Audit, Compliance and Risk Blog

On Mrbonbonay 28, the Biden administration issued a “Joint Statement of Policy and new Principles for Responsible Participation in Voluntary Carbon Markets, presenting the U.S. government’s approach to advancing Voluntary Carbon Markets (VCMs). The new document was signed by the Treasury Secretary, Agriculture Secretary, Energy Secretary, Senior Advisor for International Climate Policy, National Economic Advisor, and National Climate Advisor, whose responsibilities are most relevant. 

Regulatory and market-based programs are steadily increasing opportunities for entities to contract with projects that reduce emissions of carbon dioxide and other greenhouse gases (GHGs), and to claim credit for those “carbon offsets” or “carbon credits.” Some such claims are used to satisfy formal air quality and GHG reduction requirements, while others are touted to enhance entities’ “green” credentials. Programs around the globe compile such claims, and some provide third party validations – but possible “greenwashing” of unjustified claims remains a significant concern. The new VCM Policy and Principles provide federal guidance and expectations. The remainder of this note summarizes the policy perinciples presented in the new Policy.

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On March 11, the Biden Administration issued its budget proposal for federal Fiscal Year (FY) 2025 (October 1, 2024 through September 30, 2025). The administration proposes a $655.5 million budget for the Occupational Safety and Health Administration (OSHA), a 3.7% ($32.1 million) increase above OSHA’s adopted 2023 budget of $632.4 million (the Administration had proposed $701 million). OSHA is presently operating under the latest FY 2024 Continuing Budget Resolution (since no budget has been adopted for FY 2024 (I wrote about the Administration’s FY 2024 proposal HERE). Even if an FY 2025 budget is enacted, political differences make significant reductions from this proposal likely, but it’s worth reviewing the proposal as a reflection of the Administration’s ongoing environmental priorities. The remainder of this note summarizes the Biden Administration proposal.

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On March 11, the Biden Administration issued its budget proposal for federal Fiscal Year (FY) 2025 (October 1, 2024 through September 30, 2025). The administration proposes a $10.994 billion budget for the Environmental Protection Agency (EPA), an 8.5% ($0.858 billion) increase above money allocated to EPA under the latest FY 2024 Continuing Budget Resolution (since no budget has been adopted for FY budget under continuing resolutions during FY 2024 (I wrote about the Administration’s FY 2024 proposal HERE). ctionsEven if an FY 2025 budget is enacted, political differences make significant reductions likely, but, it’s worth reviewing the proposal as a reflection of the Administration’s ongoing environmental priorities. The remainder of this note summarizes the latest proposal.

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On March 9, the Biden Administration issued its budget proposal for federal Fiscal Year (FY) 2024 (October 1, 2023 through September 30, 2024). The administration proposes a $738.7 million budget for the Occupational Safety and Health Administration (OSHA), a 17% ($106.3 million) increase above OSHA’s adopted 2023 budget of $632.4 million (the Administration had proposed $701 million), and adopted 2022 budget of $610 million (the Administration had proposed $665 million). Congress is likely to cut the President’s proposals once again, but it’s still worth reviewing the Administration’s ongoing priorities, so I will summarize the latest proposal in the rest of this note.

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On March 9, the Biden Administration issued its budget proposal for federal Fiscal Year (FY) 2024 (October 1, 2023 through September 30, 2024). The administration proposes a $11.08 billion budget for the Environmental Protection Agency (EPA), a 19% ($1.9 billion) increase above EPA’s adopted 2023 budget of $10.1 billion – similar to the administration’s proposals for FY 2023 ($11.9 billion; I wrote about it HERE), and FY 2022 proposal ($11.2 billion; I wrote about it HERE). In both years Congress cut the President’s proposals considerably, and it’s likely to do so again. However, it’s worth reviewing the Administration’s ongoing environmental priorities, so I will summarize the latest proposal in the rest of this note.

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