Friday, August 12, 2022

The climate work is just beginning

Presented by Williams: Your guide to the political forces shaping the energy transformation
Aug 12, 2022 View in browser
 
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By Timothy Cama and Nick Sobczyk

Presented by Williams

House Speaker Nancy Pelosi at a press conference.

House Speaker Nancy Pelosi (D-Calif.) speaks during a press conference ahead of a vote on the Inflation Reduction Act at the U.S. Capitol Aug. 12, 2022. (Francis Chung/E&E News/POLITICO) | Francis Chung/E&E News/POLITICO

House Democrats finalized a significant achievement this evening, sending the most expansive climate bill in the nation's history to President Joe Biden's desk.

But there's still plenty of work to do on greenhouse gas emissions.

The "Inflation Reduction Act" passed the House on a party-line 220-207 vote today after clearing the Senate last weekend.

Its $369 billion climate provisions promise to be an enormous boon for clean energy, giving the industry incentives to build projects, produce power and develop technologies that will be needed to further cut carbon out of the U.S. economy.

In total, the bill will reduce emissions between 32 and 42 percent below 2005 levels by 2030, according to an updated analysis released today by the Rhodium Group, an independent research firm.

'Not taking our foot off the gas'

Modeling comes with some uncertainty, however, and Biden has pledged a larger 50 to 52 percent emissions cut by 2030 under the Paris climate agreement.

It can also take many years to build and permit the transmission lines that would be needed to connect new clean energy projects to the grid and transport the electricity to where it's needed.

Democrats acknowledge that Congress and the executive branch would have to take further action to meet Biden's climate goals and to hit net zero emissions by 2050 – the target scientists say is necessary to avoid the worst impacts of climate change.

Because of the budget process Democrats used to get the bill around the Senate filibuster, the measure contains no new regulatory authorities. Progressives think Biden should declare climate change a national emergency, which would open up new executive powers to reduce emissions and address climate impacts.

"A climate emergency is still really relevant because it opens up other tools, but I also think we need to celebrate this massive movement forward," Congressional Progressive Caucus Chair Pramila Jayapal (D-Wash.) said today. "We're not taking our foot off the gas."

Midterm politics

Democrats plan to vote next month on legislation to ease environmental requirements for energy projects, as part of the deal that secured West Virginia Democratic Sen. Joe Manchin's support for the climate bill.

That has sparked concerns among progressives, who are wary of making it easier to build fossil fuel projects.

Democrats are likely to lose at least one chamber of Congress in this year's midterms, making the prospect for additional congressional action on climate uncertain in the near term.

Republicans will inevitably try to use the "Inflation Reduction Act" against them, arguing that it is full of wasteful green spending Americans do not want. But Democrats think the legislation gives them something to run on.

"We have a message for the American people. The Republicans have a message of 'no,' of opposition, of disruption," House Majority Leader Steny Hoyer (D-Md.) said today. "So I think there's going to be a very substantial assist to our candidates."

 

Check out the  POLITICO Energy podcast  — all the energy and environmental politics and policy news you need for the day, in just five minutes. Listen and subscribe for free at politico.com/energy-podcast. On today's episode, Josh Siegel talks about Republican attacks on the climate bill.

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Listen to today's POLITICO Energy podcast!

It's Friday! Thank you for tuning in to POLITICO's Power Switch. I'm your host today, Timothy Cama, with help from Nick Sobczyk. Arianna will be back Monday! Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to tcama@eenews.net.

This Is Climate Change

A cargo ship travels on the Rhine on Wednesday in Bonn, Germany.

A cargo ship travels on the Rhine on Wednesday in Bonn, Germany. | Andreas Rentz/Getty Images

Europe's historic drought is now affecting about two thirds of the continent. The Rhine, Europe's second longest river, has not been spared.

The exceptionally low water levels mean, among other things, that cargo throughput is limited, with ships having to carry lighter loads, increasing costs and hurting Germany's economy.

Power Centers

Lindsey Graham speaks with Mitch McConnell at the U.S. Capitol.

Sen. Lindsey Graham (R-S.C.), left, speaks with Senate Minority Leader Mitch McConnell (R-Ky.) at the Capitol in July. | Michael Reynolds-Pool/Getty Images

Republicans and the climate bill

Some Republican allies are worried that the party is making a mistake by attacking the $369 billion climate and energy provisions in the "Inflation Reduction Act," Josh Siegel reports.

The compromise includes fossil fuel provisions and other policies the GOP might want to support. "The Republican Party shoots itself in the foot and threatens a lot of progress and growth they've made on this issue in recent years by being overly aggressive in criticizing the climate and energy components of this legislation," said former GOP Rep. Carlos Curbelo of Florida. Read that story here.

No Republicans voted for the climate bill in the Senate, including those who have expressed significant concerns about climate change and pushed for Congress to take action, Corbin Hiar writes, to the disappointment of some advocates for bipartisan policies. Read more here.

New Mass. climate law

Massachusetts Gov. Charlie Baker (R) signed the state's new climate legislation into law yesterday, writes David Iaconangelo.

The sweeping law includes some of the nation's most aggressive restrictions on fossil fuels and sweeping incentives for clean energy, with provisions on fossil fuel bans for construction, electric vehicles, offshore wind and more. Read more of the details here.

Europe's worsening drought

Europe's climate change-linked drought is sending new ripple effects across the continent, Zia Weise and Antonia Zimmermann write, with impacts in trade, energy security and wildlife. Check that out here.

 

A message from Williams:

Did you know Williams was the first North American midstream company to announce comprehensive climate targets? We're taking action, right here, right now, to meet our near-term goal of a 56% reduction in greenhouse gas emissions by 2030. Learn more in our latest Sustainability Report. Question: How many homes and businesses use natural gas in the U.S.? Scroll down for the answer.

 
In Other News

General view of an oil refinery on April 27, 2003 in Houston, Texas.

An oil refinery in Houston. | Matthew Stockman/Getty Images for the ATP

Economists and analysts are acknowledging it's extremely difficult to forecast oil demand in a climate change-constrained future.

Electric vehicle charging companies are struggling to install more equipment just as the climate bill is expected to boost demand.

In the U.S., the drought is revealing lost villages, shipwrecks, corpses and more.

Question Corner

The science, policy and politics driving the energy transition can feel miles away. But we're all affected on an individual and communal level — from hotter days and higher gas prices to home insurance rates and food supply.

Want to know more? Send us your questions and we'll get you answers.

 

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Subscriber Zone

A showcase of some of our best subscriber content.

Steam rises from cooling towers of the Grohnde Nuclear Power Plant on November 08, 2021 near Grohnde, Germany.

Nuclear power plant cooling towers. | Gallup/Getty Images

Analysts are trying to hash out what impact the climate bill will have on electricity costs.

The head of the International Atomic Energy Agency is raising new alarms about the state of a Ukrainian nuclear plant attacked by Russia.

A key California bill to push nature-based methods to fight climate change is stalling amid talks toward a larger energy package.

That's it for today, folks! Have a great weekend.

 

A message from Williams:

Answer: Williams safely and reliably handles 30% of the country's natural gas. We're proud that our infrastructure is part of the solution ensuring that natural gas reaches the 77 million homes and business utilizing natural gas in the continental U.S.

We understand the direct link between sustainable business operations, corporate stewardship in communities and long-term business success. As a result of our ESG imperatives, Williams ranked No. 1 in its peer group in the Dow Jones Sustainability Index for 2021 and was the only U.S. energy company to be included in both their world and North American indices.

Williams is leading the next generation of the energy marketplace which is rooted in a strategic energy mix – natural gas, next gen gas, hydrogen, solar, wind, and other emerging technologies that must meet growing energy demand without sacrificing reliability, affordability, or safety.

Learn more in our new Sustainability Report.

 
 

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