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Permitting overhaul in peril as funding deadline looms
The Democrats’ permitting overhaul plans hangs in the balance this week as lawmakers inch toward the Sept. 30 deadline to pass a government funding bill to prevent a shutdown. The final permitting plan has yet to be released, but progressives and many other Democrats continue to line up in opposition. They are under increasing pressure from environmental groups hoping to kill the bill’s momentum. [ read more … ]
States
Grid nightmare haunts Texas governor’s race
In his bid to turn the Texas governor’s mansion blue, former Rep. Beto O’Rourke has seized on the state’s beleaguered power grid as a reason to oust Republican Gov. Greg Abbott. The big question — besides whether the underdog Democrat can win — is if O’Rourke or Abbott could help drive a sweeping Texas grid overhaul. Experts suggest it’s possible with some determination, although the governor’s direct power is somewhat limited. [ read more … ]
FERC
FERC’s murky leadership future could derail U.S. climate goals
Who leads the commission and whether it can maintain a Democratic majority is critical to its ability to help achieve the greenhouse gas emissions reduction potential of the Inflation Reduction Act’s $369 billion in climate incentives. FERC is currently engaged in efforts to overhaul the U.S transmission system and ramp up U.S. renewable energy production to a level that could make it a reliable contributor to President Joe Biden’s goal of having a zero-carbon electric grid by 2035. [ read more … ]
Climate
Climate law spurs CCS at new West Virginia gas plant
Competitive Power Ventures Inc. announced plans Friday to build a multibillion-dollar natural gas power plant in West Virginia with carbon capture technology, saying the project would not be possible without the new climate and energy law. The 1,800-megawatt project will be operational later this decade, according to CPV, a Maryland-based power generation development company. It joins a handful of power plants worldwide aiming to be equipped with carbon capture, which traps carbon dioxide emissions before they enter the atmosphere. [ read more … ]
Commentary
Gina McCarthy: Businesses No Longer See Climate Action as Driving Job Losses
This week, as the world’s leaders gather in New York for the U.N. General Assembly, the United States will deliver a message many thought was not possible: We are going to cut greenhouse gas emissions in half by 2030, and zero them out by 2050. Over the past 20 months as America’s first-ever national climate adviser, I have witnessed a paradigm shift: The private sector no longer sees climate action as a source of job losses, but rather as an opportunity for job creation and economic revitalization. [ read more … ]
EVs
Biden talks up electric vehicle revolution – but is America ready to give up gas?
Fresh off signing legislation aimed at propelling the nation’s electric vehicle (EV) transition, Joe Biden was in Detroit last week to reaffirm his support for electrification ahead of the opening of the US’s largest annual car show. “The great American road trip is going to be fully electrified, whether you’re driving along the coast, or on I-75 here in Michigan,” he declared as the first North American International Auto Show since 2019 prepared to open its doors. [ read more … ]
Grid nightmare haunts Texas governor’s race
In his bid to turn the Texas governor’s mansion blue, former Rep. Beto O’Rourke has seized on the state’s beleaguered power grid as a reason to oust Republican Gov. Greg Abbott. The big question — besides whether the underdog Democrat can win — is if O’Rourke or Abbott could help drive a sweeping Texas grid overhaul. Experts suggest it’s possible with some determination, although the governor’s direct power is somewhat limited. [ read more … ]
Off Topic
Patagonia Billionaire Who Gave Up Company Skirts $700 Million Tax Hit
While many billionaires make living donations with tax and estate planning as the primary considerations, Chouinard seems to have structured his Patagonia transfer with at least a few purposes in mind. Holdfast is a 501(c)(4), a nonprofit that can make unlimited political donations — unlike its cousin, the 501(c)(3). For that reason, any giving to a 501(c)(4) isn’t eligible for income-tax deductions. In addition, the Patagonia founder will owe $17.5 million in gift taxes for the shares he transferred to the trust. Still, the moves mean Chouinard won’t have to pay the federal capital gains taxes he would have owed had he sold the company, an option he said was under consideration. On a $3 billion sale, that bill could be more than $700 million. It also helps Chouinard avoid the US estate and gift tax, which is a 40% levy on large fortunes when they’re transferred to heirs.
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