It's been a busy — albeit bumpy — year for energy policy. And it's unlikely to slow down come January. To close out the year, here's a refresher of some of the major stories over the past 12 months and what to watch. Passing the climate law: Congressional Democrats are closing the lame-duck session by taking a victory lap, as Nick Sobczyk reports for POLITICO's E&E News. Lawmakers of both parties managed to pass significant bills, from the infrastructure law to the CHIPS and Science Act. But the surprise passage of the party-line Inflation Reduction Act marked the biggest single investment in climate policy Congress has ever made. What's next: With Republicans controlling the House, the climate law is primed for scrutiny as the GOP searches for the next Solyndra — the solar company that collapsed after taking millions of dollars in loan guarantees from the Obama administration. The ensuing drama was red meat for Republican attacks, even though the loan program at its center also spurred new technology and transformed energy markets. The Biden administration has signaled it's preparing for the increased scrutiny — but will the next green-spending flap cause the same stir? Permitting fights: As part of the deal to pass the climate bill, top Democrats promised West Virginia Democratic Sen. Joe Manchin a vote on legislation to streamline permitting rules for both renewable energy and oil and gas infrastructure. The effort sank amid opposition from progressives who called it a giveaway to fossil fuels and from Republicans who said it didn't do enough. What's next: After two failed attempts to attach Manchin's legislation to must-pass bills, Republicans are looking to push permitting measures in the next Congress on more favorable terms. Democrats who support a change say the debate at least shows that people in the party acknowledge the need to streamline permitting. As one House progressive who opposed the bill summarized: "This is a zombie that will not die. It's going to be back again and again." Russia's war on Ukraine: The invasion rattled markets, putting a renewed focus on energy security as concerns about Europe's over-reliance on Russian natural gas came to fruition. The invasion sparked a U.S. ban on Russian oil and created a political headache for the White House as gasoline prices surged, hitting a record high of $5.02 a gallon in June. After the invasion, President Joe Biden ramped up sales from the U.S. Strategic Petroleum Reserve to tame the price spikes and locked heads with oil companies by urging them to ramp up production. What's next: The U.S. and its allies are seeking new ways to punish Russia amid questions over whether President Vladimir Putin will try to tank the world's oil markets. Climate damages: Countries gathering in Egypt for last month's U.N. climate talks emerged with a long-sought win: an agreement for wealthy countries to create a "loss and damage" fund to help developing nations facing devastation from climate change. But the agreement left out a host of details — such as any pledges by rich nations to actually contribute to the fund. What's next: Next year's climate summit in the United Arab Emirates will bring pressure on the U.S. to deliver on its promises — but odds of Biden getting buy-in from the GOP-led House are low. One bad omen: Biden previously pledged to deliver $11.4 billion annually in international climate finance by 2024, but this week's spending bill proved just how difficult that may be to enact. West Virginia v. EPA: The Supreme Court issued a ruling that constrains the executive branch's authority to address climate change and raised questions about other regulations. The court found that regulators do not have broad authority to curb planet-warming pollution from power plants, spurring a wave of related lawsuits seeking to rein in the administration's reach. What's next: Those other suits are still playing out, but as E&E News' Pamela King reported this week it could be a sign of more to come from the high court. The justices are expected to hand down a decision in the coming months in another blockbuster case centered on the scope of the Clean Water Act, the law governing the nation's waterways. Happy holidays — thank you for tuning in to POLITICO's Power Switch. I'm your host, Kelsey Tamborrino, temporarily in the hosting chair for Arianna Skibell. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to askibell@eenews.net. Today in POLITICO Energy's podcast: Your Power Switch host discusses geothermal energy, a renewable power source that is poised for a resurgence — with help from the oil industry. POLITICO Pro subscribers can also read the story here.
| 
No comments:
Post a Comment