Thursday, September 12, 2024

Insurance gets its climate moment

Presented by Cheniere Energy: Your guide to the political forces shaping the energy transformation
Sep 12, 2024 View in browser
 
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By Arianna Skibell

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Cheniere Energy

Andrea Blaylock becomes emotional as she sifts through the charred remains of her California home that was destroyed this summer by the Park Fire.

Andrea Blaylock sifts through the charred remains of her California home that was destroyed by the Park Fire. | Nic Coury/AP Photo

Democrats are focusing more and more on kitchen-table budgets when they talk about climate change.

Case in point: Vice President Kamala Harris highlighted the home insurance crisis when asked about her climate plan at Tuesday’s debate.

“You ask anyone who lives in a state who has experienced these extreme weather occurrences, who now is either being denied home insurance or is being jacked up,” Harris said, after blasting former President Donald Trump for calling climate change a “hoax.”

Rate hikes are seldom the first thing mentioned when politicians and scientists talk about climate change, writes Thomas Frank.

But as the enormous cost of climate-fueled disasters is increasingly borne by individual property owners and taxpayers, devastating insurance markets from Florida to California, Democrats are reinforcing the idea that global warming hurts families’ bottom lines.

For example, climate groups launched a $55 million campaign last month to support Harris’ presidential bid with ads that don’t mention climate change — and instead tout clean energy jobs and slam oil industry profits.

Harris’ mention of home insurance comes as insurers sharply raise rates and stop covering properties in areas vulnerable to wildfires or overpowering winds. That has left millions of people scrambling to find affordable coverage for their homes — and their cars.

“Insurance seems to be evolving into a measuring stick for how climate risk is affecting day-to-day life,’’ industry expert Sridhar Manyem told Tom.

Hundreds of thousands of people in California, Louisiana, North Carolina and Texas have flocked in recent years to state-run insurance programs, which often charge more and pass on massive disaster bills to taxpayers. In Florida, 1.25 million people now buy expensive coverage through a state-chartered insurer of last resort, which has become the largest underwriter in the state.

Insurance “is the first process by which the climate debt we’ve built up over the past half-century is starting to be realized by homeowners,” Jeremy Porter, with the climate modeling and research firm the First Street Foundation, told Tom.

 

It's Thursday  thank you for tuning in to POLITICO's Power Switch. I'm your host, 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.

 

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Listen to today’s POLITICO Energy podcast

Today in POLITICO Energy’s podcast: Josh Siegel talks with Reps. Kathy Castor (D-Fla.) and Rob Wittman (R-Va.) about bipartisan legislation they plan to introduce to bolster the U.S. critical minerals industry and counter China.

Power Centers

Solar panels in Vacaville, California; the White House; a drilling rig in Calumet, Oklahoma.

AP, Francis Chung/POLITICO

5 energy fact checks on Trump and Harris
During Tuesday night's presidential debate in Philadelphia, both candidates made a number of claims about the other's energy agenda. For example, Trump claimed that Harris would ban fracking in Pennsylvania, even though she says she no longer supports a ban.

Brian Dabbs, Mike Soraghan, Clare Fieseler and Carlos Anchondo parse fact from fiction.

Germany taunts Trumps again
Anna Lührman, Germany's Europe minister, posted on X today that responding to Trump's "disinformation" about the country's energy sector with "facts and humor" was the "right answer," write Seb Starcevic and Hans von der Burchard.

The feud began when Trump claimed during Tuesday's presidential debate that Germany's attempt to clean up its power sector had failed. In an unusually combative post on X, Germany’s Foreign Ministry clapped back. That prompted Trump's former ambassador to Germany, Richard Grenell, to accuse Berlin of "blatant election interference."

Back to you, team Trump.

In Other News

Shutdown: The Securities and Exchange Commission quietly dissolved its climate and ESG enforcement task force.

The finer things: Climate change prompted these scientists to reinvent chocolate.

 

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Former President Donald Trump speaks during a presidential debate

Republican presidential nominee former President Donald Trump speaks during a presidential debate with Democratic presidential nominee Vice President Kamala Harris at the National Constitution Center, Tuesday, Sept.10, 2024, in Philadelphia. | Alex Brandon/AP

Trump’s jumble of claims about energy policy is muddling what should be a winning attack on one of Harris’ biggest vulnerabilities, according to campaign strategists and industry executives.

Connecticut Gov. Ned Lamont (D) cast doubt Wednesday over his state's participation in a New England offshore wind initiative, saying a decision over new projects was “to be determined.”

The House on Thursday passed a bill to tighten restrictions aimed at preventing Chinese companies from benefiting from federal incentives for electric vehicles.

That's it for today, folks! Thanks for reading.

 

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When Europe needed energy, Cheniere was ready to help. We supplied enough liquefied natural gas to help hundreds of millions keep warm through the winter months.

 
 

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