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Governors' Wind Energy Coalition

July 22, 2020

Top Story

Climate Change Poses ‘Systemic Threat’ to the Economy, Big Investors Warn

By Christopher Flavelle, New York Times  •    •  Posted 2020-07-21 14:57:59

Climate change threatens to create turmoil in the financial markets, and the Federal Reserve and other regulators must act to avoid an economic disaster, according to a letter sent on Tuesday by a group of large investors. “The climate crisis poses a systemic threat to financial markets and the real economy, with significant disruptive consequences on asset valuations and our nation’s economic stability,” reads the letter, which was signed by more than three dozen pension plans, fund managers and other financial institutions that together manage almost $1 trillion in assets. [ read more … ]

Wind Energy

GOP senators warn Grassley against extending wind subsidies

By Josh Siegel, Washington Examiner  •    •  Posted 2020-07-21 14:58:28

Sen. Kevin Cramer of North Dakota is leading a group of nine Republican senators warning fellow Republican Chuck Grassley, the chairman of the Finance Committee, not to allow for the extension of wind tax credits set to expire at the end of the year. The wind production tax credit “was supposed to be temporary in order to level the playing field with other power generators,” the senators write in a letter Tuesday morningthey sent to Grassley, a major champion of the dominant wind energy industry in his home state of Iowa. “However, over time, the reverse has occurred. This tax provision has become a competitive advantage to wind generators.” [ read more … ]

Solar Energy

Remote Outback town to host $420M solar thermal project

By James Thornhill, Bloomberg  •    •  Posted 2020-07-21 14:55:33

An isolated Australian mining community has been selected as the site for a A$600 million ($420 million) energy project, incorporating technology that allows heat from the sun to be stored for as long as 16 hours. Mount Isa in northern Queensland state is home to fewer than 20,000 people, but is an important service hub for the region’s silver, lead, zinc and copper mining industry. Developer Vast Solar is targeting the business of those resource operations with a cleaner, cheaper alternative to the natural gas that currently powers the region. [ read more … ]

Markets

Oil beats renewables for pay and job quality — reports

By David Ferris, E&E News reporter  •    •  Posted 2020-07-21 14:55:48

Construction workers say they view oil and natural gas jobs as better paying and more reliable bets on long-term employment than renewable energy jobs, according to a survey by a group of trade unions. A pair of reports by North America’s Building Trades Unions (NABTU), a federation of 14 unions, suggested that entire trades are at risk of becoming obsolete in a transition to clean energy. It also reported that more workers felt there were “better perceived wages, benefits and opportunities” around building pipelines and other oil and gas projects than in jobs tied to renewable energy development. [ read more … ]

Climate Change

Rich Americans spew more carbon pollution at home than poor

By Seth Borenstein, AP  •    •  Posted 2020-07-21 14:56:51

Rich Americans produce nearly 25% more heat-trapping gases than poorer people at home, according to a comprehensive study of U.S. residential carbon footprints. Scientists studied 93 million housing units in the nation to analyze how much greenhouse gases are being spewed in different locations and by income, according to a study published Monday in the Proceedings of the National Academy of Sciences. Residential carbon emissions comprise close to one-fifth of global warming gases emitted by the burning of coal, oil and natural gas. [ read more … ]

Morgan Stanley to Show How Loans Contribute to Climate Change

By Alastair Marsh, Bloomberg  •    •  Posted 2020-07-21 14:54:54

Morgan Stanley will begin reporting the carbon emissions resulting from its lending and investments, providing greater clarity than any of its major American peers on how the bank contributes to climate change. The firm became the first major U.S. bank to join the Partnership for Carbon Accounting Financials, Morgan Stanley said in a statement Monday. The group’s 66 formal members, which represent more than $5.3 trillion in assets, are working to push the finance industry toward contributing to the goals of the Paris climate accord. [ read more … ]

2020 Campaign

Biden’s Climate Plan Puts Inequality and Jobs on Par With CO2

By Leslie Kaufman, Bloomberg  •    •  Posted 2020-07-21 14:54:39

When Joe Biden released his  climate plan last week, the Democratic candidate for president emphasized one overarching goal—and it wasn’t the reduction of greenhouse gases. Instead, he unequivocally linked broad climate action to employment. “When Donald Trump thinks about climate change, the only word he can muster is ‘hoax,’” Biden said in a speech unveiling the plan. “When I think about climate change, the word I think of is ‘jobs.’” His proposal aims to create 1 million openings in the auto sector, in part by investing in electric vehicle charging, plus another 1 million positions retrofitting homes for energy efficiency and weather resilience. The word “union” appears 32 times in the plan’s 15-page outline. [ read more … ]

How Biden could use air law to vanquish Trump climate legacy

By Jean Chemnick, E&E News reporter  •    •  Posted 2020-07-21 14:56:22

If Democrat Joe Biden defeats President Trump this November, his EPA will have a blank slate for writing climate rules. Because the Trump administration spent 3 ½ years demolishing its predecessor’s Climate Action Plan, Biden’s team would have an opening to update rules for carbon, methane and hydrofluorocarbons that would exceed their Obama-era counterparts or be more tailored to the political, judicial and economic realities of the 2020s. [ read more … ]

Note: News clips provided do not necessarily reflect the views of coalition or its member governors.