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Weekly Blockchain Blog – March 31, 2025

Delaware Amends General Corporation Law to Create Safe Harbor for Controller Transactions and Place Limitations on a Stockholders’ Ability to Inspect Corporate Records  

The Providing Reliable, Objective, Verifiable Emissions Intensity and Transparency Act, or the PROVE IT Act, is a bipartisan act aimed at enhancing the transparency and accountability of global carbon emissions. Introduced by Sens. Chris Coons (D-DE) and Kevin Cramer (R-ND), the PROVE IT Act seeks to measure and compare the carbon intensity of various goods produced in the United States and other major economies around the world. This initiative is designed to support the United States in negotiating with trading partners that have implemented carbon border adjustment mechanisms.

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The primary objective of the PROVE IT Act is to direct the Department of Energy (DOE) to conduct a comprehensive study on the emissions intensity of nearly two dozen products, including aluminum, crude oil, petrochemicals, natural gas, fertilizer, iron, steel and plastic. Emissions intensity refers to the amount of greenhouse gases emitted during the production of a single unit of a product. The DOE is tasked with publishing this study within two years of the PROVE IT Act’s enactment — and not less frequently than once every five years thereafter — providing a detailed comparison of the carbon output of U.S. goods to those produced in other countries.

The PROVE IT Act mandates that the DOE’s study include countries with significant shares of the global market for the covered products, as well as those in the Group of Seven (G7), countries with which the U.S. has free trade agreements, and any “foreign country of concern” that may pose a threat to U.S. national security or foreign policy. When accurate data is unavailable, the DOE will provide its best estimates and highlight any gaps in the existing emissions data.

The PROVE IT Act has garnered significant bipartisan support. It passed the Senate Environment and Public Works Committee with a decisive vote and was introduced in the House by Reps. John Curtis (R-UT-03) and Scott Peters (D-CA-50) in July 2024. The PROVE IT Act is co-sponsored by a diverse group of senators, including Angus King (I-ME), Lisa Murkowski (R-AK), Martin Heinrich (D-NM), Lindsey Graham (R-SC), Sheldon Whitehouse (D-RI) and others.

The PROVE IT Act aims to substantiate the U.S. carbon advantage by providing high-quality, verifiable data on emissions intensity. By highlighting the environmental stewardship and cleaner manufacturing practices of the United States, the PROVE IT Act seeks to defend and promote U.S. commercial interests, reduce global emissions, and ensure fair treatment of U.S. products in global markets.

Supporters of the PROVE IT Act, including business, industry and advocacy groups, believe that it will encourage trading partners to adopt cleaner production methods. For instance, the Steel Manufacturers Association has praised it for its potential to transform the global steel industry to one with more efficient, low-emissions production.

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