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Governors' Wind Energy Coalition

October 18, 2021

Top Story

Behind the Energy Crisis: Fossil Fuel Investment Drops, and Renewables Aren’t Ready

By Christopher M. Matthews, Collin Eaton, and Benoit Faucon, Wall Street Journal  •    •  Posted 2021-10-18 15:36:16

An energy price shock is serving as a reminder of the world’s continued dependency on fossil fuels—even amid efforts to shift to renewable sources of energy. The situation has laid bare the fragility of global supplies as countries drive to pivot from fossil fuels to cleaner sources of energy, a shift many investors and governments are trying to accelerate amid concerns about climate change. The transition figures to be challenging for years to come, energy executives and analysts say, due to a stark reality: While fossil fuel investment is falling, fossil fuels account for most energy—and green energy spending isn’t growing fast enough to fill the gap. [ read more … ]

Reconciliation Bill

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Democrats Weigh Carbon Tax After Manchin Rejects Key Climate Provision

By Coral Davenport and Luke Broadwater, New York Times  •    •  Posted 2021-10-18 15:36:46

Some House and Senate Democrats, smarting from a move by Senator Joe Manchin III, Democrat of West Virginia, to kill a major element of President Biden’s climate plan, are switching to Plan B: a tax on carbon dioxide pollution. A carbon tax, in which polluting industries would pay a fee for every ton of carbon dioxide they emit, is seen by economists as the most effective way to cut the fossil fuel emissions that are heating the planet. [ read more … ]

Here’s what Manchin told the Biden team on climate

By Benjamin Storrow, Scott Waldman, Lesley Clark, E&E News  •    •  Posted 2021-10-18 15:37:36

Joe Manchin wasn’t bluffing. For weeks, the conservative Democratic senator from West Virginia said publicly that he didn’t support the signature climate provision in the Democrats’ $3.5 trillion reconciliation package. Why pay utilities to install clean electricity, he argued, if they were doing it already? [ read more … ]

Democrats’ landmark climate proposal teeters

By Jeremy Dillon, Nick Sobczyk, Emma Dumain, E&E News  •    •  Posted 2021-10-18 15:37:57

The Democrats’ central climate plan in the $3.5 trillion budget reconciliation package is hanging by a thread as lawmakers return from a weeklong recess that failed to cool tense deliberations on major aspects of President Biden’s agenda. Senate Energy and Natural Resources Chair Joe Manchin (D-W.Va.) delivered a wobbling blow to the $150 billion Clean Electricity Payment Program late last week, according to multiple media reports and E&E News sources. [ read more … ]

Climate

World waits for specifics on U.S. climate plan

By Jean Chemnick, E&E News  •    •  Posted 2021-10-18 15:37:18

The Biden administration owes the world more detail about how the United States plans to deliver on its Paris Agreement commitments. When the White House unveiled its new pledge in April — vowing to cut greenhouse gas output by 50 to 52 percent compared with 2005 levels by 2030 — it provided few specifics about how it proposed to get there. But global partners and environmental advocates generally welcomed the ambitious pledge as a signal that the United States was eager to reestablish itself as a climate leader after four years of disengagement and withdrawal. [ read more … ]

Markets

Zero-emission vehicles, wind and solar energy seen taking off – climate report

By Simon Jessop, Reuters  •    •  Posted 2021-10-18 15:38:17

Government policy changes attacking global warming could result in zero-emission vehicles comprising around 30% of all vehicles on the road by 2030, and wind and solar providing 30% of global power generation, triple current levels, a policy report forecast on Monday. Rapid changes in food and land-use systems would also play a “critical role” with “peak-meat” consumption around 2030 helping the planet’s land absorb more carbon within 30 years, said the report by the U.N.-backed Principles for Responsible Investment, a leading sustainable investment body. [ read more … ]

U.S. refiners set for higher earnings on fuel demand strength

By Laura Sanicola, Reuters  •    •  Posted 2021-10-18 15:38:32

U.S. refiners are expected to show higher earnings for the third quarter as margins to sell gasoline and diesel have improved despite the surging cost of crude oil, analysts said. After more than a year of depressed fuel demand, gasoline and distillate consumption is back in line with five-year averages in the United States, the world’s largest fuel consumer. That has boosted margins on refined products to more than double what those companies were making at this time a year ago. [ read more … ]

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