenters included Tom Davidson, Susan Lent, Hank Terhune and Jorge Lopez.

Click here to review the presentation materials.

On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (the stimulus bill), a $787 billion emergency stimulus legislation containing substantial tax and spending provisions for the renewable energy industry. The stimulus bill’s renewable energy spending provisions include loan guarantees and grants for renewable energy projects and infrastructure. The stimulus bill substantially revises the tax code, extending the production tax credit deadline, offering flexibility to renewable projects to choose between a tax credit on production or investment, and establishing a program by which a renewable project developer may receive a grant in lieu of tax credits. Tax credits are also made available to manufacturers of clean technology equipment. This client alert provides an overview of the renewable energy spending and tax provisions.

Click here to read the full text of this alert.