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Policy & Enforcement Briefing: Mandatory CSR, Oil Spill Fines, Flood Report

India is mandating that companies with an annual turnover of INR 10 billion ($164 million) or more, or a net worth of INR 5 billion and more, or a net profit of INR 0.05 billion or more during any financial year, set aside two percent of their net profits for socially beneficial activities in the country, under the CSR Rules, which come into effect April 1, Rahul Rishi, Ankita Srivastava and Milind Antani of Nishith Desai Associates write for Lexology. The law applies to foreign companies doing business in India. Companies choose their social cause from a list of specified activities, according to Ramesh K. Vaidyanathan and Pooja Thacker at Advaya Legal Mumbai, writing for Business Today.

Leaders have proposed an October deadline for agreeing on the EU’s 2030 climate and energy goals, Reuters reports.

The Interior Department is delaying a rule that would raise oil spill fines for offshore facilities, after the Independent Petroleum Association of America and National Ocean Industries Association requested an extension of the comment period, the Hill reports. 

Projects that store carbon in grazing land soil will be eligible for funding from Australia’s Emissions Reduction Fund, the Sydney Morning Herald reported. The initial methodology is expected to be ready in mid-2014, environment minister Greg Hunt said.

A report by the Colorado Oil and Gas Conservation Commission recommends that the industry move operations as far from waterways as possible, and better flood-proof wells and tanks, the Denver Post reported. The “lessons learned” report addresses the September floods that, at their peak, forced the closure of 2,658 wells, broke pipes and swept away tanks. The commission will take up the report at its April meeting.

The EPA ordered the US Army to address 15 million pounds of abandoned explosives and propellant stored on the grounds of Camp Minden in Minden, La. A private company under contract with the army had been using the site to improperly store unused explosives and propellant, the EPA said. It ordered the army to submit a disposal plan, including safety measures for disposal workers and the surrounding community.

Myanmar will ban the export of raw timber logs from April 1. The country’s forest cover shrank by almost a fifth from 1990 to 2010, Reuters reports.

All Chinese companies emitting more than 13,000 metric tons of CO2e in 2010 will be required to report their greenhouse gas emissions, under regulations expected to kick in next year, Reuters says. The reporting rule is designed to set the stage for a nationwide carbon market.

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