Speaker 3:

And is there litigation around this? What are you seeing emerge?

Speaker 2:
I think the most prominent pieces of litigation in this space are the legal challenges that have
been brought by a variety of municipalities against oil and gas producers. Those cases are in
very early stages. There are a number of other types of cases that we are starting to see
against corporations that are asking questions about the readiness of companiesʼ physical
facilities for climate change. So basically using tools of conventional environmental law to say,
are you really complying with your permit around things like preventing spills or preventing
releases if you haven't thought about the potential for increased storm surge, increased flash
precipitation events, those kinds of things.

Speaker 3:
What about regulations they're changing? We know there's a change in politics in Washington
DC. So what are regulators doing around climate policy and what does it mean for compa-
nies?

Speaker 2:
Right now the most significant thing that's happening in climate change that will impact corpo-
rations is the increase in attention to climate at the Securities and Exchange Commission. You
know, in terms of other buckets of climate regulation, we expect to see that will impact busi-
nesses. The Fed has created a group called the supervision climate committee, which is essen-
tially looking at the potential to create climate stress tests for systemically important banks. And
then we will certainly see some of the more conventional types of greenhouse gas regulation
under environmental laws that we saw in the Obama administration.

Speaker 3:
What about opportunities? Are you seeing opportunities ahead in this space?

Speaker 2:
I absolutely am seeing opportunities and, and I think that the right conversation around climate
at pretty much every company is what's the transformational opportunity. I'll give you a very
concrete example in the oil and gas industry, we are seeing an increasing number of the big
oil and gas companies talking about how they can become carbon management companies,
right? They will say, look sure we're great at getting oil and gas under the ground, but you
know what that means we are great at? Characterizing the geology formations and knowing
how to safely inject things and knowing how to monitor wells and knowing how to plug and
abandon them. So we can take all those skills and we can turn around and start putting CO2
into the ground and we can create a new line of business for ourselves.

Speaker 3:
Maggie, you've opened a window for me today. That's a very insightful conversation, Maggie
Peloso, attorney with Vincent and Elkins. Thanks so much for your perspective today.